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Wednesday, July 21st, 2010 at 9:17 am

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Student Loan Consolidation - Lock In Rates Before July 1

Now is the time for student borrowers to consolidate their outstanding student loans. There are less than three months left before the July 1 deadline when Student Loan Consolidation Interest Rates are set to increase and regulations will take effect making it more difficult to consolidate.

A host of problems for the Federal Student Loan program began in February when, as part of the Deficit Reduction Act of 2005, more than $12 billion was cut to the federal student loan program. Along with those cuts were interest rate increases and changes to student loan consolidation such as the elimination of in-school and spousal consolidation options, and the retention of the single holder rule.

Negative Changes to Student Loan Consolidation

With the elimination of in-school (http://www.nextstudent.com/) student loan consolidation, students will not be able to consolidate unless they have less than six credits.

Regarding spousal consolidation, the option will be eliminated completely so that borrowers cannot consolidate together with their spouse.

The single holder rule will be retained with student loan consolidation, therefore making it more difficult, likely impossible, for borrowers to consolidate. If a borrower's loans are with one FFELP lender, that particular lender is not under any obligation to release the loans to another lender.

Student borrowers can act now so they do not get blindsided by the pinch on July 1. With help from NextStudent, the Phoenix-based premier education funding company, student borrowers are offered a great opportunity to consolidate their student loans.

Student Loan Consolidation Offerings

NextStudent's (http://www.nextstudent.com/consolidationloans/consolidationloans.asp) student loan consolidation program offers a low 4.75 percent interest rate to in-school borrowers. By locking in that rate prior to July 1, student borrowers prevent the inevitable federal rate increase.

Qualified borrowers can lighten their payments by as much as 70 percent if they qualify for student loan consolidation at the 2.75 percent fixed rate, with benefits applied.

Student loan consolidation not only helps students with a lower interest rate, it also has many incentive features. With student loan consolidation, borrowers do not have to worry about paying multiple bills. The program brings together all of a borrower's loans and combines them into one, leaving the borrower with one simple payment per month.

In addition, student loan consolidation has a longer payment term and there are no prepayment penalties. The Student Loan consolidation program offered by NextStudent is a free government program. There are no costs or fees and eligibility is determined in one minute.

Student loan consolidation is a way for student borrowers to make their lives easier with easy monthly payments and lower interest rates. It is important to take advantage before the July 1 deadline.

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 as easy as possible. Learn more about (http://www.nextstudent.com) Student Loan Consolidation at http://www.nextstudent.com.

About the Author

Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.

http://www.nextstudent.com

Where do I go to Apply For Student Loans?

I live in GA, I'm going to a school in SC. I need to take out a loan, but I don't know where to turn. I really hate applying for stuff online because I like asking ACTUAL human beings questions while I apply for important stuff. Help?

- http://www.ed.gov/programs/fpl/index.html
- http://www.finaid.org/loans/studentloan.phtml
- http://www.fafsa.ed.gov/