As with any student loan, there are different private consolidation loan solutions available to students and their parents. Therefore, it is important for borrowers to research options in order to select the private consolidation loan that best fits their needs. NextStudent offers a competitive private loan consolidation product that is comparable to those of a federal student loan consolidation with rates as low as 6.33% APR for the first year only.
For example, a typical student loan of $40,000, where the borrower has chosen to make payments of principal and interest, with an interest rate of�6.705% APR, subject to change every calendar quarter,�and with a loan term of�30 years, will have a payment of $258.25 (subject to change if the interest rate changes).
Borrowers Get More by Consolidating with NextStudent
NextStudent’s private consolidation loan offers borrowers a multitude of benefits, including a means to manage their student loan payments directly out of college. NextStudent’s private consolidation loan is a credit-based loan with interest-only repayment terms available for the first two years, up to a 30-year repayment term, a .25 percent interest rate reduction when paying via auto-debit, a reduction in the principal balance of up to 1.5 percent after 48 consecutive on-time payments, and no or low origination fees.
Borrowers may consolidate from $7,500 up to $300,000. As is typical with most of NextStudent’s loans, borrowers may receive approval in as little as a few minutes over the phone. There are no prepayment penalties, although many students may opt for in-school deferment or choose to defer payments for up to 12 months following graduation. To be eligible, borrowers should be in repayment or about to enter repayment of their private student loans and not be in default of any student loans.
Real-Time Application Process
Applying for a NextStudent Private Consolidation Loan is fast and convenient. Applications can be completed over the phone with the help of a borrower’s personally assigned Education Finance Advisor. Decisions on the loan can be done in “real-time,” or borrowers may review the status of their loan’s progress online.
Student loan consolidation is a smart financial strategy that can help students and/or their parents manage student loan debt. NextStudent’s Private Consolidation Loan is a competitive product with many incentives. NextStudent prides itself on customer service and assigns a personal Education Finance Advisor to every customer. This advisor is available to walk customers through the college funding process from beginning to end.�
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 at NextStudent.com.