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After exhausting all forms of “free money” for college, such as scholarships and federal grants, the next best thing for students are federal student loans to help them pay for school. Federal Stafford loans have low interest rates and are more appealing when they feature benefits and incentives, according to NextStudent, the Phoenix-based premier education funding company.
College costs increasingly are on the rise along with the cost of tuition and other expenses, making it difficult for some students to imagine their dream of a higher education. NextStudent believes that student loans should not be an extra burden to already cash-strapped college students, so the company offers incentives to make payments easier and more manageable.
Federal Stafford loans have a low interest rate of 6.8 percent and are secured by the government. They do not require collateral or a credit check and payment is postponed until after graduation. There are no guarantee fees and students do not need a co-signer.
NextStudent’s Stafford Loan Incentives
NextStudent has professionally trained Education Finance Advisers who know all the ins and outs of the numerous student loan programs offered. They are available to assist student borrowers with all their questions about the Federal Stafford Loan program. Through NextStudent’s program, student borrowers receive:
* A .375 percent reduction on their interest rate when they make payments through Auto-Debit
* A 2 percent interest rate reduction: 1 percent after the first 12 months of consecutive on-time payments, with an additional 1 percent rate reduction after 24 months of consecutive on-time payments
* A 2 percent upfront cash rebate, whereby borrowers receive the full amount they qualify for at disbursement. Borrowers must participate in Auto-Debit and make one on-time monthly payment to qualify.
Types of Stafford Loans
There are two types of Stafford loans: subsidized and unsubsidized. To qualify for a subsidized Stafford loan a student must show financial need. The government pays the interest while a student is in school and during grace periods and deferment. With unsubsidized Stafford loans, students are responsible for the interest; however, payment is deferred until after graduation. All students are eligible for unsubsidized Stafford loans.
Eligibility
In order to be eligible for a federal Stafford loan, borrowers must either be a citizen of the United States or an eligible noncitizen, enrolled at least half time in a degree or certificate program, a high school graduate or have an equivalency diploma, and current on existing federal education loans.
Federal Stafford loans are eligible for federal student loan consolidation. There are no prepayment penalties. Repayment typically starts six months after graduation. In addition, there are alternate available repayment options, including deferment and forbearance.
Federal Stafford loans are affordable and can help students get through college without the worry of paying back student loans until after graduation. NextStudent’s program offers a variety of incentives to make these loans even more affordable and manageable. There is no reason not to take advantage of a great deal that helps students obtain their dream of a college education.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding as easy as possible. Learn more about student loans.
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