Posted by
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3:31 PM
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For years, NextStudent, a Federal Family Education Loan Program (FFELP) participant, has been a major proponent of student loan benefits, assisting college students and their parents in funding their college dreams and helping them save thousands in new and consolidated loans in the process, according to the Phoenix-based premier education funding company.
In the past three years alone, 4,653,000 students have consolidated their federal student loans through FFELP lenders, receiving generous discounts and incentives that have placed these students on stable financial ground. Unfortunately, that may change shortly if proposed student loan legislation becomes law.
Benefits, Freedom to Choose at Stake
Currently, student borrowers have the ability to choose their lender and select the company that has the best reputation, customer service record and savings. If proposed student loan legislation becomes law, borrowers no longer will have the right to choose and would have to go with the federal government’s Federal Direct Lending Program (FDLP), which passes on very little real savings to borrowers.
When the government initiated the FDLP almost 17 years ago, proponents claimed that since private lenders would be cut out of the picture and consumers would deal directly with the government for loans, taxpayers would save. That has not proved to be the case; in fact the opposite is true. The FDLP has not saved taxpayers any money, but rather is operating at a $16.5 billion shortfall, a tab most likely to be picked up by taxpayers.
Using the government’s own accounting figures, cutting private lenders out of the equation actually may harm borrowers. When private lenders compete for business, they offer generous savings, discounts and other incentives that save students thousands of dollars over the course of their student loans.
NextStudent is a Champion for Student Savings
NextStudent began offering discounts and incentives to serve more customers. This move ultimately benefited borrowers by expanding these same benefits and savings industry-wide. NextStudent also became a major proponent in saving students thousands through the outstanding incentives offered through its federal consolidation loan program. For instance, NextStudent’s Standard Locked Federal Student Loan Consolidation Package offers a generous 1 percent LOCKED RATE reduction after borrowers make 36 consecutive on-time payments.
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 simple. Learn more about Student Loans.
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Posted by
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3:28 PM
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Now that spring break is a gently fading blip on college students’ radar, many students are prone to coast through the final weeks of the semester and forget about more serious considerations like planning for next year. High school seniors are in a different boat altogether, diligently working their way through their first Free Application for Federal Student Aid (FAFSA). In their case, it is wise for students and their parents to monitor where they are in the college funding process and plan accordingly, according to NextStudent, the Phoenix-based premier education funding company.
Complete FAFSA as Soon as Possible
NextStudent, a Federal Family Education Loan Program (FFELP) participant, encourages all students to fill out the FAFSA as soon as possible if they have not done so already. While it is not too late to apply, it is best to submit the FAFSA sooner rather than later. The closer the FAFSA is submitted to Jan. 1, the greater a student’s chance of getting the required financial aid, since some student loans are on a first-come, first-served basis.
Financial Aid Calendar
High school seniors shortly will begin receiving their acceptance letters, usually prior to May 1. In addition, students will receive an Award Letter from each of the schools to which they have been accepted that explains the type of aid and amounts for which they qualify.
In May, it is time for students to select the college they wish to attend and begin applying for such federal financial aid as Stafford loans and Parent Loans for Undergraduate Students (PLUS). Both types of aid are available through NextStudent and include a personally assigned Education Finance Advisor who will guide borrowers through the loan process from start to finish. To fill in the funding gap, private student loans also are available, with borrowing limits of up to $40,000 annually.
Online Tools Make Planning Easy
Another equally important avenue for students to explore is FREE money in the form of scholarships that can help cut the costs of financial aid that has to be repaid. NextStudent offers a FREE Scholarship Search Directory that has a total of 2.4 million scholarships from 42,000 funding sources with total awards of $3.4 billion.
There are many other resources that students may use to ensure that they quickly and easily navigate the financial aid process and receive the funds they need to achieve the education of their dreams.
First, students may want to review the following financial aid calendar to see where they are in the process so they can be sure they are on track for the upcoming school year:
Second, students may have specific questions regarding financial aid and their best options. To find these answers quickly and easily, visit the student resouces center. For an overview of college financial aid, where borrowers will receive a “guided tour” from a Financial Aid Advisor. Finally, once borrowers have assembled their entire financial aid package and know the types and amounts of aid for which they qualify, it is time to revisit their first-year college budget. NextStudent offers a FREE College Budget Calculator.
