Are you getting ready to graduate? Well, along with college graduation comes the much-dreaded student loan repayment. If you were lucky enough to qualify for subsidized student loans, the government has been paying the interest on your student loans through school; if you had to take out unsubsidized student loans, your interest has been accruing. Either way, six months after graduation your grace period ends and it is time for you to begin repaying your student loans.
NextStudent, a leading Phoenix-based education funding company, recommends that you start shopping around for student loan consolidation loans as soon as possible. Student loan consolidation is a great way to manage your monthly student loan payments. Not only will you lock into one loan at one fixed interest rate, it also 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 Research before Selecting a Student Loan Consolidation Lender
Frequently, college financial aid offices offer students a list of Preferred Lenders for all of their financial needs, from Stafford loans to student loan consolidation loans. However, students are not required to work with the lenders on those lists and instead should shop for a company that best suits their needs.
Just like every student is different, every lending company has its own character, ethical standards and quality controls. Borrowers should be selective and choose their lender carefully, making sure to consider and compare the reputation and integrity of the company, level of customer service provided, and the individual student loan consolidation incentives offered.
NextStudents LOCKED Discount
The federal government sets the base interest rate on all student loans, including student loan consolidation. The only true differences the consolidation loan lenders provide are the incentives offered by each company. For example, in an effort to extend significant savings to borrowers, NextStudent offers a 1 percent LOCKED interest rate discount after 36 consecutive on-time payments, which borrowers retain for the life of their student loan, while other lenders may revoke their benefits for a single late payment. NextStudent also is committed to providing outstanding customer service and the best incentives in the industry.
Some of NextStudents Federal Consolidation Loan Benefit Packages:
1 percent LOCKED interest rate reduction after 36 on-time payments
.25 percent interest rate discount for Auto-Debit payments
2 percent interest rate reduction after 36 on-time payments (not locked)
.25 percent interest rate discount for Auto-Debit 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, Private Student Loans and Student Loan Consolidation at NextStudent.com.
Whenever we find some financial shortage while fulfilling our
dreams, usually we take up some debt from any loan offering company.
Similarly, when we need to enroll our name to some career oriented
courses and there lies some monetary distress, we have to depend on the
student debt for taking our future to the next level. In that case, it
is also to be noted that we need to repay the loan amount within a
specific period of time. Under such circumstances, if you take up some
student loan on your shoulder, it is evident that you have to clear your
debt account within the limited period of time. In that case, if you
are unable to pay off the debt amount completely, your debt will be
considered among the student loans in default accounts.
Once you have some student loan on your shoulder,
usually you need to repay the debt as early as possible. However, due to
various reasons, if you were unable to reimburse the debt entirely
within the specified time, the company will offer you additional 30 days
time in order to clear the residual debt. If you were still incapable
to settle up your debt within that limited period of time, then your
debt account will be considered as the defaulted student loan.
you have some defaulted student loan on your shoulder, it can be easily
assumed that you are going through some serious negative consequences.
Usually the loan offering company employs some third party collection
agency to extract the unpaid debt amount from the defaulter. These
people from these collection agencies utilize some unorthodox techniques
that create pressure of the defaulted debtor. In that case, the social
& personal life of the debtor will become unimaginably unbearable.
such circumstances, you would love to opt for some scheme that will
settle your student loans in default conveniently. In that case, the
debt consolidation program should be chosen as your preferred option.
You can easily go for either the federal scheme or the private
consolidation program. Among these two options, the federal program
usually takes up greater amount of time due to the long procedures of
government policies. However, using the private scheme, you can
conveniently erase your defaulted student loan from your shoulder within
the shortest possible of time.
In short, whenever you are
having trouble with your student loans in default account, you should
opt for the debt consolidation program available in the market to ease
your situation comfortably.
loans from the lending companies is the way only left for the students
if they are not eligible either for grants or do not qualify in the
scholarships examination. The procedure to acquire the loans is simpler
rather than the period of repayment begins before he calculates of what
the amount would be on a monthly basis. If an individual’s beginning
salary is lesser than expected then, he can seek help from the private
student loan consolidation so that he can put his loans into a
a borrower should be aware of the process before selecting the private
student loan consolidation. One of the advantages under the scheme is
that if the defaulter makes regular repayments of the amount of loan
from 24 to 28 months consecutively then, he gets the opportunity of
removing a co-signer from his liability as because the co-signers are
generally relatives or parents. It is also essential for a defaulter
that such organizations need a minimum balance that he (defaulter) needs
to provide. He also needs to confirm from the lender regarding the
interest rate and also if there is fee for origination and the repayment
Student taking loans for education are increasing day
by day and along with increases the default student loans. This happens
as some of the students fail to make repayments of their loans because
they do not get the desired job after graduation. Moreover, they are not
financially sound which creates problem for them to repay their amount
of loans. Several other reasons are there due to which the defaulted
student loans have increased. However, there are some students who are
damn care about the consequences they are likely to face if unable to
repay the amount of loan. Such attitude is mainly due to the reason that
they are not aware of the serious consequences coming their way.
