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If you graduated in May with student loans, you may be facing six-month grace periods that are ending sometime this month. Once your grace periods are over, you’ll be entering repayment on those student loans that were in grace.
If you’re looking at multiple student loans going into repayment, you’ll soon likely have to deal with juggling multiple bills, multiple due dates, and multiple monthly payments. But you could help make your student loan repayment easier to manage by consolidating your eligible federal student loans with a Federal Consolidation Loan from NextStudent, a leading Phoenix-based education funding company.
How Federal Student Loan Consolidation Works
A Federal Consolidation Loan bundles all your eligible federal student loans into one single loan with one monthly bill and one convenient monthly payment. To be eligible for student loan consolidation, you can’t currently be enrolled in school more than half time, and the student loans you want to consolidate must be in repayment, in a grace period, or in an authorized forbearance or deferment period.
If your parents have Federal PLUS Loans that they took out to help you pay for school, they’re also eligible to consolidate. And your parents don’t have to wait for you to graduate in order to consolidate their own PLUS loans: Parents can consolidate the PLUS loans they took out for your education as soon as the loans have been fully disbursed and have entered repayment, even if you’re still in school. Your parents can consolidate their parent PLUS loans, but you won’t be able to consolidate your own student loans together with your parents’ loans.
Benefits of Federal Student Loan Consolidation
1. No fees and no cost to apply
2. No credit checks and no co-signers required
3. No prepayment penalties
4. Fixed interest rate
5. Repayment terms up to 30 years
6. One single monthly payment for all your eligible federal student loans
There’s never any charge to apply for a Federal Consolidation Loan with NextStudent, and there are no credit checks or co-signers required. There are also no prepayment penalties, so you’ll never be charged for paying more than the minimum each month or for paying off your student loan consolidation early.
Student loan consolidation gives you the security of a fixed interest rate: With a fixed rate, you’ll lock in your monthly payments when you consolidate, and you’ll never have to worry about variable interest rates going up, leaving you guessing about your monthly payment amount.
Consolidating your federal student loans could also give you more time to repay—a Federal Consolidation Loan could extend the repayment term on your student loans by up to 20 years. And by extending your payments over a longer repayment term, a student loan consolidation could lower the amount you have to pay each month. By consolidating with NextStudent, you may be able to cut your monthly student loan payments by as much as 50 percent!
Consolidating Your Private Student Loans
If you have private student loans in addition to (or instead of) federal student loans, you won’t be able to consolidate your private loans with the federal student loan consolidation program. But if you’re looking for the same convenience of a single consolidated loan for your private student loans, you may be eligible to consolidate your private loans separately with a NextStudent Private Consolidation Loan.
NextStudent believes that getting an education is the best investment you can make, and we’re 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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3:18 PM
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If you graduated in May with federal Stafford student loans, you may be facing the prospect of adjusting your budget to accommodate new monthly student loan payments as your six-month grace periods end sometime this month. If you’re still doing temp work, looking for a job, or if you just got stuck with a lower-than-expected entry-level salary, it’s entirely possible that you’re not sure how you’re going to come up with the money you’re going to need each month to a meet a new monthly expense from student loans going into repayment.
The main thing is don’t be embarrassed! A lot of student loan borrowers go through periods when they’re having trouble making their student loan payments. Your federal student loans come with deferment and forbearance benefits that can help you through those times when money’s a little short.
If you’re a recent graduate—or any parent or student loan borrower—who’s having trouble making your student loan payments each month, NextStudent, a leading Phoenix-based education funding company, urges you to contact your lenders about your deferment and forbearance options, which allow you to temporarily reduce or postpone your student loan payments without compromising your credit score or defaulting on you student loans.
Deferment
Deferment allows you to temporarily stop making payments on your student loans. If you’re unemployed or experiencing economic hardship, you may be able to request a deferment, for up to a year at a time, up to a total of three years over the life of the student loan. You must contact your lender to request an unemployment or hardship deferment, and you may need to complete a deferment request form.
Forbearance
If you’re unemployed or experiencing economic hardship, you may be able to request a forbearance, which allows you to temporarily reduce or postpone payments on your student loans. You must contact your lender to request a hardship forbearance, and you typically need to complete a forbearance request form. You may also need to submit supporting documentation, depending on the nature of your request.