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 simple. Learn more about Student Loans.
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Posted by
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3:17 PM
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The NextStudent Student Loan Blog celebrates its second anniversary this year, and with the recent political changes in Washington continually propelling the student loan industry to the forefront of political debate, its purpose as an excellent watchdog of student loan news and changes in federal student loan policy is more relevant than ever.
Originally created in December 2005 as an additional educational resource for NextStudent customers interested in how legislation and Department of Education developments affect their college loans and financial aid, the blog’s very first post, titled “Start Applying for Financial Aid as early as Jan. 1,” helped kick off NextStudent’s commitment to technology and the role the Web plays in consumer education and real-time information gathering. NextStudent is a Phoenix-based premier education funding company.
Be In-The-Know About Student Loans
The NextStudent Student Loan Blog reports on student loan industry changes, as well as changes in policy that affect other areas of student life, including early decisions, “College Decides to Nix Early Binding Admissions,” and sports, “College Sports to Be Taxed?” and on student life. On the following days the blog covers the following topics: Monday, “Student Loan News;” Tuesday, “This Week in Student Loans;” Wednesday, “Student Loan Legislation;” Thursday, “Student Loan Advice;” and Friday, “Campus Life.”
The NextStudent Blog references industry periodicals including the National Council of Higher Education Loan Programs’ (NCHELP), Daily Briefing. The financial aid process in the United States can sometimes become a tangle of changing interest rates, applications and deadlines. However, NextStudent’s Student Loan Blog can help students and parents contextualize certain industry practices because it highlights the federal regulation discussions and changes that make the student loan industry so dynamic.
Families Get More with NextStudent
NextStudent’s personalized service extends beyond the Web experience and into the offline experience as well. Every customer who contacts NextStudent is assigned a personal Education Finance Advisor to walk them through the financial aid process from beginning to end and answer any and/or all questions about financial aid.
Additionally, NextStudent got its start promoting higher education and the search for scholarships and holds steadfast to its roots by offering a free Scholarship Search Engine that houses more than 42,000 college funding sources for over 2.4 million individually awarded scholarships valued at more than $3.4 billion. NextStudent knows the financial aid process begins with the search for “Free Money” and that scholarship programs help millions of students fund their college education dreams.
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 simple.
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Posted by
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3:15 PM
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There is no question that college costs are escalating beyond the ability to pay for even those of modest means without taking out student loans. New proposed student loan legislation is under consideration to lower interest rates but yet has not been enacted. In addition, individual schools from Ivy League universities to community colleges are implementing their own unique policies and programs to help students finance their college education so they avoid further debt.
One simple but often overlooked method for making college more affordable regardless of the institution of choice is for students to become their own college funding resource by locating scholarships for school, according to NextStudent, the leading Phoenix-based education funding company.
Commitment to Research Results in Rewards
Students and their parents who make a commitment to perform exhaustive searches to find the funds they need for school may be surprised at how much FREE money they uncover, even though finding it may take some time. However, the investment may prove to be well worth it, as it will facilitate having to borrow fewer funds for college. A key resource to locate scholarships is NextStudent’s free, online Scholarship Search Directory.
Ample Resources for Funding College Education
Locating the perfect scholarship portfolio to help finance college is a simple, easy process when using the Scholarship Search Directory. With more than 2.4 million scholarships valued at over $3.4 billion from 42,000 sources, college students have innumerable choices when applying for awards.
Planning Reaps Results
While there certainly is no right or wrong way to go about it, if students search the directory in a systematic, thorough manner they will have a better chance of receiving the scholarships that best fit their needs. Here is a suggested process to follow:
* Start by searching for the college of attendance and the year of attendance by clicking on the “College(s)” and “Year of Study” links, respectively.
* Next, students may search according to their “State of residency” and then their parents’ “Corporate Employer(s).”
* Third, sort through the scholarships by “Academic Major.”
* Lastly, students may explore the remaining categories that apply to their particular situation. Examples here include: “Artistic Skill(s)” or “Athletic Skill(s),” “Honor(s),” “Ethnic Background(s)” or “Racial Background(s),” “Military or Veteran Affiliation(s),” “Religious Affiliation(s)” and “Other Affiliation(s).”
