Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.
Are you a May graduate with student loans looking at six-month grace periods that are ending sometime this month? If you’ve got multiple student loans going out of grace and into repayment, you’ll soon be faced with trying to juggle multiple bills, multiple due dates, and multiple monthly payments.
But you could eliminate the hassle of multiple student loan payments and 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.
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What’s Federal Student Loan Consolidation?
Student loan consolidation allows you to combine your eligible federal student loans into one single consolidated loan with one lender, one monthly bill, and one convenient monthly payment. To be eligible to consolidate your 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.
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Consolidating Federal Parent PLUS Loans
Parents with federal parent loans are also eligible to consolidate. Parents can consolidate the PLUS loans they took out to help you pay for school as soon as the PLUS loans have been fully disbursed and have entered repayment, even if you’re still in school full time. Although your parents can consolidate their PLUS loans, you won’t be able to consolidate your own student loans with your parents’ PLUS loans.
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Take Advantage of All the Benefits of Federal Student Loan Consolidation
- No fees
- No cost to apply
- No credit checks
- No co-signers required
- No prepayment penalties
- Fixed interest rate
- Repayment terms up to 30 years
- One single monthly payment for all your eligible federal student loans
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There are never any charges or credit checks to apply for a Federal Consolidation Loan with NextStudent. And there are no prepayment penalties, so you’ll never be charged extra fees just for paying more than the minimum each month or for paying off your student loan consolidation early.
Student loan consolidation lets you lock in a monthly payment with a fixed interest rate. You may also be able to cut your monthly student loan payments by as much as 50 percent when you consolidate your federal student loans with NextStudent. A federal student loan consolidation could extend the repayment term on your student loans by up to 20 years; by extending your payments over a longer repayment term, a consolidation loan could lower the amount you have to pay each month.
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Private Student Loan Consolidation
If you have private student loans in addition to (or instead of) federal student loans, you won’t be able to consolidate your private student loans under the federal student loan consolidation program. But you may be eligible to consolidate your private loans separately with a NextStudent Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.
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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 at NextStudent.com.
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