Student Loan Consolidation

2010-04-21T22:19:00.000-07:00

Student Loan Consolidation offers students the flexibility of one lower payment each month. Your student loans will be refinanced and combined into one new loan. Even if you can make the monthly payments from your original school loans, you may still want to consider consolidating to lower your payments and free up money for bills with higher interest rates. These include credit cards and personal loans, neither of which have tax-deductible interest.
Both federal student loan consolidation and private student loan consolidation offer the benefit of a significantly lower monthly payment and simplified finances. If you want to consolidate student loans, begin with your federal Stafford, Parent PLUS, Perkins, and all Federal FFELP and Federal Direct Loans that were taken out for your education. Private student loan consolidation is a separate program that allows you to refinance all non-federal, education related debt. Check out the links below for additional information on how to consolidate student loans, specifically federal loans, private loans, and frequently asked questions.

Federal Student Loan Consolidation FAQ

What are the benefits of federal consolidation loans?

* Potentially reduce your monthly payment
* Simplified finances - you make only one payment each month
* Provides budget friendly repayment options
* Saves you money today when you need it most

Student loan consolidation allows borrowers (parents or students) to lock in today's low rates and to combine several federal student loans into one loan, simplifying repayment. Because repayment can be spread over a longer time period, your monthly payment amount will be lower.
What about non-student loan debt, can that be consolidated?

For any other debt you may have, including credit cards and personal loan debt, debt consultation services exist to help making debt repayment easier and more affordable. You can reduce your debt up to 50% and become debt free in as little as 12-48 months. Find out more about debt consultation.

Who is eligible for student loan consolidation?

To be eligible for federal student loan consolidation, borrowers must:

* Not be in default
* Not be in school more than half time for the loans being consolidation
Here are the things that are not required:

* You do not need to be employed to consolidate your loans.
* You do not need to have any form of collateral.
* You do not need a cosigner of any kind.

What is the interest rate?

The rate will be a fixed rate equal to a weighted average of the interest rates on your existing loans rounded up to the nearest one-eighth of one percent.

Federal Consolidation interest rates are based on the weighted average of student loan interest rates. Federal student loans disbursed on or after July 1, 2006 have an interest rate of 6.8%. Federal Parent Plus loans disbursed after July 1, 2006 have an interest rate of 8.5%. Federal student loans disbursed before July 1, 2006 will remain variable interest rate loans. These loans will re-adjust every July 1 based on the results of the 91-day Treasury Bill. Currently, interest rates for these variable loans are:

* Stafford Loans in grace: 1.88%
* Stafford Loans in repayment: 2.48%
* PLUS Loans: 3.48%
* Perkins Loans: 5%
* HEAL Loans: 4.125%
* Previous consolidations: existing consolidation rate

What types of loans may be consolidated?

* Stafford Loans - Subsidized and Unsubsidized
* Federal Direct Stafford Loans - Subsidized and Unsubsidized
* HEAL/HPSL Student Loans
* Parent PLUS Loans
* Federal Direct Parent PLUS Loans
* Federal Consolidation Loans*
* Federal Direct Consolidation Loans*
* Perkins Loans
* Nursing School Loans and more...

* Federal and direct consolidation loans cannot be reconsolidated unless additional loans are included. For example, if you consolidated your federal loans after your undergraduate degree and then wanted to also consolidate your graduate loans, you can combine the new loans with those that were reconsolidated.

What about private loan consolidation?

It's not a bad idea to consolidate your private student loans. What is a bad idea is combining federal and private student loans, which results in a consolidated private loan. This is bad for many reasons:

* You cannot defer payments on a private loan consolidation if you want to go back to school. You can with federal loan consolidation.
* You cannot forbear payments in case of economic hardship on a private loan consolidation.
* You cannot claim interest as a tax deduction on a private loan consolidation.
* You cannot apply for forgiveness on a private loan consolidation. Certain types of work, such as federal volunteer programs, teaching in economic development zones, and military service, among others, can qualify you to have part or all of your federal loans dismissed by the government.
* If you should pass away, private loans are passed to your next of kin. Federal loans are forgiven.
* Private loan consolidation very often has variable rates, which means you cannot lock in today's current historic low rates. Those rates may be tied to volatile indexes like the Prime Rate, which can jump as high as 13%.

What about credit card consolidation, car loans, etc.?

Unfortunately, you cannot combine non-federal loans of any kind with federal student loans. Why? Because they are different types of loans. Federal student loans are backed by the US Government; if a student doesn't pay their loans, the government pays the lender, and then obtains payment from the student. The lending institutions (typically banks) know that they will always get their money back, which is why they can offer student loans at such low rates compared to other kinds of loans.

Private loans, such as credit cards, car loans, mortgages, etc. are backed by an individual's creditworthiness and collateral. Lending institutions take higher risks in loaning money privately than through the government. The government and the banks will not permit low-risk loans to be combined with high risk loans, and so you cannot consolidate other forms of debt with your federal student loans.

However, consolidate student loans to improve your credit, and you may be able to qualify for better interest rates on your private loans when you refinance them.
What about consolidating with my spouse?

Spousal consolidation is no longer permitted. Sorry.
I consolidated in the past, can I do it again?

It depends. Consolidation is the combination of many loans into one. If you have consolidated in the past with someone other than the US Department of Education, you can't do it again unless:

* You have new student loans that were not included in the original consolidation.
* Or, you have multiple consolidations from different lenders.

How is the consolidation loan repaid?
The first payment is due no more than 30 days from the date the Consolidation loan is disbursed. Repayment schedule choices include:

* Standard payments (fixed monthly payments over a fixed time)
* Graduated payments (payments which gradually increase over the years)
* Income-Sensitive payments (variable payment amounts based upon annual income) and
* Extended payments (more than $30,000 over a 25 year period or more than $60,000 over a 30 year period).

Is there a credit check required to consolidate?

No, there is no credit check, because your federal student loans are guaranteed by the US Government.
Apply Now for Federal Student Loan Consolidation
Are there any early payment/repayment fees or penalties?

No, there are no early repayment penalties for a student loan consolidation. The government wants their money back. To make extra payments, consolidate now, and then when your payment schedule begins, simply specify "Extra payment to principal" on your early payments.

Did you know that early repayments are interest-free? It's true! Every dollar beyond your required monthly payment is paid towards the principal - it's like an interest-free payment!
Do I continue making loan payments while my consolidation application is in process?

Yes! Until you are notified that your loans have been paid off through the consolidation process, you should continue to make your student loan repayments. Since consolidation can take anywhere from 30 - 90 days, it's important that you don't fall behind on payments.
How long does student loan consolidation take?

Consolidation can take anywhere from 30 to 90 days; in rare cases it may take longer. The process to retrieve payoff statements (called LVCs - Loan Verification Certificates) from your lenders takes the longest amount of time.
What do I do if I am not eligible to consolidate?

If you've previously consolidated, have loans with just one lender, loans totaling less than $20,000, or other conditions which prohibit you from consolidating your federal student loans with us, there are a few options you can pursue:

* Consider a private loan consolidation.
* Consider a personal line of credit from your bank or credit union.
* Visit our Student Credit and Debt Help information center.

Can I defer or forbear?

Yes! One of the greatest benefits of federal student loan consolidation is that you retain all your federal borrowing privileges, such as:

* Deferment of your consolidation payments when you return to school
* Forbearance of your consolidation for up to 36 months
* Forgiveness of your entire loan if you pass away

How do you defer?
Once you consolidate, you will receive paperwork for your payment schedule. At that time, you can request a deferment or forbearance form.