Specific Awards for Specific Situations
In addition, there are other individual categories suited for students who have specific needs. These include scholarships for those who fall under such categories as “Impairments” which include chronic medical conditions and other ailments, and even a category called “Unique Situation.” This particular category is one that often is overlooked by scholarship applicants. It includes awards to former students of a particular county school, awards for exchange students, or those with part-time or full-time jobs, and such unique awards for those who have been home-schooled or are Amateur Radio (Ham) Operators.
No matter what circumstances students are in or where their background, interests and talents lie, there are many opportunities for FREE money to be found through NextStudent’s Scholarship Search Directory. By dedicating a generous amount of time to find these awards, students may avoid having to borrow a significant amount of money to fund their 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 simple. Learn more about student loans.
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3:14 PM
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This time of year is rife with high school seniors deciding which colleges they will attend the following year. Additionally, many other students are awaiting the approach of July 1, 2007, the date when new rates for existing variable rate student loans may take effect.
NextStudent, a leading Phoenix-based education funding company, recommends that borrowers begin to consider their student loan consolidation options as early as possible to lock in the best rates and terms. When students with multiple student loans consolidate their student loans with NextStudent, they are simplifying their lives with only a single payment required for their student loan portfolio. By consolidating, it is possible to reduce monthly payments by up to 60 percent and eliminate the hassle of dealing with multiple payments to different lenders.
Do Your Homework When Selecting a Consolidation Lender
Many borrowers use their colleges’ recommended lenders, more commonly referred to as the Preferred Lenders List, to select their consolidating lender. Instead, it is wise to check out ALL options, starting with a college’s financial aid office. Ask the financial aid administrator for a list of lenders in addition to the preferred or recommended lender list, and then research each company. In other words, do your homework, and do it well.
Since there are many significant differences with respect to the character, ethics and quality of a lender, borrowers must be selective and carefully choose their lender. They may want to consider and compare the reputation and integrity of the company, level of customer service provided, and the individual student loan consolidation incentives offered.
Students Benefit with NextStudent’s LOCKED Discount
Since the federal government sets the base interest rate on student loans, the only differences with consolidation loans are the incentives offered by each individual company. NextStudent is committed to providing outstanding customer service and the best incentives in the industry. In its efforts to extend significant savings to borrowers, NextStudent offers a 1 percent LOCKED interest rate reduction after 36 consecutive on-time payments.
Guaranteed for life. NextStudent borrowers retain their 1 percent LOCKED benefit for the life of the loan, while other lenders may revoke their benefits for a single late payment.
Easy to qualify. With NextStudent, borrowers maintain eligibility for the 1 percent LOCKED interest rate reduction even if they go into deferment or forbearance. Other lenders may disqualify borrowers for their benefits under these circumstances.
The following are two of NextStudent’s consolidation benefit packages from which students may choose to fit their particular circumstances and preferences.
NextStudent’s Federal Consolidation Loan Benefit Packages:
Package #1
* .25 percent interest rate discount for Auto-Debit payments
* 1 percent LOCKED RATE reduction after 36 on-time payments
Package #2
* .25 percent interest rate discount for Auto-Debit payments
* 2 percent interest rate discount after 36 on-time payments (not locked)
Qualifying over the phone takes just a few minutes with the assistance of a borrower’s personally assigned Education Finance Advisor, who is there to answer any questions and guide the student through the entire student loan consolidation process.
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 simple. Learn more about Student Loans.
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Posted by
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3:13 PM
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Selecting the best means of financing a college education sometimes can be a challenging experience. Many borrowers do not realize that the combination of personal savings and federal funds often does not cover all college expenses, according to NextStudent, a leading Phoenix-based education funding company. Fortunately, private consolidation loans such as the new offering by NextStudent are an excellent low-cost option for covering the funding gap and repaying student debt.
While there are many such solutions available to students and their parents, it is important that borrowers carefully compare the options available to them and select the private consolidation loan that best fits their needs. NextStudent offers an excellent product that enables students to accomplish their dreams of an education while taking advantage of rates comparable to federal student loan consolidation, as low as 6.33% APR for the first year only.
