Posts Tagged Private Loans
Student Loans: Cut Monthly Payments on your Student Loans by Up to 42%
Posted by admin in Student Loans on December 17, 2010
If you’re a graduate or college parent with any outstanding federal student loans, you may be able to lower your monthly student loan payments by up to 42% just by consolidating your parent or student loans. When you consolidate your college loans, you may be able to extend the repayment term on your parent or student loans by up to 20 years. With that longer repayment term, since you have more time to repay, the amount you have to pay each month will typically go down.
NextStudent, a leading Phoenix-based education funding company, offers a student loan consolidation program with no application fees, no processing fees, and no credit checks. By consolidating your parent or student loans, your monthly payments could go down by up to 42%.
Here’s an example: 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, versus estimated monthly payments of $879 on a $75,000 Federal Stafford Loan issued at 7.22% and repaid over 10 years — a 41.8% reduction in monthly payment amount. (Your actual payment reduction may vary and will depend on the terms of the student loans you’re consolidating.)
Replace Your Variable-Rate Student Loans With One Fixed-Rate Student Loan Consolidation
If you took out your Federal PLUS Loans or Stafford Loans prior to July 1, 2006, those student loans are subject to variable interest rates that will adjust every year. So when interest rates rise, your monthly student loan payments may also go up. Student loan consolidation puts an end to rate increases and rising payments.
NextStudent’s student loan consolidation program gives you the security of a fixed interest rate. By consolidating your federal college loans with NextStudent, you’ll replace your variable-rate college loans with a fixed-rate student loan consolidation loan and lock in your new monthly payments, so you’ll never have to worry about interest rates rising and leaving you guessing about your monthly payment amount.
Make Repaying Your Student Loans Convenient and Hassle-Free with Student Loan Consolidation
If you have multiple college loans in repayment and you’re dealing with the hassle of multiple bills, multiple due dates, and multiple monthly payments to multiple lenders, a student loan consolidation could help make your repayment easier to manage.
With a student loan consolidation program, you can bundle all your eligible federal parent or student loans into one single consolidation loan with just one monthly bill, one lender, and one monthly payment that’s fixed for the life of your student loan consolidation.
Apply in Minutes to Consolidate Your Student Loans
Typically, you can apply for a student loan consolidation in minutes. Just visit an online student loan consolidation lender or make a quick phone call to the lender of your choice. It’s fast, easy, and free to apply, and there are NO fees, NO credit checks, and NO co-signers required.
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 student loan consolidation early.
Student Loan Consolidation for 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 under the federal student loan consolidation program. But you may be eligible to consolidate your private loans separately with a Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.
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.
Private Loans for Students – What You Need to Know
Posted by admin in Private Loan on April 29, 2010
For the majority of young people, it is a dream to get into a great college. They want to do this as an accomplishment for themselves, as well as a way to make a living as an adult. The problem that many students face though, is the inability to get student loans. This is where private loans for students come into play. Because they are designed for students, you will not have to worry about having a bad credit score, or no credit whatsoever. For many students, this is the first type of loan they are getting, so their credit score is not even a factor.
The great thing about these private loans that students use is that they can use them for anything school related. If your actual schooling already is paid for but you are lacking the funds for everything else, you can use these loans. They can pay for your room and board or even just for your books and supplies. In the past, most students had to work long hours at little pay to afford to pay for all these things. All that work usually got in the way of their school work, which causes a big problem. With the loans, you do not have to worry about work getting in the way of school.
Another reason why private loans for students is a good idea is because it is a great way to establish credit. You will be getting the money that you need, so that is good. But you also will be paying back your loan, which means that your credit score will increase. Getting this type of loan as a student actually makes it easier to get a larger loan in the future because you have a good credit score established.
You should not put off going to school because you cannot afford it. If you do not qualify for the larger loans, consider taking out private loans for students. They will get you the money that you need to pay for school, which in turn will help get you a better job upon graduation. The better your education, the better job you will be able to get, which will mean that you will be making more money. All this is possible because you got out a loan to help you when you were in college.