However, seeking help from the private student loan consolidation helps a
borrower to avoid such consequences.
defaulter, if facing severe situations, is advised can also seek help
from the default student loan help other than the private consolidation.
Experts there can suggest several measures with which the defaulter can
free himself from the dire consequences. The defaulter can search the
reliable search engines for the best organization providing help.
However, the defaulter should try to make the repayments in order to
avoid such unwanted circumstances.
Did you know it’s possible to have your student loan debt completely erased? It isn’t easy and not everyone can make it happen but it’s worth looking into. You might already qualify for one of these programs!
Branches of the military offer a college loan repayment program. The college loan repayment program is for non-officers and assists each military branch with recruitment efforts. This is an attractive benefit of joining the military. Each branch of the military has their own eligibility requirements and maximum repayment amounts. If you are already thinking of enlisting in the military be sure to ask about the college loan repayment program. Some branches’ programs are more generous than others.
Serve in qualifying communities
You may already be qualified for student loan forgiveness if you teach or practice medicine in certain communities. Practicing medicine (including physical therapy) in rural or at risk communities who have a great need for healthcare services could earn you student loan forgiveness. Teaching in low income school districts may also qualify you for student loan forgiveness. Check with your school or school district administration.
Everyone knows that volunteering is a worthwhile way to spend your time but not everyone knows that volunteer work can help you pay down or pay off your student loans. In exchange for your time and talents there are three volunteer organizations who will offer you student loan forgiveness. All of these programs are huge commitments and may require a life change. The Peace Corps requires a 27 month commitment working in a country overseas. After serving Americorps full time (remember, you earn no paycheck) you would receive a $4,700 education award which can be used to pay down a student loan. Volunteers in Service to America (VISTA) is an anti-poverty program under Americorps. One year of full time service earns the $4,700 education award.
Since not everyone can uproot their lives and join the military or the Peace Corps, you probably won’t be getting your student loan balance paid for. If you’re concerned about your student loan and you don’t qualify for any of the student loan forgiveness programs listed above you should contact a credit repair service. There are many ways to deal with student loans. – From consolidation loans to loan rehabilitation programs. It’s definitely going to be advantageous to look into.
If you are an American student or one studying in an American school, then you are eligible for federal student loan consolidation from the U.S government.
Federal student loan consolidation plans are applicable for all students whether you are still in school or a recent graduate or already into your new career.
If you are successful in your student loan consolidation application, it will help you to reduce the student loan payment amount each month and/or allows you more time to pay off your student loans.
If you currently have several student loans, it is easier if you use federal student loan consolidation to consolidate them into one loan payment thus making it easier to manage.
The Four Types Of Federal Student Loan Consolidation
The U.S government in a bid to attract more students to take up their student consolidation loans have come up with four plans to suit the different needs of students.
They are :
* Standard Student Loan Consolidation
The maximum student loan period is 10 years and the payment amount per month is fixed. This type of plan is suitable for students who can afford to pay a fixed amount per month. The interest rate would not be a big factor in huge student consolidation loans
* Extended Payment Plan
This type of plan is similar to standard student loan consolidation except it has a longer repayment period of between 15 to 30 years. The repayment period is dependent on the student loan amount.
* Graduated Payment Plan
This type of plan is suitable for students still schooling and can only repay the student loan when they have a job after they graduated. The payment period is between 15 to 30 years. The payment amount per month usually starts low and increase steadily every 2 years. The intent is the as the student has worked for a longer period of time, their salary will increase accordingly and thus able to pay a larger repayment student loan.
* Income Contingent Payment Plan
This type of plan is complicated and is based on the student’s income level over a period of years. It is also based on the family’s annual gross income, other loan amounts owed, other assets, mortgages etc.
Most student usually choose graduated payment plan or the extended payment plan for their federal student loan consolidation.