In today’s competitive job market, recent college graduates may find that paying off their student loan debt may be more difficult than they had originally anticipated. Some students may find themselves living paycheck to paycheck, sometimes for years, just to get their foot in the door of their chosen careers. That’s why recent graduates with multiple federal student loan payments may want to consider combining them into one easy payment with a Federal Consolidation Loan, according to NextStudent, a leading Phoenix-based education funding company
With the possibility of lowering monthly student loan payments, a Federal Consolidation Loan may be the best option for students juggling the demands of the real world with the limitations of their pocketbooks. And by consolidating now, recent graduates could secure the convenience of one single student loan payment before their grace periods end and repayments begin. They may also be able to reduce their monthly payments by up to 60%.
Money-Saving Benefits of Consolidating With NextStudent
A Federal Consolidation Loan combines qualifying federal education loans into a single loan with a fixed interest rate. Instead of making payments on either a single or multiple unconsolidated federal student loans, some of which may carry variable interest rates, borrowers who consolidate can make one payment on one loan with an interest rate that won’t change. Borrowers who consolidate also have the chance to repay their consolidation loan over an extended period of time (up to 30 years), which could lower monthly payments by as much as 60 percent. The potential monthly payment reduction can help give new graduates a little breathing room as they start out on their new career paths, freeing up some money for immediate needs like car payments and rent.
And by consolidating with NextStudent, borrowers could qualify to earn rate reduction incentives that could lower their monthly payments even more. In addition to giving borrowers an immediate 0.25% rate reduction just for signing up to have their loan payments automatically debited from their checking or savings account, NextStudent will grant a 1% rate reduction after 36 on-time payments. And unlike many other lenders, NextStudent will lock this 1% rate reduction for the life of the loan. In addition, there are no credit checks, application fees or prepayment penalties for a Federal Consolidation Loan.
NextStudent’s Education Finance Advisors Help Walk Borrowers Through the Consolidation Process
Applying for a NextStudent Federal Consolidation Loan is easy and may be done over the phone with the borrower’s personally assigned Education Finance Advisor. NextStudent’s trained consultants can help answer any questions parents or students may have and will help walk them through the student loan consolidation process from start to finish.
Parents can also consolidate any PLUS loans they may have taken out to help pay for their children’s educational expenses. Their children do not need to be out of school; parents may consolidate their PLUS loans as soon as 60 days after the final disbursements are made.
NextStudent believes that getting an education is the best investment you can make, and we are dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation.
============================ The End =========================
0 comments:
Post a Comment