See our page on the relationship between student loans and Treasury bills!
Why Consolidate my Student Loans?

The very best time to consolidate your student loans is immediately after graduating, before your grace period ends. Doing so allows you to lock in the lowest possible interest rate on your loans.

Consolidating is a great option whenever you want to increase your monthly cash flow - by consolidating, you extend your repayment term and get additional discounts on your existing rates, which reduces the monthly payment you make.

2010-04-21T22:02:00.000-07:00

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Faltering Economy Eroding Consumer Confidence in Student Loans

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July 1 Brings Record-Setting Drop in Interest Rates on Federal Student Loans

As a result of the string of rate cuts made by the Fed over the last year, most parent and student borrowers who have existing variable-rate federal student loans will see their interest rates drop by 3 percent on July 1, 2008 — the biggest rate drop in the history of the federal student loan program.

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Study Reveals Slowdown in Foreign Applications to U.S. Graduate Schools

Though the United States continues — at least for now — to be the top destination of choice for prospective international graduate students seeking their postbaccalaureate degree, it can no longer take for granted its ability to attract a growing pool of international applicants, according to a report by the Council of Graduate Schools released this month.

Colleges’ Search for New Student Loan Lenders Becomes Top Priority This Fall

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2008 Online College Rankings Spotlight Availability of Financial Aid

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Using College Federal Financial Aid Model for Private K–12 Education

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Consolidate Your Student Loans and Cut Your Monthly Payments

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Student Loan Consolidation: Turn Your Variable-Rate Student Loans Into One Fixed-Rate Loan

Although Federal PLUS Loans and Stafford Loans are currently issued at fixed interest rates, PLUS and Stafford loans issued prior to July 1, 2006, are variable-rate student loans. The interest rate on these college loans adjusts every year on July 1.

With PLUS Loans From NextStudent Parents Have Access to College Financing Throughout the School Year

As the fall semester draws to a close, families who still need money for college for end-of-semester expenses or for the upcoming spring semester may be able to get the help they need with a Federal PLUS Loan from NextStudent, a leading Phoenix-based education funding company. PLUS loans give parents of undergraduates a low-interest financing option that they can apply for throughout the school year (depending on the final deadline set by the school’s financial aid office). And PLUS financing is available even if your student doesn’t qualify for need-based grants or student loans.

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A NextStudent Guide to Understanding the Different Types of Financial Aid

Here at NextStudent, we know that the world of student loans and college financing can be overwhelming and confusing, especially when all the financial aid literature throws around terms like “consolidation” and “subsidized,” and alphabet soups like FWS, EFC, PLUS and FAFSA. We always want our customers to feel comfortable with their education financing decisions, and we believe you should be informed about all your financial aid options. So to help you decipher your financial aid award letters and understand your school financing options, NextStudent, a leading Phoenix-based education funding company, offers this quick guide to the different types of financial aid.

A NextStudent Guide to Understanding Your Student Loan Repayment Options

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Stafford Loans From NextStudent Provide Graduate Students With up to $20,500 a Year for Graduate Study

Graduate and professional degree students looking for ways to finance their graduate studies could get some of the financial aid they need with Federal Stafford Loans from NextStudent, a leading Phoenix-based education funding company.

2010-04-21T21:54:00.000-07:00

Whether you’re looking for that work-study position that rounds out your financial aid or a part-time job that’ll earn you some extra cash, here are eight of your best-paying options, both on and off campus. 1) Computer Lab Assistant (on-campus)

Typical Hourly Pay: $8–$11 Good news for computer geeks: If you know your way around basic hardware and applications, you’re comfortable with printer hookups and toner changes, and you’ve got a knack for troubleshooting, you may be able to land a gig at your campus computer lab helping your fellow students. The better your tech skills, the higher your pay will usually be. And as long as everything’s running smoothly, you’ll generally have a lot of downtime to get some studying done while you’re on the clock.

Computer Support Specialist (off-campus)

Average Hourly Pay: $21.78

If you’re really a computer whiz and can talk people through most hardware or app problems, consider looking for an off-campus job as a computer support specialist, answering customers’ questions about things like e-mail, installation, and printing. Average pay for these positions last year was an impressive $21.78 an hour.

2) Administrative / Personal Assistant (on- or off-campus)

Average Hourly Pay: $19.57

The work may not sound glamorous, but administrative assistants have some of the highest-paid hourly jobs out there. Execs and entrepreneurs frequently pay good money for reliable, trustworthy part-time talent to help them with their busy lives. As a personal assistant, you’ll need to be flexible, accommodating, and ready for anything: You might be in an office, making travel arrangements, helping with paperwork, or you might be out and about, running errands, dropping off dry-cleaning, picking up lunch, and pet-sitting.

On campus, deans and department heads often need an executive or administrative assistant to help with preparing reports, scheduling meetings, arranging conference calls, and various clerical and reception duties. Look for admin job listings at your school’s career center, in you campus paper classifieds, and on job sites like Craigslist, CareerBuilder, and Monster.

3) Aerobic Instructor / Fitness Trainer (off-campus)

Average Hourly Pay: $15.86

If you’re a workout junkie who’s spending hours in the gym anyway, why not make some good money while you’re at it? Put your workout ethic to use at your campus rec center or at a local gym, and help other people get healthy and in shape.

4) College Mail / Print Center Attendant (on-campus)

Average Hourly Pay: $12–$13

On-campus centers that feature printing, copying, binding, and mailing services are generally found at larger schools. Off-campus, you can find a similar job at places like Kinko’s and AlphaGraphics. Last year, mail clerks earned an average of $12.32 an hour, and so-called “office machine operators” (employees running photocopiers, printers, etc.) made an average hourly wage of $12.85. As an added perk, you may be able to get a discount on those costly print jobs for your large end-of-semester projects.

5) Library Assistant (on- or off-campus)

Average Hourly Pay: $11.42

Sort and shelve books, periodicals, and other materials, and help visitors check out books and operate audio/visual systems, computers, and copiers. This is another job that could give you a good deal of free time to study. The catch is your campus library will probably keep you busiest around midterms and finals, when you’d need the study time most. If your campus library isn’t hiring, try your local public libraries.

6) Bank Teller (off-campus)

Average Hourly Pay: $11.36

About one in four bank tellers work part-time, and although most teller jobs don’t require a college degree, if you’re a finance or accounting major, getting started as a teller now could help pave your way to a higher-level job in the banking or finance industry after graduation. If your school happens to have a campus branch of a national or local bank, you may even be able to score a teller job right there on campus.

7) Desk Attendant (on-campus)

Typical Hourly Pay: $8–$10

With many colleges upping campus security in recent years, schools all over the country are hiring student attendants to monitor those entering and exiting dorms and other campus buildings. If you’re used to pulling all-nighters on a regular basis, the nightshift could be perfect for you: With low foot-traffic in the middle of the night, you’ll have a lot of time to study while earning a paycheck.

Hotel Desk Clerk (off-campus)

Average Hourly Pay: $9.66

Do the job of a desk attendant off-campus and gain some valuable experience for your résumé. If you’re eyeing a career in the hospitality industry, starting as a hotel desk clerk can be a great way to get your foot in the door. The downside is you’ll typically be busier than a campus desk attendant, so you may not have as much time to study, and your manager may not want you absorbed in your econ homework when you’re supposed to be welcoming guests with a smile.

