With today’s low interest rates it is a terrific opportunity to consolidate your student loans. Thanks to the Federal Student Loan Consolidation program created in 1986, student loan owners have the option of consolidating their student loans to one single fixed rate loan. The fixed rate system makes taking advantage of low rate periods crucial to saving money on your loan’s long term payments.
New loan consolidations performed today can benefit rates as low as 4.5% and the process has never been simpler. Students and parents with Plus loans can easily consolidate online hassle free. NextStudent offers an easy online application using an electronic signature to complete your student loan consolidation. In addition to benefiting from the current low federal interest rates NextStudent features additional savings on certain accounts which can add up to substantial amounts over the life of the loan.
For instance, on any student loan consolidation performed right after a student’s graduation, a 0.6% rate relief is offered as well a 0.25% relief for customers signing up for automatic payments from their bank account. NextStudent also rewards on-time payments with up to a 2% rate deduction after 48 timely payments.
Consolidation doesn’t require a credit check or a co-signer and the process can be started even if you don’t have all the information regarding your current loans. Also, when consolidation using NextStudent you can even include your private student loans in one plan saving you both time and money.