For example, a typical loan of $40,000, where the borrower has chosen to make payments of principal and interest, with an interest rate of 6.705% APR, subject to change every calendar quarter, and with a loan term of 30 years, will have a payment of $258.25 (subject to change if the interest rate changes).
Caters to Financial Needs of Borrowers
Additionally, borrowers may qualify to receive NextStudent’s Private Consolidation Loan benefits, which can enable them to attain financial stability immediately out of college. Benefits of the credit-based loan may include: interest-only repayment terms for the first two years, up to 30 years to repay, a reduction in the principal balance of up to 1.5 percent after 48 consecutive on-time payments, a .25 percent interest rate reduction when paying via auto-debit, and no or low origination fees.
College students and their parents may consolidate as little as $7,500 or as much as $300,000 and may receive approval in as little as a few minutes over the phone. There are no prepayment penalties, although many students may opt for in-school deferment or choose to defer payments for up to 12 months following graduation. Borrowers who shortly will begin repayment of their student loans and those who are not in default as well as those with good credit may qualify.
Easy, Convenient Application Process
Applying is fast and convenient. Borrowers may submit their application over the phone and receive a “real-time” loan decision in just a few minutes from their personally assigned Education Finance Advisor, and they may review the status of their loan’s progress at any time online.
Student loan consolidation is simply a smart move to help students and their parents organize their finances and position themselves for success. The NextStudent Private Consolidation Loan is one of the most competitive products on the market, with many outstanding features and incentives. Students or parents will receive a personally assigned Education Finance Advisor who will walk them through the entire process from start to finish and answer any questions they may have. This service offers an unprecedented opportunity for those who desire to make their education dreams a reality, in a simple, easy-to-manage fashion.
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 simple. Learn more about Student Loans.
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Posted by
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3:11 PM
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So, your child was accepted to the college of her dreams, and now it’s time to start looking for strategies to help fund that college education. NextStudent, a leading Phoenix-based education funding company, recommends Parent Loans for Undergraduate Students, or the PLUS Loan. This loan is federally backed.It allows parents to borrow up to the entire cost of their child’s education (less any federal aid), including books, supplies, and even a computer for the child to use when attending college at least half-time.
The PLUS Loan is not based on financial need or income, so parents cannot be turned down for making too little or too much money. However, parents and students must fill out the Free Application for Federal Student Aid (FAFSA) to be eligible, and can be turned down for an adverse credit history. After receiving the Student Aid Report (this is the result of the FAFSA) from the government, parents can apply for this PLUS loan. NextStudent offers a simple application process with E-Signature.
PLUS Loans Available Even after Tuition is Paid
Another important aspect of the Federal PLUS Loan is that it is available even if the parent already has paid tuition and most other education expenses. As with all federally backed student loans, the maximum interest rates on PLUS Loans are set by the federal government. However, NextStudent offers aggressive benefits on PLUS Loans that parents can earn to help save them money.
Benefits that borrowers can earn by funding their PLUS Loans through NextStudent include the following: a 3 percent cash rebate on the remaining principal balance of their loan after the first 12-months of consecutive on-time payments, a 2 percent interest rate reduction after the first 48 months of consecutive on-time payments, and a .25 percent interest rate reduction for electing to use auto-debit.
NextStudent Also Offers the Graduate PLUS Loan
The Graduate PLUS Loan for graduate and professional students is very similar to the traditional PLUS Loan. However, it allows those students, and not their parents, to borrow up to the entire cost of their postsecondary education (less any federal aid), including books, supplies and other educational costs.
NextStudent’s Graduate PLUS Loan Program for graduate and professional students also offers competitive benefits that can be earned by borrowers. Again, it is a federally backed student loan, and the maximum interest rate is set by the government.However, NextStudent’s Graduate PLUS Loan offers student borrowers the additional incentive of post-graduation loan repayment.
PLUS Loans for parents and graduate students are smart financial strategies that help cover the costs of a college education and offer financial flexibility. There are several repayment options, including deferred repayment while the student is enrolled in school at least half-time (Graduate PLUS only) and federal student loan consolidation eligibility.
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 simple. Learn more about student loans.
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Posted by
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3:10 PM
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Matthew Pierre, a junior at Marcos de Niza High School in Tempe, AZ, won a new laptop computer and $5,000 for his school’s Grad Night Party. NextStudent, a leading Phoenix-based education funding company, launched the Web-based “Rock My Grad Party” contest in April as a way to promote higher education and its Scholarship Search Engine to high schools throughout the Phoenix area.