8) Babysitter (on- and off-campus)

Average Hourly Pay: $9.21 for five to nine years’ experience; $7.17 for one to four years’ experience (according to PayScale.com)

Though this job may not pay as well as other on- or off-campus jobs, you’ll usually have plenty of work, especially if you’re dependable and can build a strong customer base off word-of-mouth referrals. Start with your campus newspaper — nearby parents and professors with kids will often advertise here, and the pay can run higher, between $10 and $15 an hour. You can also try Craigslist and community bulletin boards to find off-campus families looking for babysitting services. Get night sitting gigs, and you’ll have plenty of time to study and do homework after the kids go to sleep — assuming, of course, you’re good enough at your job that once you put the kids to bed, you can get them to stay there.

2010-04-21T21:50:00.000-07:00

January

* Submit the FAFSA as soon as possible after January 1. Be sure to list the schools you are considering (up to six) on the application. Estimate the required tax information if you have not yet filed. And don’t forget to check out our Tips on Completing the FAFSA.
* Submit state financial aid applications, if required. Check with your school’s Financial Aid Office for deadlines.
* Use the NextStudent Scholarship Search Engine to find free aid opportunities.
* Approximately two weeks after submitting your FAFSA, you should receive notice that the application was received.

February

* Approximately two weeks after submitting your FAFSA, you should receive notice that the application was received.
* If you submitted your FAFSA early in January, you might receive your Student Aid Report (SAR) in February—it usually takes four to eight weeks.
* Submit a state financial aid application, if required.
* Check with the schools to which you’ve applied and complete any financial forms they require.

March

* If you submitted your FAFSA early in January or early February, you might receive your Student Aid Report in March—it usually takes four to eight weeks. If you haven’t received your Student Aid Report (SAR) yet (assuming it’s been at least four weeks since you submitted it), contact the federal processor at 1-319-337-5665.
* Review your SAR carefully; make any necessary corrections directly on Part 2 of the SAR and return it to the address provided, or submit changes to the FAFSA online via FAFSA Corrections on the Web.

April

* College acceptance letters usually arrive before May 1.
* Look for an Award Letter from each of the schools to which you’ve been accepted. This letter lists the types and amounts of financial aid you’ll receive for the upcoming academic year.

May

* Choose the school you wish to attend and let them know. Notify the schools you didn’t select so they can award your financial aid package to other eligible students.
* Complete student loan applications, including Federal Stafford Loans, Federal PLUS Loans for Parents. If you still need money for college, apply online for a NextStudent Private Loan.
* If you haven’t already done so, you can submit your FAFSA online.

June

* If you haven’t already done so, submit your FAFSA online at www.fafsa.ed.gov.
* Complete student loan applications, including Federal Stafford Loans, Federal PLUS Loans for Parents. If you still need money for college, apply online for a NextStudent Private Loan.

July

* Notify your school about any changes in your financial situation, including any outside scholarships or grants you’ve received.
* It’s still not too late to complete student loan applications, including Federal Stafford Loans, Federal PLUS Loans for Parents. If you still need money for college, apply online for a NextStudent Private Loan.
* High school seniors—now is the time to request brochures and information from the schools you’re interested in attending.

August

* If you’ve been awarded work-study, contact your school’s Financial Aid Office to complete any school-required paperwork and review current openings.
* Apply for scholarships using the NextStudent Scholarship Search Engine.
* High School Seniors -- Prepare for and take entrance exams such as the ACT and SAT. Register online for fall SATs.
* High School Seniors -- Attend college open houses and schedule admissions interviews at the schools you’re interested in attending. It’s a good idea to meet the school’s financial aid office, too, to get the school-specific paperwork and information you’ll need to apply for financial aid.

September

* High School Seniors -- Decide which teachers, friends, coaches, employers and mentors you’ll ask to write your letters of recommendation for you.

October

* Continue to look for scholarships and grants.
* High School Seniors — Apply for early decision, if applicable.

November

* Go over the FAFSA form and put together the paperwork you’ll need. For help, see Tips on Completing the FAFSA.
* High School Seniors -- Collect letters of recommendation in preparation for submitting college admissions applications.
December

* Happy Holidays! Warm up by filling out the FAFSA Pre-Application Worksheet in anticipation of a January submission.
* High School Seniors — Now is the time to submit applications for admission to the colleges of your choice.

2010-04-21T21:43:00.000-07:00

Looking to finish your degree, start a new career, or increase your earning potential? College and graduate school are easily within your reach with an online education degree program.

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Typically, the higher the degree you have, the more you’ll earn. The average annual salary for someone with a high school diploma is just $32,500, compared to annual earnings of over $100,000 for someone with a professional degree, according to the 2007 U.S. Census.

Average Annual Earnings by Degree

High School Diploma $32,500
Associate's Degree $42,000
Bachelor's Degree $53,000
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Professional Degree $100,000+

* You’ll earn more. College graduates earn, on average, $1 million more over their lifetimes than those with just a high school degree.
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Accredited online college degrees: Why they make sense

* They’re convenient. Take classes wherever you are — all you need is a computer and an Internet connection.
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Moving at the speed of life: Online degrees fit who you are

When you’re balancing the demands of being a student with holding a job or having a family, your life can move pretty quickly, which means you don’t have the luxury of sitting in a classroom all day, studying on someone else’s schedule.

That’s the advantage to enrolling in an online education program: You decide the when, where and how of getting your degree, whether you’re squeezing in classes around your work day or you have the ability to go at it full-time.
Attend class anytime, anywhere

Online education degree programs offer you one of the most convenient ways to move forward on your education — no need to hassle with a commute or with finding open classes at the times you need.

By taking online courses through an accredited online school, you can earn your online degree or certificate on your own time, from the comfort of your own home.

* Study and attend classes on your own schedule
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Choose from hundreds of accredited online college degree programs

The NextStudent eLearners college search tool gives you one of the quickest and easiest ways to find certificate programs and online education degree programs that fit your interests and professional goals.

You can find online degree options at accredited online universities and through the online programs offered by brick-and-mortar schools.

Search by school, program, or degree type, and browse thousands of online courses in hundreds of different fields:

* Business Management
* Public Health
* Nursing
* Computer Science
* Game Design
* Criminal Justice
* Forensics
* Counseling
* Education
* Web Development
* Fashion and Design
* ... and more!

Choose carefully: Not all online degree programs are created equal

Before you begin your college search, a word of caution: Beware of diploma mills and online education scams. Be sure you enroll with a reputable institution that’s not a fly-by-night operation, and don’t waste your precious time and money on an online degree that seems too good to be true.
Tips for finding a reputable online education degree program

* Look for online degree programs and certificate programs from well-known accredited schools with names you can trust.
* Avoid online education programs at unaccredited schools, especially those offering diplomas for life experience.
* Limit yourself to online degree programs that require you to submit an application and be accepted before you can enroll.
* If you find an online degree you can get in days or weeks with little class work, keep looking.
* Try to find accredited online courses that offer live online class sessions or discussions.
* Search for online programs that require you to submit assignments to be evaluated or graded.

2010-04-21T21:40:00.000-07:00

From helping you build your credit to giving you a fallback for financial emergencies, college student credit cards can be a valuable resource when you’re away at school and on your own.

Whether your car suddenly breaks down on your way to class and needs emergency repairs or you’re looking for grocery money to tide you over until you get your student loan check, a student credit card could be the back-up you need to keep you from ending up financially stranded.

Of course, you want to be smart about how you use those college credit cards. The last thing you want to do, especially when you have tuition and college bills to worry about, is rack up tons of credit card debt that you can’t pay off. But as long as you manage your credit card use wisely and responsibly, college credit cards and prepaid credit cards can be a good way for you to start building a solid credit history.