Generally, a lender can grant a forbearance for up to a year at a time. Unlike unemployment or economic hardship deferments, there is no three-year cumulative limit on discretionary forbearance periods granted due to financial hardship.
Interest Charges on Student Loans in Deferment or Forbearance
Interest charges continue to accrue on your student loans even while they’re in a deferment or forbearance period. The government will pay the interest on any subsidized student loans (such as Perkins or subsidized Stafford loans) that you have in deferment, but you’ll be responsible for the interest on your unsubsidized student loans (such as Grad PLUS or unsubsidized Stafford loans) that are in deferment and on any student loans, whether subsidized or unsubsidized, that are in forbearance.
Any unpaid interest that accrues during a deferment or forbearance period will be capitalized and added to your principal student loan balance for you to repay once repayment resumes. To avoid having accrued interest added to your principal student loan balance, you can always choose to make interest payments during deferment or forbearance periods in which your payments are postponed.
Student Loans Eligible for Deferment or Forbearance
Most federal student loans are eligible for deferment and forbearance benefits. This includes:
1. Perkins loans
2. Stafford loans
3. PLUS loans
4. Grad PLUS loans
5. Federal Consolidation Loans
If you’re already taken advantage of the federal student loan consolidation program to consolidate your Stafford loans or any other federal student loans, you still have deferment and forbearance benefits available to you.
Some private student loans may also offer deferment or forbearance periods—you should contact your private student loan lender.
Make sure you contact your lender if you’re considering an economic hardship deferment or forbearance. Hardship deferments and discretionary forbearances are typically not automatic. You may be required to fill out a deferment or forbearance request form and submit supporting documentation.
More Information on Deferment, Forbearance, and Student Loan Repayment Options
If you’re looking for more in-depth information on deferment and forbearance benefits, or if you have questions about your student loan repayment options, check out our free online guides to deferment and forbearance benefits and to repayment terms and options for federal student loans. If you still have questions, NextStudent’s knowledgeable Education Finance Advisors are always happy to help — just give us a call!
NextStudent believes that getting an education is the best investment you can make, and we’re 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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3:15 PM
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As the fall semester draws to a close, families who still need money for college for end-of-semester expenses or for the upcoming spring semester may be able to get the help they need with a Federal PLUS Loan from NextStudent, a leading Phoenix-based education funding company. PLUS loans give parents of undergraduates a low-interest financing option that they can apply for throughout the school year (depending on the final deadline set by the school’s financial aid office). And PLUS financing is available even if your student doesn’t qualify for need-based grants or student loans.
PLUS Loan Overview
PLUS loans (Parent Loans for Undergraduate Students) are federal college loans that can help creditworthy parents meet up to 100% of their undergraduate child’s educational expenses. PLUS loans are non–need-based, so eligible parents won’t be disqualified for making too much money.
Features and Benefits
* No application fees
* Fixed interest rate
* Loan limits up to 100% of the cost of attendance
* Mid-year application: Apply even in the middle of the school year. (Contact your school’s financial aid office for their final deadline.)
* Non–need-based: Eligible parents can’t be disqualified for having too much money or assets.
* Co-signers allowed: If you’re a parent who doesn’t meet the PLUS credit requirements, you may apply with an eligible co-signer.
* No prepayment penalties: Pay off your PLUS loan early without incurring any additional charges.
* Forbearance and deferment benefits: If you’re experiencing financial difficulties, you may be able to temporarily postpone or reduce your PLUS loan payments without affecting your credit rating.
* Eligible for federal student loan consolidation
Rates, Fees and Terms
Rates
PLUS loans carry a low, fixed rate of 8.5%.
Fees
There’s no fee to apply for a NextStudent PLUS loan! Once you’re approved, your PLUS loan may be subject to a 3% origination fee and a 1% guarantee fee. These fees would be taken out of the proceeds of your PLUS loan.
Terms
Each year, you may borrow up to your child’s full cost of attendance less any other financial aid (such as student loans, scholarships, or work-study) your child has received. The cost of attendance is determined by the school—besides tuition and room and board, it includes a reasonable allowance for other education-related costs such as student fees, books, transportation, and living expenses.
The standard repayment term for a PLUS loan is 10 years. But you may be able to extend your repayment term with an extended repayment plan or by consolidating your PLUS loan(s).