Of the dozens of high schools and students that participated, Pierre was able to total a staggering 2,551,580 hits on the “Rock My Grad Party” landing page, more than double that of any other participant.
Although he only is a junior and will not graduate until 2008, Pierre said that he was inspired to participate in the contest by his love for his high school. “Marcos is an awesome school,” he said.
Pierre, who is an avid technophile, first learned about the contest through a topic posted on the school’s MySpace profile and decided that it would be a great way to honor his senior friends. In true high school spirit, the co-chairs of Marcos de Niza’s 2007 Grad Night Party, Gilbert and Linda Rodriguez, announced that the committee decided to split the $5,000 prize between this year’s grad night party and next year’s party when Pierre will be a senior. After graduating from high school Pierre plans on studying cyber security at college.
Grad Night Party at Marcos de Niza High School
Since 1991, the parents of seniors at Marcos de Niza High School have sponsored a graduation party at Arizona State University’s Memorial Union. True to the tradition of grad night parties throughout the country, Marcos de Niza’s party promises to provide a fun-filled alcohol/drug free environment for seniors to celebrate their graduation with their classmates.
The party is open to all seniors for a nominal entrance fee and provides food, nonalcoholic drinks, snacks, entertainment acts, activities and door prizes for each and every attendee. The entrance fee does not cover all grad party expenses, so throughout the year parents raise funds to cover the costs of the party; the nominal entrance fee helps to slightly offset the door prize costs. The actual party held May 24, 2007, began at 11 p.m. soon after the actual graduation ceremony. The students were released at 5 a.m. after all the fun.
According to Mr. and Mrs. Rodriguez, activities included: a henna tattoo artist, a caricaturist, hypnotist, tarot card reader, and casino games where fake money was redeemed for door-prize chances that included everything from coupons for iPods and PSPs to free dental work. The grad night also offered students a chance to sing karaoke and make use of other activities available at ASU’s Memorial Union, such as bowling and video games. Attendance was slightly more than 50 percent of the graduating class, and every student who attended received a free Target gift card. Throughout the past year parents raised funds for the party by volunteering at concessions, working the Tempe Arts Festival, and sponsoring the annual poinsettia sale.
History behind Grad Night Parties
High schools throughout the United States have been holding graduation night parties for the past couple of decades. Many cite California as being the state where these parties began. The objective of the parties is to create a fun, safe, alcohol-free environment for students to interact together in celebration of their graduation achievements and culmination of their high school years.
According to GradNight.org, “Over thirty years ago, a graduating senior from Valencia High School died in a drinking and driving related accident. Unfortunately, it’s not a unique story. Drinking and driving related traffic deaths are the number one cause of death amongst teenagers. As a result of this tragedy, Valencia adopted stricter drinking/drug free codes and began seeking safer ways for seniors to celebrate their high school graduation. The answer, of course, was Sober Grad Night. Currently, in California alone, hundreds of high schools celebrate graduation with this life-saving program.”
NextStudent supports the ethical values and healthy living that is at the core of the Grad Night tradition and wishes all students and high schools throughout the Phoenix area a happy, healthy and safe graduation night celebration.
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 simple. Learn more about student loans.
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Posted by
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1:54 PM
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Most college students have left finals long behind and are considering their options for summer school, a fun job or other pursuits to occupy their time this summer. According to NextStudent, a leading Phoenix-based education funding company, this is the perfect time of year for students and their parents to consider consolidating their federal student loans, especially if they have a variable rate Stafford Loan or PLUS Loan.
Students who graduated in 2007 and took out Stafford Loans in prior years are likely faced with multiple variable interest rate Stafford Loans with rates that may fluctuate from year to year. Since adjustable rates mean that payment amounts vary, it makes smart financial sense to consolidate these and other variable rate student loans in order to lock in low fixed rates. This allows students and their parents to easily manage their debt and plan ahead for repayment.