Student Credit Cards
Start building your credit with a credit card designed specifically for your college student lifestyle. Your class and study schedule may be hectic, but online and mobile account access let you manage your account anytime, from pretty much anywhere. No annual fees and competitive interest rates mean you won’t have to break your budget. And cash-back incentives can let you earn cash rewards on the things you need to buy anyway — things like gas, groceries, and plane tickets home.

Prepaid Student Credit Cards
If you’re looking to build your credit but worried about running up more debt than you can handle, prepaid credit cards may offer the solution you’re looking for. With a prepaid student credit card, you’re going to have to load money on the card before you can use it — which means you’re limited to spending only money you already have. Credit-building features on some prepaid credit cards will have your card issuer reporting your prepayments to the credit bureaus, helping you establish a credit history.

Credit Cards for College Students
College credit cards come in all different types, each offering its own advantages and benefits:

* College student credit cards: These credit cards have been specially tailored for college students. Some student credit cards will reward you with a rate reduction or other incentive when you demonstrate responsible use of your card by making all your payments on time for a certain number of months. Other student cards feature cash back or reward points that you can earn whenever you use your card to eat out, rent a movie, or buy things like books, music, and movie tickets. Some college credit cards will even reward you for maintaining a good GPA.

Just keep in mind that beginning in February 2010 — under the new credit card legislation — you won’t be issued a credit card if you’re under 21 unless you have an adult co-signer or you can show proof of reasonable income.

* Reward credit cards: These credit cards will typically “reward” you for your purchases with points, rebates, or cash back. Accumulated points can usually be cashed in for things like free MP3s, gift certificates, movie tickets, airline tickets, and fill-ups for your car.

* Cash-back credit cards: Cash-back credit cards are a specific type of reward card that allow you to earn cash back on purchases. Some student credit cards will offer more cash back for purchases in certain categories (gas, groceries, travel) than in others.

Your accumulated cash-back rewards will typically be issued to you as a credit on your card. Depending on the card, you may receive your cash-back reward monthly, quarterly, or yearly.

* Prepaid credit cards: If you’re worried about getting into trouble with too much credit card debt, prepaid student credit cards offer you an easy way to control your spending. Prepaid credit cards are reloadable credit cards that require you to pre-deposit money before you can use them. By prepaying your card, you won’t be able to spend more money than you have.

There’s usually no credit check required to get a prepaid card, and certain prepaid credit cards also offer credit-reporting features, allowing you to build your credit history, just as with a non-prepaid credit card.

* Credit cards for no credit and not-so-great credit: As a college student shopping for your first credit card, you may not have enough of a credit history built up yet to qualify for credit-based student credit cards. In that case, you may want to start off by building your credit with special non-credit-based credit cards for college students or with a credit card specifically designed for new cardholders.

Prepaid credit cards will sometimes include a credit-builder feature. Another option is secured credit cards, which require you to keep funds in a savings account as a backup: If you ever miss a payment on your secured card, the card issuer can deduct your payment directly from this backup account.

Tips for Picking the Best Student Credit Cards

Several banks and card issuers offer credit cards for college students, and some of these college credit cards are better deals than others. Before you pick the first credit card offer that comes along, make sure you do your research and compare information like interest rates, fees, and terms.

Here are some things to look for and questions to ask to help you narrow down your list to the best student credit cards out there.
What to Look For

* 0% introductory rates hiding high standard rates. A zero-percent introductory interest rate sounds like a great deal … until you find out, after your introductory period, that your interest rate just shot up to 32 percent. Don’t get sucked in to applying for a high-interest credit card because of tempting introductory rates. When you’re carrying a balance, that high standard rate could end up costing you hundreds more in interest than you saved with six months of zero-percent interest.
* Introductory rates — strings attached. Besides checking the standard interest rate on the college credit cards you’re considering, watch out for limitations on the introductory rate itself. Some introductory rates apply only to balance transfers, not purchases. If this card is going to be your first credit card, a balance-transfer introductory rate would be worthless since you don’t have any credit card balances to transfer over.
* Fees, fees, fees. Both fee amounts and types of fees will vary by company. Ask for a list of all the fees a card issuer can charge. The best student credit cards won’t charge you a membership or annual fee; annual or monthly fees tend to be more common with reward cards (although you should be able to find some that don’t charge an annual fee). Most prepaid credit cards and secured credit cards also charge monthly or yearly fees. When you’re researching prepaid credit cards, look for additional fees like reloading fees, ATM fees, usage fees, and non-usage (inactivity) fees.
* The fine print. Starting in 2010, credit card agreements will become easier to read because of the “plain English” requirement in the new credit card legislation. Make sure you read everything, no matter how tedious — think of it as required reading for one of your least-favorite classes. Pay attention, especially, to what happens to your interest rate if you miss a payment. In many cases, as soon as you miss a payment, a card issuer can not only revoke your introductory rate but kick you to a “penalty” rate that’s higher than the standard interest rate.

What to Ask
Fees

* Is there an annual or monthly fee? or a one-time activation or “sign-up” fee?
* Is there a charge for making payments online or by phone?
* Is there a charge to replace a lost or stolen card?
* What other fees are there, and when are they charged?

Rates

* If there’s an introductory rate, how long does the introductory rate last?
* After the introductory rate period ends, what’s the standard interest rate?
* Is the standard interest rate fixed or variable?
* Does the introductory rate apply to purchases, balance transfers, or both?
* Will a late payment cause you to lose your introductory rate?
* Will a late payment disqualify you from the standard rate and trigger a higher penalty rate?

Grace Periods

* Is there a grace period on purchases before you start getting charged interest? If so, how many days?
* Does the grace period still apply even if you’re carrying a balance from the previous month?

Rewards, Cash Back, and Incentives

* What rewards, if any, does the card offer?
* Do those rewards apply to purchases, balance transfers, or both?
* Do those rewards apply only to certain purchases or purchases above a minimum amount?
* Do the rewards or reward points expire? If so, after how long?
* What other limitations are there in cashing in reward points?
* Does the card reward good behavior (on-time payments, staying within your credit limit)?

5 Easy Ways to Avoid a College Credit Card Disaster

As good as college credit cards can be for helping you build your credit, all it takes is a few missteps, and you could end up over your head in debt and with damage to your credit that could last for years. It’s really easy, especially when you’ve just gotten your first credit card, to get credit-card-happy and start charging everything. Before you know it, your debt is out of control and your minimum payments are more than you can handle.

Here are five simple precautions you can take to manage your credit card debt and help keep your credit score intact.

1. Don’t use your student credit cards to buy things you can’t afford. It sounds like common sense, but this is where most people get in trouble. That iPhone or plasma TV you’d never have the cash to pay for suddenly seems like an easy buy when you’ve got plastic. Here’s the easiest way not to end up in credit card trouble: Unless it’s an emergency, if you wouldn’t be able to afford to pay with cash or a check, don’t charge it.
2. Don’t use college credit cards as a substitute for student loans. Federal student loans have low, fixed interest rates, as well as borrower benefits that will allow you to postpone making your payments if you’re ever unemployed or experiencing financial hardship. Credit card companies will keep sending you monthly bills, regardless of how broke or out of work you are. Take advantage of your federal student loans first to cover all your school expenses like books, lab fees, and meals, and don’t put your $800 worth of textbooks on your credit card (unless you intend to pay it off right away as soon as you get your student loan check).
3. Pay off your balance each month. If you follow Rule # 1 and don’t charge anything you don’t have money for, you shouldn’t have any problems with this one, unless you had to run up an unexpected charge because of a financial emergency. In that case, if you can’t pay the full balance, pay as much as you can. Don’t settle into the habit of paying only the minimum due: By paying only the minimum each month, it could take you years to pay off your balance, depending on how much debt you’ve run up.
4. Sign up for e-mail or text alerts. Some of the major card issuers now offer automatic e-mail or text alerts that can notify you about your current balance and payment due dates. If you’re prone to missing your payment dates or going over your spending limit, use these alerts to make sure you’re staying within your credit line and making your payments on time.
5. Put your credit cards on ice. If all else fails, and you still find yourself reaching for that credit card whenever you’re driving by Subway or up watching late-night infomercials, here’s one way to force willpower on yourself (without cutting all your cards up): Stick your credit cards in a large Tupperware container (a big bowl works best), fill the container with water, and then stick it in the freezer. The next time you’re tempted to use your cards, you’re either going to have to wait for them to thaw out (giving you time to rethink what you’re about to spend money on) or go after that block of ice with a hammer. Either way, you’ll have time to collect your thoughts, take a breath, and reconsider whether all that time and ice-breaking effort is worth it.

