Press Release Body = PHOENIX, AZ -- (MARKET WIRE) -- January 09, 2007 -- According to NextStudent, the Phoenix-based premier education funding company, recent graduates still have time to save when consolidating their student loans, but time may be running out to lock-in a little-known discount offered by the company.
Once a student graduates, a six-month grace period goes into effect during which time the borrower is exempt from making payments. Many borrowers consolidate student loans during this time, taking advantage of low interest rates, which have increased from historical lows prior to July 1, 2006.
Those who have not yet participated in student loan consolidation may still lock in rates as low as 4.5 percent, fold all student loans such as the federal Stafford Loan or Parent Loan for Undergraduate Students (PLUS Loans) into one easy-to-manage package, reduce payments by up to 60 percent and attain significant savings and benefits.
Many borrowers are not aware of the .6-percent discount extended by NextStudent to those who have recently graduated. In order to qualify, students must have a student loan balance of $10,500 or more and must consolidate prior to the expiration of the six-month grace period.
The .6-percent discount applies to both undergraduates and postgraduates who have just completed their course of study and consolidate within that grace period. Students and their parents who wait to consolidate student loans may have fewer options available to them, as interest rates are increasing and the .6-percent NextStudent discount is available for a limited time.
Since the federal government sets the rates for federal student loan consolidation, the only difference between lenders is the benefits and incentives offered to borrowers. When students select NextStudent as their student loan consolidation lender, there are many incentive packages from which to choose that will result in significant savings.
Qualifying is easy and takes as little as 5 minutes over the phone with a personally-assigned Education Finance Advisor. In addition, no co-signer, credit check or fees are required and the borrower has up to 30 years to repay.
Students and their parents have three packages to choose from when consolidating with NextStudent. These include the Standard Locked, 2%, and Google Package. Whichever package is selected represents a wise decision by the borrower.
All three include an automatic .25-percent discount when the borrower pays via Auto-Debit. The Standard Package rewards borrowers who make 36 consecutive on-time payments with a 1-percent LOCKED discount. The 2% Package awards a 2% discount for the same 36 consecutive on-time payments. With the Google Package, borrowers receive a 1-percent discount for 36 consecutive on-time payments, but also a .375-percent discount after six months of on-time payments.
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