Multiple Benefits of Consolidation
In addition to no longer having to worry about variable interest rates, students who consolidate may be able to lower the total amount they currently pay per month for all their bills. In fact, many borrowers find that they can reduce their monthly payments by up to 60 percent in the process. Another advantage is that student loan consolidation simplifies the debt management and repayment process, with only a single payment required to one company each month. A final benefit is that since student loan consolidation extends repayment to 30 years, this gives many new graduates some financial breathing room when starting out in their new careers.
Qualification is easy with a NextStudent Federal Consolidation Loan and may be done over the phone with the borrower’s personally assigned Education Finance Advisor. An EFA will answer any questions parents or students may have and will walk them through the student loan consolidation process from start to finish.
NextStudent’s Impressive LOCKED Discount
Borrowers have the option of consolidating their student loans with so many different lenders that oftentimes finding the best one is a difficult and confusing process. Student loan borrowers can relax knowing that NextStudent has their best interests at heart in terms of excellent customer service, savings, and long-time retention of benefits.
Since the government sets the base interest rate on all Federal Consolidation Loans, companies offer incentives to win business. With NextStudent, when a borrower makes 36 consecutive on-time payments, borrowers qualify for an incentive that is tough to beat. They receive a 1 percent LOCKED interest rate reduction that once earned remains in effect for the life of the loan.
NextStudent Consolidation Packages
There are two options that borrowers may consider when choosing the best student loan consolidation package for their needs:
Package No. 1
* .25 percent interest rate discount for using automatic-debit to make monthly payments
* 1 percent LOCKED RATE interest reduction after 36 consecutive on-time payments
Package No. 2
* .25 percent interest rate discount for using automatic-debit to make monthly payments
* After 48 on-time payments borrowers receive a 2 percent interest rate discount (not locked)
It is important for borrowers to take the time to thoroughly research each lender with which they are considering doing business in order to ensure that the company operates with integrity, honesty and ethics. NextStudent has a long-standing reputation as a trustworthy, high-caliber organization that places serving others as its top priority.
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 simple. Learn more about Student Loans.
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Posted by
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1:51 PM
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Many parents dream of the day when their children have attained a well-rounded education, a top-paying job, and are equipped with the character to succeed in the working world. Students spend hours of their lives laboring to achieve their college degree; and parents invest years of hard work to ensure that their children have what it takes to get there.
Those who are most likely to achieve their dreams of a college education are those who are the most prepared and take advantage of the many resources available to them, according to NextStudent, a leading Phoenix-based education funding company. Oftentimes, this comes down to parents planning ahead by researching options, starting savings plans, and putting together strategies that result in students being accepted to the college of their choice.
Many Resources Available for College-Bound Students
Though some parents start saving immediately after their child is born, others are not able to set aside funds until college is just a few years away. There are many programs and resources that parents may use in order to prepare for their child’s attendance at college.
If your child soon will be a college freshman, one of the best places to start is by searching for FREE scholarships and grants. This is money that does not have to be paid back and does not result in going into debt to attain that important degree.
If your child already has been accepted at college, one of the best places to start is the financial aid office of your child’s college. Every single year there are thousands of little-known grants and obscure scholarships that remain unclaimed, largely because students are unaware of their existence. An easy way to begin the search process is with the NextStudent Scholarship Search Engine, where students may review more than 2.4 million awards valued at over $3.4 billion from over 42,000 college funding sources.
Government Lends a Helping Hand
Alternately, perhaps your child is not yet in high school. If this is the case, now is the perfect time to start saving for his future education. The federal government allows parents to set aside funds in such tax-advantaged savings plans or “qualified tuition plans” referred to as 529 Plans. Find out more about these at www.sec.gov/investor/pubs/intro529.htm.
Tax benefits are another important consideration. The federal government offers you specific tax credits, such as the Hope Credit. This program may enable you to offset the cost of higher education expenses by allowing you to subtract up to a certain amount of college costs from your federal income tax. Please see the IRS Web site for more information: http://www.irs.gov/individuals/article/0,,id=121452,00.html.
Important Tip when Applying for Federal Aid
Many parents do not know about the “FAFSA,” or Free Application for Federal Student Aid. Those who do most likely are already involved in the college financial aid process. A FAFSA is the document that the federal government requires students and their parents to complete when applying for federal financial aid. Although the deadline for the next school year is the end of June of the previous year, many parents are not aware that they may complete the application as early as Jan. 2 of each calendar year. Those who are prepared and apply early are more likely to receive the funds they need, compared to those who wait until July to apply.