2010-04-21T21:27:00.000-07:00

Many lenders offer loan discounts to encourage borrowers to obtain their education loans from them. This section of FinAid discusses these discounts, their history, their benefits, and several caveats. It also includes comparison charts that list the loan discounts offered by the most popular education lenders.

Why Lenders Offer Loan Discounts

The Higher Education Act of 1965 sets the maximum interest rates and fees on student loans. Nothing, however, prevents a lender from charging lower interest rates and fees. (The illegal inducements regulations prevent lenders from providing immediate rebates, which would be akin to paying borrowers for their loans. However, most lenders work around these restrictions by instituting a one month delay in rebate-style discounts, or by providing the discounts when the loan enters repayment or at other milestones.)

Lenders offer loan discounts for competitive reasons. Originally the competition was with the Direct Loan program. However, with the repeal of the single holder rule, lenders are increasingly competing with each other for the highly profitable student loan market.

Since the repeal of the single holder rule on June 15, 2006 allows borrowers to consolidate their loans with any lender, the originating lenders face a risk of losing their borrowers to other lenders. They are responding by offering better discounts on unconsolidated Stafford and PLUS loans, by instituting discounts that depend on longevity with the lender (e.g., rate reductions and principal reductions after so many months into repayment and waivers of the last six monthly loan payments), and by requiring certain discounts to be repaid if you consolidate with another lender. The originating lenders can offer better discounts on unconsolidated Stafford and PLUS loans because lender margins are tighter on consolidation loans.

The Most Common Discounts

The most common loan discounts include a 0.25% interest rate reduction for having your monthly loan payments direct debited from your bank account (and also often requiring online electronic statement delivery). Many lenders also waive the origination fees on Stafford Loans. Depending on the guarantor, they may also waive the 1% default fee (previously "guarantee fee").

Many lenders also offer additional discounts for making all of your monthly payments on time. For consolidation and PLUS loans many lenders offer a 1% interest rate reduction after 36 months of on-time monthly payments for as long as you continue making on-time payments. The on-time payments must be consecutive (no skips) and start when the loan enters repayment. (A few lenders offer a "repair option" which resets the on-time payment clock, but most lenders require all the initial monthly payments to be on-time.) For Stafford loans the most common discount involves a 2% interest rate reduction after 48 months of on-time monthly payments for as long as you continue making on-time payments. A recent trend is to replace these interest rate discounts with principal reductions after reaching a milestone, such as 3.33% principal reduction after 33 months.

The most common loan discounts include:

* Direct Debit (ACH/EFT) Discounts: Interest rate reductions of 0.25% or 0.50% (Less common are 0.30%, 0.33%, 1.0%, 1.25%, 1.5%, 1.75%, 2.0% and 2.5% rate reductions, some of which also depend on on-time payment behavior.)
* On-time Payment Discounts:
o Interest rate reductions of 1% after 0 months, 1% after 36 months, 2% after 48 months. (Less common are split discounts, such as successive 0.5% rate reductions after 24, 36 and 48 months or successive 1% rate reductions after 24 and 48 months.)
o Principal reductions of 3.3% (based on original loan balance) after 33 months, 7% (based on current loan balance) after 48 months. (Less common are split discounts, such as successive principal reductions of 1% at 24 months, 2% at 36 months and 3% at 48 months.) Some principal reductions may have a dollar cap (e.g., 1% principal reduction capped at $500).
o Principal reductions of $295 or $595 after 12 months.
o Credit for first 12 months interest applied after 12 months
o Rebate origination fee of 3% minus $250 after 24 months.
* Graduation credits of $250, $300, $500 or $750 (effectively a principal reduction upon entering repayment).
* Forgive last 5 or 6 payments.
* Forgive loan balance when drops below $600.

Discounts on Direct Loans

The US Department of Education offers two main types of discounts on Direct Loans:

* 0.25% interest rate reduction for auto-debit
* 1.5% rebate at the time of disbursement, retained by making the first 12 payments on time

Tim Ranzetta of Student Lending Analytics obtained data from the US Department of Education concerning the utilization of these rebates. He reports in his blog that 18.6% of Stafford loan borrowers, 40.4% of PLUS loan borrowers and 47.0% of consolidation loan borrowers qualified for the rebate from August 2001 to October 2008. It is curious that successful utilization rates were lower for consolidation loan borrowers seeking both a rebate and an interest rate reduction than for consolidation loan borrowers seeking just a rebate. More recent YTD utilization rates are more successful than the long-term utilization rates. FinAid has transcribed the data from his FOIA request into a spreadsheet that analyzes the loan discount utilization rates.

2010-04-21T20:54:00.000-07:00

This valuable Scholarship Search tool allows you to search our online database of more than 76,000 college funding sources comprised of more than 6.2 million individually awarded scholarships valued at over $16 billion. Using the NextStudent database to find money for college is fast, completely private, and totally free of charge.

Simply enter your (or your student's) personal and academic information, and the NextStudent Scholarship Search Engine will select those awards that match your profile. It also provides, for all scholarships, the funding source's eligibility requirements, due dates, number of awards, award amounts, and contact information.

Start Your Scholarship Search Good luck!

Scholarship Search Tips

Search diligently and come back often. Scholarships change and new ones are added.
"What if" your search. For example, a student may have an SAT score of 1100 right now, but "what if" he/she retested and scored higher?
Don't limit yourself to one academic major. Select multiple majors to see what's available.
Or better yet, select "No Academic Major" to see the scholarships and financial aid awards available to students regardless of their field of study. Some scholarship awards are based simply upon the student's desire to attend college, with no consideration for the student 's intended major.
Visit your school's guidance office, the public library and college Financial Aid Offices to look for small, local awards that aren 't posted on search engines or in books on scholarships.
For answers to questions regarding the NextStudent Scholarship Search Engine, please visit the FAQ.

2010-04-21T20:51:00.000-07:00

Almost all U.S. colleges and universities require students to have health insurance before they’re allowed to enroll.

Students who aren’t covered under their parents’ health plan may be able to purchase medical coverage through their school. But both parent and school health plans can be more expensive than student-specific individual health insurance.
Save money over school and parent health plans.

Our affordable student health insurance program offers low-cost, renewable student-specific coverage that allows students to go to any doctor, any hospital, without any costly out-of-state or out-of-network expenses. And students can be covered all year, not just during the semester.

* FAST next-day coverage
* NO network restrictions — even if you’re out of state
* Get health coverage all year long, not just during the semester
* Take your coverage with you when you graduate or transfer
* Get up to $1 million in coverage

Parents, even if you’re able to keep your college kids on your own health plan, dependent coverage can be more costly than student-specific health insurance.