Eligibility
Parents
PLUS loan borrowers must meet certain eligibility requirements:
* Parent or legal guardian of an eligible undergraduate student
* U.S. citizen or permanent resident
* Creditworthy
To be deemed “creditworthy,” you may not be in default on any federal college loans, and your credit report should be free of derogatory credit items (such as bankruptcies, foreclosures, tax liens, or collections) for the last five years.
Either parent (or legal guardian) may apply for a PLUS loan. A parent who doesn’t meet the PLUS credit requirements may apply with an eligible co-signer.
Students
To be considered an eligible undergraduate student, your child must also meet certain requirements:
* Enrolled at least half time and maintaining satisfactory academic progress, as determined by the school
* Younger than 24
* Single with no dependents
* Not a ward of the court, a military veteran, or in the military
* U.S. citizen or permanent resident
* Not in default on any federal student loans
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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Posted by
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3:12 PM
. :~ ALIVE FUN ARTICALS ~: .
Although Federal PLUS Loans and Stafford Loans are currently issued at fixed interest rates, PLUS and Stafford loans issued prior to July 1, 2006, are variable-rate student loans. The interest rate on these college loans adjusts every year on July 1.
If you’re a PLUS or Stafford borrower with one of these variable-rate loans, your monthly payment amount could fluctuate from year to year, depending on your adjusted rate. When interest rates go up, the monthly payments on your federal parent and student loans may also go up, putting a bigger dent in your budget than you may have planned.
Lock In Your Monthly Payments With Student Loan Consolidation
If you wish you could do away with the uncertainty of variable interest rates and potentially higher payments, NextStudent’s student loan consolidation program could be the solution you’re looking for.
NextStudent Federal Consolidation Loans give you the security of a fixed interest rate. By consolidating your federal college loans with NextStudent, a leading Phoenix-based education funding company, you’ll replace your variable-rate parent and student loans with a fixed-rate student loan consolidation.
With a federal student loan consolidation, you’ll never have to worry about rising interest rates leaving you guessing about your monthly payment amount and whether you’ll have enough room in your budget.
Cut Your Monthly Payments on Your Student Loans by up to 40%
Besides offering you the stability of a fixed interest rate, NextStudent consolidation loans could also cut your monthly student loan payments almost in half.
The standard repayment term for Stafford and PLUS loans is 10 years. But when you consolidate your parent or student loans with NextStudent, you may be able to extend that 10-year repayment term by up to 20 years to a 30-year repayment term. By extending your payments over a longer repayment term, your student loan consolidation could lower the amount you have to pay each month.
Consolidate your college loans with NextStudent, taking advantage of that longer repayment term, and your monthly student loan payments could go down by up to 40%!
Hassle-Free Repayment for Your Student Loans
If you have several parent or student loans in repayment and you’re juggling multiple bills, multiple due dates, and multiple monthly payments to multiple lenders, a student loan consolidation could help make your student loan repayment easier to manage.
With NextStudent’s student loan consolidation program, you can bundle your entire eligible federal parent or student loans into one single fixed-rate consolidation loan—that means just one monthly bill and only one monthly payment you’ll have to make. And that payment amount is fixed for the life of your student loan consolidation.
Fast, Easy, and FREE: Apply in Minutes to Consolidate Your Student Loans
You can apply for your NextStudent consolidation loan in minutes, either online or with a quick phone call. It’s fast, easy, and free to apply, and there are no credit checks, so you won’t need to worry about finding a co-signer.
1. NO fees
2. NO credit checks
3. NO co-signers required
You don’t need to worry about prepayment penalties either. There are no prepayment penalties on NextStudent Federal Consolidation Loans. When you consolidate your federal parent or student loans with NextStudent, you’ll never be charged extra for paying more than the minimum each month or for paying off your consolidation loan early.
Consolidating Your Federal Student Loans
To be eligible to consolidate your own federal student loans, you can’t currently be enrolled in school more than half time. The student loans you’re looking to consolidate must be in repayment, in a grace period, or in an authorized deferment or forbearance period.
If your parents have Federal PLUS Loans that they took out to help you pay for school, they’re also eligible for NextStudent’s student loan consolidation program. And your parents don’t have to wait for you to graduate in order to consolidate their own loans: Your parents can consolidate the PLUS loans they took out for your education as soon as the PLUS loans have been fully disbursed and have entered repayment, even if you’re still in school.
