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PHOENIX – March 28, 2006 – NextStudent, http://www.nextstudent.com/, one of the nation’s premier education funding companies offering both consolidation and reconsolidation programs, offers students their last chance to reconsolidate student loans. There only are two days left to reconsolidate, as the option no longer will be available anywhere after March 31. Borrowers now must take advantage to reduce their monthly payments and save thousands before reconsolidation is a thing of the past.
The Deficit Reduction Act was signed into law in February by President Bush and included major cuts and changes to the federal student loan program, including reconsolidation, set to take effect on July 1. However, the effective date for reconsolidation recently was changed to March 31 by the Department of Education so that all completed paperwork is in by June 30. Borrowers must reconsolidate now so their applications are in by March 30, as the Department of Education will not accept applications after March 31.
The student loan reconsolidation program offered through NextStudent only is available until March 31. Borrowers with a balance of $10,500 or more are eligible. The program offers borrowers the ability to keep the interest rate on their original consolidation. In addition, borrower benefits include interest discounts offered from lenders that previously were not available when consolidation was first offered.
With only two days left to reconsolidate, borrowers can receive incentives and save thousands, easing their monthly payments. NextStudent’s program offers borrowers availability when there is one or more lender, and re-extension of the monthly payment term, which lowers the monthly payment and is dependent upon a borrower’s balance. Borrowers who reconsolidate before March 31 receive a 1 percent rate reduction after 36 consecutive on-time payments and receive a 0.25 percent rate reduction when they set up automatic withdrawal. It is important for borrowers to sign up now, as they only have two days left.
About NextStudent
NextStudent, http://www.nextstudent.com/, listed at No. 15 on the Top 100 Consolidating Lenders for fiscal year 2004, is dedicated to helping students and their families find affordable ways to pay for college. NextStudent offers one-on-one education finance counseling and has a portfolio of highly competitive education lending products and services including an online scholarship search engine, low and no-cost federal student loans, parent loans, private loans, student loan consolidation programs, student loan reconsolidation programs and college savings plans.
The NextStudent Scholarship Search Engine, one of the nation’s oldest and largest scholarship search engines, is updated daily, available free of charge, completely private, can help subsidize college loans – and represents more than 2.4 million scholarships worth $3.4 billion.
For more information about NextStudent and its student loan reconsolidation program, please visit the company’s Web site.
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