* You may be paying expensive premiums to keep your college-aged kids covered as a dependent.
* If your kids are going to school out of state, you’ll usually get hit with higher out-of-network costs and deductibles.
* You may not be able to keep your kids covered all four years they’re in college, depending on your carrier’s age restrictions.

School health plans may offer coverage for all four years, but that school-sponsored coverage is often more limited and more costly.

* School health plans can be costly and limited in coverage, while carrying high deductibles.
* Out-of-state students on a school medical plan may not be covered when they’re traveling or back home visiting.
* Some school health plans may offer coverage only during the school year, leaving students without health insurance during the summer months.

Get fast and affordable student health insurance that’s right for you.

It’s fast and easy to apply for NextStudent’s college health insurance. You can get a FREE online quote in minutes, and you could have health insurance coverage as early as tomorrow.

You can also pick your own deductible, from as low as $250, so you can get the coverage that’s right for you and your budget. And there are no HMO or PPO network restrictions, so you can visit any doctors or hospitals you want, with no out-of-network charges to worry about.

* Pick your own deductible from as low as $250
* Visit any doctors or hospitals with NO network restrictions

10-day free-look period

Take advantage of our 10-day free look period on any NextStudent college health insurance plan. If you decide the NextStudent student medical insurance plan isn’t right for you, cancel your coverage within 10 days for a full refund of your premium. No questions asked!

If you’ve just graduated and you’re either still job hunting or waiting for your employee health benefits to kick in, NextStudent also offers affordable short-term health insurance that can keep you covered for up to a year.

2010-04-21T20:43:00.000-07:00

Private student loans are credit-based, non-federal student loans that can help you cover any school expenses you have remaining when scholarships, grants, and federal student loans aren’t enough.

Many private student loans will help you cover up to 100% of your school costs — not just your tuition and fees, but other acceptable college expenses like rent (or room and board), textbooks, a laptop, and your trips home.

Begin the Application Process

Eligibility

* U.S. citizen or permanent resident
* Enrolled at a lender-eligible school
* Creditworthy (or applying with a creditworthy co-signer)

Eligibility requirements for private student loans will vary by lender, but most private loan programs require you to be a U.S. citizen or permanent resident. You’ll also need to be attending a lender-eligible school.

Because private student loans are credit-based loans, you’ll need to meet credit requirements, which vary by lender. In general, you’ll need to provide a credit history, as well as income and employment information.

Since most college students typically have little or no established credit, you can increase you chances of meeting a lender’s credit requirements by applying with a creditworthy co-signer.
Loan Amounts

Minimum and maximum loan amounts will also vary by lender. But many private student loan programs will cover up to 100% of your cost of attendance, less any other financial aid you’ve received.

Your total cost of attendance may need to be certified by your school. Some lenders may calculate their own cost-of-attendance figures, based on information provided by your school.
Rates & Fees

Most private student loans are variable-rate loans, with interest rates varying by lender. Your interest rate may adjust monthly, quarterly, annually, or at some other interval as designated by your lender.

The interest rate on a private student loan is generally determined by adding a variable index (such as LIBOR or T-bill) to a fixed margin. The margin used to determine your student loan interest rate can vary depending on your creditworthiness. Borrowers who are deemed more creditworthy typically qualify for lower margins (and thus lower interest rates).

Fees, like interest rates, will also vary by lender. The types of fees assessed, as well as the amounts charged, will depend on the lender and may also depend on your creditworthiness.

Here are some common lender fees you may run into, but keep in mind that not all lenders will charge all these fees:

* Application Fees: Fee charged in order for you to apply for a private student loan. Paying an application fee doesn’t guarantee approval of your application.
* Origination Fees: Fee charged in order for a lender to issue you (“originate”) your private student loan. Origination fees are often added into your loan amount. The origination fee you pay may vary depending on your creditworthiness — borrowers with stronger credit may pay lower origination fees than those borrowers with weaker credit.
* Repayment Fees: Depending on your creditworthiness, some lenders may assess a repayment finance charge at the time that your private student loan goes into repayment.

Repayment

Questions to ask when you’re researching your student loan options:

* When does repayment begin?
* Are there any prepayment penalties?
* Are there any forbearance or deferment benefits?

Repaying Your Private Student Loan

Some private student loan programs will allow you to defer payments while you’re still in school. Others will require you to begin repayment right away or after a certain grace period.

Private student loans that require you to make payments while you’re in school may allow you to make interest-only payments. By paying the monthly interest while you’re in school, you’ll keep that interest from being added to your principal and capitalized, which can save you thousands of dollars in interest once you graduate.
Prepayment Penalties

Most private student loans don’t carry any prepayment penalties. A prepayment penalty is a fee assessed if you pay off your student loan early.
Forbearance & Deferment

Forbearance and deferment benefits can allow you to postpone making your student loan payments when you encounter financial hardship, such as losing your job. Unlike federal student loans, private student loans don’t come with any automatic forbearance or deferment benefits; these benefits will vary by lender.

While some lenders may offer forbearance and deferment benefits, others offer no forbearance or deferment options, while still others may address forbearance requests from borrowers on a case-by-case basis.
Before Applying

Before you apply for a private student loan, make sure you’ve taken advantage of all your free-money options and federal financial aid first. Since private student loans are typically more costly than federal student loans, you want to make sure you’ve taken advantage of all your low-cost federal student loan options first — Perkins student loans, Stafford student loans, Grad PLUS loans for graduate students, and PLUS loans for parents.

1. Apply for scholarships and free money. The NextStudent Scholarship Search Engine lets you search our database of more than 6.2 million scholarships valued at over $16 billion absolutely free.
2. Apply for low-cost federal student loans. You’ll need to complete the FAFSA (Free Application for Federal Student Aid).
3. Ask your parents about a federal parent loan. Federal PLUS loans are available for the parents of dependent undergraduate students.
4. Apply for a private student loan only if you still have unmet need.
5. Find a creditworthy co-signer for your private student loan. Since private student loans are credit-based loans, applying with a creditworthy co-signer can increase your chances of being approved. You may also qualify for a lower rate and lower monthly payments.

2010-04-21T20:39:00.000-07:00

Federal Stafford Loans are government-secured student loans available to undergraduate and graduate students at rates lower than most other forms of financing, like credit cards and private student loans. There’s no collateral or credit check required, and payments are deferred until you graduate.

* Low 6.8% fixed interest rate for graduate Stafford loans and unsubsidized undergraduate Stafford loans
* 3.4%–5.6% fixed interest rate for need-based subsidized Stafford loans for undergraduates
* No application fees
* No collateral or credit checks
* No co-signers required
* No payments while you’re in school at least half time
* No prepayment penalties
* Eligible for federal student loan consolidation
* Flexible repayment options available
* No prepayment penalties
* Loan interest may be eligible for tax deductions (consult a tax advisor)

Begin the Application Process

Federally Guaranteed Stafford Student Loans

Awarded both with and without consideration of financial need, Stafford student loans give undergraduate and graduate students a self-help financing option that’s available to you regardless of how much money you or your parents make.

Stafford loans are issued to students in their own names without a credit check, so you don’t need to worry about finding a co-signer to get money for college or graduate school.

2010-04-21T20:34:00.000-07:00

Get the best deals with NextStudent Loans.
Cover up to 100% of your children’s college expenses with a low-interest, fixed-rate Federal PLUS Loan from NextStudent. You can help your children pay not just for tuition and room and board, but for other school-related expenses, like books and fees. PLUS loans aren’t based on financial need or income, so you can’t be turned down for making too little or too much money. Even Bill Gates could get a PLUS loan!
Get the loan that financial experts recommend.