Although your parents can consolidate their federal PLUS loans, you won’t be able to consolidate your own college loans together with your parents’ loans.
Student Loan Consolidation for Your Private Student Loans
If you have private student loans in addition to (or instead of) your federal student loans, you won’t be able to consolidate your private loans with the federal student loan consolidation program. But if you’re looking for the same convenience of a single consolidated loan for your private student loans, you may be eligible to consolidate your private student loans separately with a NextStudent Private Consolidation Loan.
NextStudent believes that getting an education is the best investment you can make, and we’re 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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Posted by
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3:10 PM
. :~ ALIVE FUN ARTICALS ~: .
If you’re a graduate or college parent with outstanding federal college loans, you may be able to lower your monthly student loan payments by up to 42% simply by consolidating your federal parent or student loans. Read on to learn more about your options
When you consolidate your eligible federal college loans, you may be able to extend your repayment term from the standard 10 years to up to 30 years. With more time to repay, the amount you have to pay each month will typically be smaller.
Here’s an example: Your estimated monthly payments on a $75,000 NextStudent Federal Consolidation Loan fixed at 7.25% and repaid over an extended term of 30 years are $512.
Compare that $512 to estimated monthly payments of $879 on a $75,000 Federal Stafford Loan issued at 7.22% and repaid over 10 years.
That’s a 41.8% reduction in your monthly payment amount — just by consolidating your federal student loans.*
Smart Borrowing With Student Loan Consolidation
When you consolidate your eligible federal parent or student loans with the federal student loan consolidation program, you could qualify for all the borrower benefits that come with a NextStudent Federal student loan consolidation:
* No credit checks or co-signers required
* Fixed interest rates
* Lower monthly payments*
* Longer repayment terms
* One payment for multiple student loans
* Deferred payments†
Lock In Your Student Loan Payments With a Fixed Rate
Although federal PLUS loans and Stafford loans are currently issued at fixed interest rates, PLUS and Stafford loans issued prior to July 1, 2006, are variable-rate student loans. The interest rate on these college loans adjusts every year on July 1.
If you’re a PLUS or Stafford borrower with one of these variable-rate student loans, your monthly payment amount could fluctuate from year to year, depending on your adjusted rate. When interest rates rise, your monthly student loan payments may also go up.
Student loan consolidation replaces your variable-rate student loans with a fixed-rate consolidation loan and puts an end to rate increases and rising payments.
Make Your Student Loan Repayment Easier to Manage
If you have multiple college loans in repayment, say goodbye to the hassle of multiple bills, multiple due dates, and multiple monthly payments to multiple lenders.
With the federal student loan consolidation program, you can bundle all your eligible federal parent or student loans into a single fixed-rate consolidation loan with just one monthly bill, one lender, and one monthly payment that’s fixed for the life of your loan.
Apply FREE to Consolidate Your Student Loans
1. NO fees
2. NO credit checks
3. NO co-signers required
4. NO prepayment penalties
NextStudent offers a student loan consolidation program with no application fees, no processing fees, and no credit checks, so you don’t need to worry about having to find a co-signer.
There are also no prepayment penalties. When you consolidate your federal parent or student loans with NextStudent, you’ll never be charged extra for paying more than the minimum each month or for paying off your NextStudent consolidation loan early.
You can apply for your NextStudent Federal Consolidation Loan in minutes. Just visit us online or give us a quick phone call. It’s fast, easy, and free.
Consolidating Your Private Student Loans
If you have private student loans in addition to (or instead of) your federal student loans, you won’t be able to consolidate your private student loans with our federal student loan consolidation program. But if you’re looking for the same convenience of a single consolidated loan for your private student loans, you may be eligible to consolidate your private student loans separately with a NextStudent Private Consolidation Loan.
*Your actual payment reduction may vary and will depend on the terms of the loans you’re consolidating.
†You may be able to temporarily postpone making payments on your consolidation loan if you’re unemployed or experiencing financial hardship, if you’re back in school at least half time, if you’re in the military and have been deployed, or if you’re on active duty or serving in the National Guard during war or other national emergency. Most deferments are not automatic. Contact your lender.
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