In addition, some parents may be under the impression that they first need to file their taxes before completing the FAFSA. This also is not the case, as parents simply may estimate their income on the FAFSA and update it later, if needed. If parents and students wait until April or so to apply for funds they may miss out and not get what they need, so it is advisable to apply as close to Jan. 2 to obtain the optimum results.
NextStudent’s Personalized Service Makes Preparing for College Simple
Wherever parents and students are in the planning and saving process, it is never too soon to get started. The key is to approach college funding strategically by taking advantage of all the resources at your disposal and maximizing your options. Part of that process involves your decision in partnering with NextStudent in making your child’s dream of a college education a reality. When you contact NextStudent, you will be assigned your own personal Education Finance Advisor who will answer any questions you have and guide you through the college funding process quickly and easily. With one simple call you could be on your way to making your years of preparation and planning pay off beautifully.
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 simple. Learn more about Student Loans.
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Posted by
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1:49 PM
. :~ ALIVE FUN ARTICALS ~: .
For many college seniors who have recently graduated, college now is but a fading memory, and the prospect of getting that ideal job is ever present. Many parents relish their child’s commencement when they receive that college degree, a major symbol of not only the effort required for its attainment, but also an indication of even better things to come.
Perhaps your child already had received that great job offer and is just settling into the working world, learning about budgets, personal financial planning, and starting to consider the repayment of student loan debt.
Take Time to Plan Ahead
Whatever the case, many graduates and their parents do not look forward to the time when they are required to start repaying their student loans. However, according to NextStudent, a leading Phoenix-based education funding company, once borrowers receive accurate information on their repayment options and what is available to them, most find it easier than they originally thought.
Students probably are already aware that most federal student loans have a grace period. What that means is that the day after they graduate they do not have to automatically make that first payment. For example, for Stafford Loans, students may not have to begin repayment until a full six months following graduation. Perkins Loan repayment is not mandated until three months later, or a total of nine months after graduation. Repayment of PLUS Loans (Parent Loans for Undergraduate Students) and PLUS Loans for Graduates are different. Parents or students must begin repayment only 60 days after disbursement of the funds.
This grace period is the perfect time for parents to work with their children by planning for the future, such as establishing a budget, coaching their children about new living arrangements, adapting to a first real job, and getting their financial house in order.
Repayment Options Abound
There are many different types of repayment options with unique terms and requirements. A common option is deferment. Borrowers may qualify for deferment if they are experiencing economic hardship, unemployment or certain other conditions. Deferment allows the borrower to postpone payments usually in six-month or one-year increments. A borrower must apply for this option on a yearly basis, which may be extended to a maximum of three to five years. Since interest accrues on the account during deferment with the exception of subsidized Stafford Loans, it is wise to begin repayment at the first opportunity, or perhaps consider setting aside the funds monthly to cover interest accruals.
Consolidation Simplifies Repayment
Students may be burdened with a significant amount of college debt and multiple student loans that require several payments to different lenders or servicing companies each month. This is an exceptionally confusing prospect to face when looking at repayment. In order for students to know their obligations, it is best for them to contact all their lenders to find out the required payments, student loan balances, interest rates, and terms on all student loans.
With this information in hand, consolidation of all student loan debt may be a great way for students and their parents to simplify debt repayment, thereby eliminating the hassles and headaches of dealing with multiple lenders and payments that must be made monthly.
Many students realize rather quickly that student loan consolidation is a simple, easy process that allows them to reduce their monthly payment by up to 60 percent. With a NextStudent Consolidation Loan, parents and their children receive one of the most competitive packages in the industry, as well as personal, professional service. In fact, when borrowers contact NextStudent, they are personally assigned their own Education Finance Advisor who will guide them through the student loan consolidation process from start to finish, inform them of their best options, and address any questions they might have.
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 simple. Learn more about Student Loans.
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By now, college students across the country have had ample opportunity to enjoy their summer vacation, and their break from school soon will be drawing to a close. Now is the ideal time to consider more serious matters like how students will plan for their next year of education, according to NextStudent, a leading Phoenix-based education funding company.