Financial experts agree: Federally guaranteed PLUS loans are a smart financial strategy for parents of undergraduate students—they can help families meet college costs at below-market rates and generous terms. Federal PLUS Loans give eligible parents another option for college financing that serves as an alternative to dipping into the family savings or borrowing against a home.

* Fixed, low interest rate of 8.5%
* Loan amounts that cover up to 100% of the cost of your child’s college education
* Available throughout the school year—even if you’ve already paid tuition and other educational expenses, apply for a PLUS loan and reimburse yourself!
* Eligible for federal loan consolidation
* Interest that may be tax-deductible (consult your tax advisor)
* Quick, no-hassle application process

What are you waiting for? Apply for your PLUS loan now.

Begin the Application Process

Lock in your monthly payments.
Your PLUS fixed interest rate means you’ll never have to worry about rising interest rates or a higher monthly payment than what you initially signed up for.

* Generous borrowing limits: The cost of college is more than just tuition. With a PLUS loan, you can borrow up to your child’s full cost of attendance, which includes school-related expenses like books, supplies, and even a transportation allowance.
* No application fees: It’s always free to apply for your Federal PLUS Loan.
* Secure online application process with e-signature: Apply online, and you could have a preliminary approval in as little as 15 minutes
* NextStudent’s PLUS Credit Resolution Team: We’ve been able to approve 87% of our PLUS and Grad PLUS loan applicants. With NextStudent’s “second look” policy, we can help you get past unresolved credit issues, even if you don’t get a preliminary approval right away.
* Repayment flexibility: PLUS loans come with different repayment options that could help lower your monthly payments. And your PLUS Loans are eligible for consolidation, which could give you more time to repay.
* No prepayment penalties: You won’t ever be charged a fee for making more than your minimum monthly payment or for paying off your PLUS loan before it’s due.

Get pre-approved instantly.
Apply once, and get your PLUS funds for years.

Once you complete the PLUS loan Master Promissory Note (MPN), your approved PLUS application is good for up to 10 years. As long as you’re credit-approved and your child stays at the same school, all you have to do is check in each year and confirm how much money you want to borrow. Be sure to tell your student’s financial aid office that your lender is NextStudent, Lender ID 834051.

Begin the Application Process
Federal PLUS Loans allow qualifying parents of eligible undergraduates to borrow up to the total cost of attendance each year their student is in school. PLUS loans aren’t need-based loans, so you can qualify regardless of income. And more importantly, PLUS loans are available throughout the academic year. So even if you’ve already started paying this year’s tuition, it’s not too late to take out a PLUS loan. Just ask the school to send the check to you, and reimburse yourself!

Taking out a PLUS loan is a smart financial strategy, and it can help you meet college costs at low, fixed interest rates and excellent terms.

* Lock in a fixed, low interest rate of 8.5%.
* Borrow up to 100% of your child’s college costs—that means not just tuition, but other education-related expenses like room and board, school fees, books, supplies and even a computer!
* Consolidate your PLUS loans, and you could substantially lower your monthly payment and get up to 20 more years to repay.
* Your PLUS loan interest payments may be tax-deductible (check with your tax advisor).
* Apply online, and you could have a preliminary approval in as little as 15 minutes!

Begin the Application Process
Returning PLUS Borrowers
The Master Promissory Note (MPN) you completed for your Federal PLUS Loan is good for up to 10 years, as long as you’re credit approved and your student has remained at the same school. Just check in with us to confirm how much money you want to borrow, and contact your student’s financial aid office to let them know you’ll be renewing your PLUS loan. You can use this form to assist you in renewing your PLUS loan. Don’t forget to remind your school that your lender is NextStudent, Lender ID 834051.

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A Chase Select loan is a credit-based private student loan that must be certified by your school's financial aid office. Your school may require you to complete the Free Application for Federal Student Aid (FAFSA) to determine your loan eligibility. You can add a cosigner to the loan, which may help you get approved for the loan and qualify for a lower interest rate.*
Benefits of a Chase Select Private Student Loan include:

* No payments required while in school
* No origination or repayment fees
* Loans from $500 up to your cost of attendance (minus other aid) each year
* Funds are sent directly to the school

A Chase Select Private Student Loan can cover:

* Tuition
* Living expenses
* Books
* A computer

*Important Information: As students determine the best way to finance their education, they should consider the full range of student financial aid options available. Private loans, like the Chase Select Private Student Loan, can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of attendance.

Chase Select loans are subject to credit approval, receipt of a completed and signed loan application/promissory note and self-certification form, verification of application information, acceptance of loan terms, and school certification of loan amount and student's enrollment at a Chase-participating school.

Chase services its Chase Select loans and does not sell them to another lender.

Maximum annual loans up to cost of attendance, minus other aid, as certified by the school. Aggregate maximum loan limits apply.

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Q: How much can I lower my monthly payments?
A: By extending your loan term or selecting one of our graduated repayment plans, you can lower your monthly payments by as much as 60 percent. You may also qualify for interest-only payments. Your consolidation loan specialist will help you understand your options. In addition, with an EdFed Consolidation Loan, there is NO PENALTY for early repayment of your loan. However, please note: By extending your payments, your overall financial obligation may increase because you will be making payments (principal plus interest) for a longer period of time. If you do not choose to repay your loan in full prior to the end of the extended period, the total cost of your loan will be greater than what you would have paid if you had not extended the term.

Q: What is the interest rate on a federal consolidation loan?
A: The fixed interest rate on your EdFed consolidation loan is the weighted average of the interest rates of the loans you consolidate, rounded up to the nearest 1/8th percent. For information on your exact current and possible future interest rates, please call a federal loan specialist at 800.821.5659.

Q: How do I know if I'm eligible for a consolidation loan?
A: To be eligible for a consolidation loan from EdFed, you must have at least $20,000 in eligible outstanding loans, and you must not be currently in default on you Federal student loans.

Q: Why should I apply now?
A: The U.S. Congress and Department of Education have raised interest rates on federal student loans. The rate on federal Stafford loans rose by nearly 2 percent on July 1, 2006.
If you are a recent student or college graduate and you have not yet consolidated your student loans, this latest rise in interest rates is critical news for you. Under the current rates, you are probably spending hundreds of dollars each month in added interest.However, if you act today, EdFed can help you reduce your monthly payments by almost half! This difference can translate into substantial savings each month!

Q: What do I need to do?
A: At EdFed, our trained professionals have experience in setting up consolidation loans, so you can begin saving sooner. All you need to do is contact us via this website, and we will get you started! We'll review your information with you, process your application, and work with your current lenders to ensure that all your loan information is up to date and accurate. You finish the process with a single loan; a low, fixed rate; a significantly lower loan payment; and the peace of mind that you have improved your financial situation now, when you need it most. It's that simple.

Q: How much does it cost to consolidate my federal loans?
A: Nothing. There are no fees required to apply for an EdFed consolidation loan.

Q: What if I don't know who currently holds my loan?
A: When you call 800.821.5659, you can get free information on all your loan holders from a government-authorized consolidation loan specialist. Again, this information is free; and you can obtain it without any obligation. If you prefer to do the legwork yourself, you can find lender names and addresses in your repayment information for each of your loans.

Q: Will you check my credit before approving me for a consolidation loan?
A: No. There is no credit check to obtain a federal consolidation loan through EdFed. However, you must not be in default on a federal student loan.

