Consolidate college loans

that credit cards aren’t like your student loans. You can’t put off making payments just because you’re still in school, and if you’re experiencing financial difficulties or having trouble making your monthly payments, a credit card doesn’t come with deferment or forbearance options that allow you to temporarily postpone making payments.
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Don’t Shirk Your Repayment Responsibilities

Here at NextStudent, we know that life can throw you a few curveballs. We also know that money isn’t always easy to come by. As a student lender we understand that if you’re having trouble making your monthly payments, you might be embarrassed or just not want to deal with it. But, for the sake of your credit score, it’s absolutely imperative that you communicate with your lenders if you find yourself unemployed or going through a period of financial difficulty.

Federal student loans offer extended, income-sensitive and graduated repayment plans that could lower your monthly payment and help make repayment more affordable. You also have deferment and forbearance options in case you need to temporarily postpone making payments altogether. If you have private student loans without these federal benefits, you may still be able to work out a workable payment plan with your lender.

The main thing is to contact your lender . Most lenders will want to work with you. Don’t just stop making payments, waiting for your situation to get better. After enough missed consecutive payments, your student loans could go into default. If you default on a federal student loan, the government can decide to garnish your wages. Having a defaulted student loan could also keep you from being able to take out most other kinds of loans, whether you’re looking to finance a new car, a house or another semester at school.

Consolidate Your Student Loans

Once you’ve left school or dropped below half-time enrollment, a Federal student loan consolidation allows you to bundle all your eligible federal student loans into one easy-to-manage loan with a fixed interest rate. By consolidating your student loans, you could cut your payments nearly in half and get up to 20 more years to repay.

With no credit check, no fees and no cost to apply, a student consolidation loan is one of the smartest moves a responsible student loan borrower can make.

NextStudent believes that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at NextStudent.com.

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