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Although many people have achieved the dream of completing their college education, many of them face an unfortunate downside following graduation: paying back the inevitable student loan. Too often it is not just one loan looming over students, many of whom have yet to settle into the sometimes overwhelming realities of the workforce and daily life.

Student, one of the nation’s premier education funding companies, can be the proverbial light at the end of the tunnel by helping students consolidate their multiple federal loans. From Stafford Loans and Perkins Loans to PLUS Loans and HPSL Loans, Student’s Federal Student Loan Consolidation Program equals convenience. Currently the interest rate is in the 5 percent range and is expected to again increase in July 2006.

Consolidating Federal Student Loans Keeps Graduates on Course

The cap on the program is 8.25 percent, but projections for the next increase are between one or two points. Historically during the past 40 years interest rates averaged closer to 7 percent. An important aspect of consolidation includes the six-month grace period. "Make sure to consolidate while you’re in the six-month grace period because you get a cheaper interest rate," he said. The rate increases .6 percent when the grace period ends.

Student’s Federal Student Loan Consolidation Program extends loan payments up to 30 years, depending on a borrower’s balance. As many people originally take out loans on a 10-year repayment plan, consolidation offers the same interest rate on the same amount of money but at a longer term, making the payment much more affordable. There are no prepayment penalties for the program, so borrowers can pay off loans at their own pace and have the benefit of a longer term if needed. Consolidation can decrease some payments up to 60 percent. Even if students already have consolidated, Student can help further lower their interest rate with reconsolidation, which allows borrowers to reset their forbearance and deferment rights, take advantage of new industry discounts and also can lower their payment.

In turn, consolidation is the answer not only for students paying back their loans but for lenders. According to the Oct. 23, 2005 article titled "College loan plan raises questions" at NCTimes.com (North County Times) by J. Stryker Meyer, "A General Accounting Office report noted that people who consolidate their loans are three times less likely to default on their student loans."

Even after exhausting free money opportunities, most students need some form of education financing to pay for college. In fact, almost two-thirds of all student aid—or almost $50 million—comes from low-cost federal student loans. These programs provide many advantages over traditional consumer loans:
Lower interest rates - Student loan rates are at their lowest in history. For example, the rate for a Federal Stafford loan is 3.42%, down from 4.06% in 2002.
Deferred interest - Interest on some student loans does not accrue until after graduation.
Flexible repayment plans - Options include deferment, forbearance, and income-sensitive repayment to reduce or postpone repayment.

Tax benefits - You may be able to deduct up to $2,500 in student loan interest-even if you don’t itemize. After graduation, you may also qualify for a Consolidation Loan. Your school will outline in your Award Letter the education loan programs for which you’re eligible. These may include:
Federal Stafford
Federal PLUS Loans
Federal Consolidation Loans

Cut your student loan payments in half. Attention federal student loan borrowers! Right now you can lower your monthly payments as much as 60% and put that extra cash in your pocket with the Federal Student Loan Consolidation program.
Lock in rates as low as 4.5%
All federal loans bundled into one easy-to-manage loan
No fees, charges or prepayment penalties
Easy, online application with Electronic Signature

Federal rates are low right now, but NextStudent helps you save even more. Save 0.60% more when you consolidate right after graduation or during other eligible grace periods. Save off 0.25% when you sign up to have your payments automatically deducted from your bank account. Lower your rate another 1.0% after your first 36 consecutive on-time payments (this benefit is locked for the life of the loan- unlike most companies who repeal the rate reduction if you go into forbearance, deferment, or if you miss a single payment) -OR- Lower your rate another 2% after 48 consecutive on-time payments!

All student loan borrowers, even parents, can consolidate with the NextStudent Federal Consolidation program. There are no credit checks, you don't need to know the details of your current student loan portfolio, and you don’t need a co-signer. Just complete the simple 4-step, all-digital application with Electronic Signature and you’ll be on your way to saving thousands on your student loan debt.

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