Q: Should I continue paying the student loans that I am consolidating while my application is being processed?
A: Yes. It is extremely important to continue to make all of your regular payments on the loans that you have selected to consolidate until you receive your new Loan Consolidation Disclosure Statement and Repayment Schedule from your new loan servicer.

Q: What are my repayment plan options, and how long do I have to repay my loan?
A: You may choose one of several repayment options for your federal consolidation loan. The repayment term can be a maximum of 30 years, depending on the total amount of your student loans.

Q: When do I start repaying my loans?
A: Once your loan has been funded, you will receive a Loan Consolidation Disclosure Statement and Repayment Schedule from the servicer of your new EdFed Consolidation Loan. Thirty days from the date your loan is funded, you are required to begin repayment according to that schedule.

Q: If later I decide to switch to a different repayment plan, can I do so?
A: You may choose to change your repayment plan after your loan has been consolidated. There is also no prepayment penalty, so you may pay more than your scheduled payment at any time.

Q: Can I pay more than the minimum loan payment required each month?
A: Yes, and by doing so, you can shorten your overall loan term and decrease your interest costs. The extra money you send in each month is applied directly towards the principal balance of your fixed interest rate loan, so you can pay your loan off faster. Best of all, you can pay off your consolidation loan early without penalty or fee.

Q: Once I have taken out a consolidation loan, can I add any new loans to it?
A: Yes. Within 180 days of the funding date of your EdFed consolidation loan, you may add additional eligible loans to your consolidation loan.

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private loan consolidation

EdFed private loan consolidation means combining your outstanding private education loans into one loan, including private loans used to cover educational expenses such as tuition, housing and/or other educational expenses. This is in addition to already consolidated private educational loans. Consolidating your private educational loans with EdFed allows you to lower your monthly payment significantly by lengthening the term of your loans, while receiving a low variable interest rate. This is possible even if your private educational loans are held by more than one lender or are of different types.

Eligibility
Eligibility to consolidate private educational loans with EdFed is based on the following criteria:

Be at least 21 years old at the time of application
Have a minimum of $7,500 in US issued private educational loans
Are in repayment status of private education loans at the time of application
Have good credit standing
Are a US citizen or permanent resident (eligible non US citizen)

Benefits
With EdFed, consolidating private educational loans permits several benefits.

Simple repayment terms
Low, variable interest rate
No penalties for prepayment
One low convenient monthly payment to one lender rather than various monthly payments
EdFed offers personalized and friendly customer service. With EdFed, you work with one loan consultant throughout the process of consolidating your private educational loans.

Process
The process of consolidating your private educational loans is made simple and fast with EdFed.

Begin an application either online or over the phone to receive an instant credit decision, interest rate information, and fees.
Sign and return your completed application. Consolidations are normally complete in approximately 6-8 weeks.
Continue to make payments to your current lender until you are notified that the consolidation is complete.
Receive your new repayment information in the mail.

Payment Options

Repayment begins approximately 30 days from the time your private consolidation loans is funded.
The repayment term is a maximum 30 year plan, regardless of private consolidation balance. You may choose one of several repayment options for your private loan consolidation with EdFed, and there is NO penalty for early repayment
- Equal Payments: Standard payments are made according to principal and interest over a 30 year term. This equal payment option allows equal monthly payments over the life of the loan
- Select 2/Graduated Payments: Allows for interest-only payments for the first two year of repayment. Beginning the third year, payments increase to level installments of principal and interest payments for the remaining life of the loan.
- Select 5/Graduated Payments: Allows for interest-only payment for the first two years of repayment. During the third through fifth year, payments increase to include a portion of principal. Beginning the sixth year, payments increase to level investments of principal and interest payments for the remaining life of the loan

Tax Benefits
Consolidate your private education loans with EdFed and take advantage of tax benefits offered by the Federal Government.

By way of the Taxpayer Relief Act of 1997, the Government now permits individuals to deduct the interest paid on loans taken out to attend eligible educational institutions
Ability to deduct up to $2,500 in student loan interest. Taken as an adjustment to income, allowing the deduction regardless if you itemize deductions on Schedule A of your 1040.
Deductions phased out for taxpayers with adjusted gross incomes of $50,000 to $65,000 [single filers] and $100,000 to $130,000 [married filing jointly]. Taxpayers who are married but file separate returns are not eligible.

Deferment and Forbearance

EdFed does not offer deferment options at this time. Forbearance may be available on a case-by-case basis.

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Federal loan consolidation
Federal loan consolidation allows you to consolidate your outstanding federal education loans into a single new loan, even if your loans are currently held by more than one lender and are of different loan types. By consolidating your student loans, you can significantly lower your monthly payments by lengthening the term of your loans and locking in a low fixed interest rate. Most importantly, you can save thousands of dollars during the entire repayment term.

Fixed rates as low as 6.75%
By locking in the current low rates, you can lock in a fixed rate as low as 6.75%!

Extended repayment term with lower monthly payments
By consolidating your loans you can extend your repayment term up to 30 years, depending upon your loan balance. This has the added benefit of lowering your monthly payments, so you are left with more money in your pocket each month.

No fees
There are no fees or costs whatsoever for a federal loan consolidation with EdFed.

No credit checks
There are no credit checks whatsoever for a federal loan consolidation with EdFed. As a matter of fact, consolidating your loans can actually improve your credit rating, as a result of having lower monthly payments. This can actually make it easier for you to qualify for mortgages and other major loans.

No prepayment penalties
Although you have the option of extending your repayment term, you will not be charged any fees or penalties for paying off your loans early. This means that if you take advantage of the low consolidation interest rates, you can save thousands even if you pay down your loan early.

Seven flexible repayment plans
EdFed offers seven different repayment plans for your consolidation loans, giving you extreme flexibility for your repayment. We offer the following plans:

Equal Payments: This option provides equal monthly payments over the term of the loan.

Select 2/Graduated Payments: This option allows for interest-only payments for the first 2 years of repayment. In the third year, payments increase to level installments of principal and interest payments for the remaining term of the loan.

Select 5/Graduated Payments: This option allows for interest-only payments for the first 2 years of repayment. In the third through fifth years, payments increase to include a portion of principal. In the sixth year, payments increase to level installments of principal and interest payments for the remaining term of the loan.

Income-Sensitive Payments: This option provides for payments to be adjusted annually, based on your expected total monthly gross income from employment and all other sources. Your account will initially be disbursed at the Select 2/Graduated repayment plan. After the consolidation loan is disbursed, you must contact your servicer to qualify. Once eligibility is determined, your servicer will calculate your new payment.

Extended Equal Payments: This option allows up to a 25-year repayment term of equal payments.

Extended Select 2 Payments: This option allows up to a 25-year repayment term with the Select 2/Graduated Payment plan.

Extended Select 5 Payments: This option allows up to a 25-year repayment term with the Select 5/Graduated Payment plan.

All extended repayment plans are for qualified borrowers with more than $30,000 in eligible loans. Applicants interested in any of the extended repayment plans should contact one of our counselors to determine eligibility.

Combine several monthly payments into one
If you are currently making payments to more than one lender, consolidating your loans allows you to eliminate the complications of having to make multiple payments. Instead, you can combine those payments into one easy monthly payment.

Deferment and forbearance available
Loan consolidation with EdFed is done through the federal loan consolidation program, and thus you retain government benefits such as deferment and forbearance. Like your current federal loans, federal loan consolidations are guaranteed and insured by the federal government.

A deferment is a temporary suspension of loan payments for specific situations such as reenrollment in school, unemployment (up to 3 years only), or economic hardship (up to 3 years only). Forbearance is a temporary postponement or reduction of the payments on your consolidation loan for a period of time due to financial difficulty.