Alternately, for many high school seniors, perhaps the joy of being accepted at their college of choice has faded, only to be replaced by confusion on how best to proceed with funding for their first year of school. It is time for students to dig out the award letters they may have received months ago and begin preparing to finance their fall semester.
Personalized Attention Helps Solidify Plan
Since college award letters often are a little confusing and sometimes can be a challenge to understand and interpret correctly, NextStudent takes pride in helping students and their parents clarify and understand their financial picture so they can formulate the best funding strategy to finance their college education.
When contacting NextStudent, students are assigned their own personal Education Finance Advisor who will walk them through the college funding process from start to finish in a simple, straightforward manner. This personalized attention helps take the guesswork out of college financial aid and frequently results in peace of mind for many students and their parents once they have a better grasp of their financial picture, options, and best way to proceed.
Accurate Understanding Clarifies Best Options
Students and their parents can rest easy knowing that they are in good hands when working with NextStudent. Since many do not know where to turn or how best to proceed, students may be educated with respect to the actual cost of attending their college; the need-based aid for which they qualify such as subsidized Stafford Loans and federal non-need-based student loans; and the possible out-of-pocket funds needed to attend college.
A common mistake occurs when students and their parents believe that they do not qualify for any federal student aid. In many cases, it is not that students do not qualify for ANY federal aid at all, but rather that they do not qualify for SUBSIDIZED federal aid such as a subsidized Stafford Loan. Instead, they may qualify for an UNSUBSIDIZED Federal Stafford Loan. This is the type of scenario that a NextStudent Education Finance Advisor is equipped to handle. A personal Education Finance Advisor will answer any questions students have, advise them on the best options to pursue, and assist them in formulating the strategy that best suits their needs.
Different Awards, Different Needs
Other common types of financial aid include Parent Loans for Undergraduate Students (PLUS Loans) and Private Student Loans. Regardless of what type of federal aid for which a student qualifies and regardless of the perceived financial challenge, chances are NextStudent can help.
Since the fall semester is just around the corner, students who wish to get a jump on putting together their funding package for school may want to contact NextStudent at their first opportunity.
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 simple. Learn more about Student Loans.
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Since some colleges start posting available work-study positions as early as the summer, students looking to get their first choice of campus jobs in the fall may want to get a head start by already having their résumé and cover letter written and polished. The Federal Work-Study Program provides part-time jobs for both undergraduate and graduate students with qualifying financial need and encourages students to participate in community service and try out employment opportunities related to their course of study. Work-study jobs are required to pay at least the current federal minimum wage but might pay more, depending on the type of work the student does and the skills required.
Work-study, on- or off-campus, can offer students a paycheck while allowing them enough flexibility to accommodate their class schedule. Work-study jobs run the gamut from tutoring children or other college students, to working as a museum aide, to serving as an usher at public or school events. According to NextStudent, a leading Phoenix-based education funding company, work-study programs can be a great option for students who need a little help meeting their college expenses.
Benefits of Work-Study Jobs
Because the Federal Work-Study Program is based on financial need, work-study income does not affect a student’s financial aid eligibility. While their work-study income is taxable, students who receive on-campus work-study jobs can enjoy the benefits of walking to work straight from class—they save on gas money and can meet up with friends at the dorm right after their shift. And whereas students in non–work-study jobs may get bogged down in work hours, work-study employers tend to be more sensitive to a student’s schedule and offer more flexibility. Universities may cap an undergraduate’s work availability at 20 hours per week.
In addition to offering convenience and flexibility, work-study allows students to start building their work history. When these students are ready to head out into the real world, they’ll be a step ahead of those students who chose not to work. Prospective employers may look more favorably on students who were able to balance the demands of a higher education with the requirements and scheduling of work.
Qualifying for Federal Work-Study
Students interested in work-study positions must fill out the Free Application for Federal Student Aid (FAFSA) and mark “yes” when asked if they are interested in student employment. Students must demonstrate sufficient financial need and meet other qualifications. Since the number of work-study positions is limited, students should apply as early as possible to increase their chances of getting the job of their choice.
Students who qualify for work-study will be notified by their university’s financial aid office. Students who don’t receive a work-study award and believe they are eligible to receive one should make an appointment with a financial aid counselor to discuss their options. Some schools may offer to put students on a waiting list.
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 simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation.
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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.
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