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No Fees, Charges, or Prepayment Penalties 
No
Credit Checks or Co-Signers Required
Federal Consolidation Loan is an outstanding
debt-management tool. It can help you repay your federal education loans at a
low, fixed interest rate with flexible repayment terms. Consolidation can lower
your monthly payments by up to 60 percent. Consolidation
allows for significantly reduced monthly payments since the repayment period may
be extended to as much as 30 years depending on the total loan balance. Lower
payments leave you with more money to allocate towards other household expenses
including car payments, childcare, and other necessities. While extending the
repayment period increases total interest payments (smaller payments are made
over a longer period of time), there are no prepayment penalties for accelerating
repayment. Education
loans can vary in terms of interest rates, repayment periods, and borrowing limits.
Keeping track of multiple loans with multiple lenders can be difficult. Consolidation
simplifies loan repayment by turning multiple loans with different interest rates
into a single loan with a fixed interest rate. Our
Federal Student Consolidation Loan goes even further by offering an additional
0.25 percent (1/4%) interest-rate reduction for automatic checking withdrawal.
By doing this you will receive an immediate 0.25 percent (1/4%) reduction in your
interest rate. In most cases you can choose the day of the month the payment is
deducted from your account. Am
I eligible for a Federal Consolidation Loan with NextStudent?
You are eligible
if you're currently repaying federal education loans or are in your loan grace
period, have at least $10,500 in federal education loans, and are not currently
in default on the loans. To
Quality:
1) Do you have more than $15,000 in federal student loan debt?
Must
be Yes. 2) Do
you make more than one monthly payment for the loans mentioned above?
Must
be Yes. 3) Are
you currently in out of school or will you be leaving within the next six months?
Must
be Yes. 4) Are
you in default on all of you student loans?
Must be No.
It's
not just college students who qualify for consolidation, parents who have taken
out Federal PLUS loans qualify for consolidation also.
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