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  Category: Articles » Education & Reference » Higher Education » Article

Borrower Beware: Not All Student Loan Consolidation Discounts Are the Same

By Jeff Mictabor

Informal Article
Melissa Bannon/Edited by Rhona
483 words

Borrower Beware: Not All Student Loan Consolidation Discounts Are the Same

NextStudent, the Phoenix-based premier education funding company, offers a 1 percent LOCKED discount on federal student loan consolidation after 36 on-time payments. Many education funding companies offer discounts for Auto-Debit, and even a discount for the 36 on-time payments, but the borrower must beware because other lenders might not lock in their discounts, so the discounts are easy to lose.

According to NextStudent, federal student loan consolidation can help students who struggle with the often unmanageable burden of student loan debt after college. Student loan consolidation ( extends the repayment term, which helps lower monthly payments. Once a borrower earns NextStudent's 1 percent LOCKED discount after 36 on-time payments, that reduction is for the entire term of the student loan consolidation, even if the student goes into forbearance or deferment.

Many companies offer great incentives but do not lock in those rate reduction discounts. NextStudent's 1 percent locked benefit can save students and their parents an enormous amount of money over the course of the repayment term.

Save Money by Consolidating Student Loans With NextStudent

Student loan consolidation ( can assist parents and students by reducing student loan payments by up to 60 percent. In addition, repayment periods are extended by up to 30 years, giving students plenty of time to ease into the real world and become financially self-sufficient.

The federal student loan consolidation rate is mandated by the government. Therefore, the only difference among companies offering federal student loan consolidation is the individual discounts or incentive packages offered through each company.

While many representatives of education funding companies claim to offer the best discounts and packages, when it comes down to it NextStudent provides an ultimate advantage for federal student loan consolidation.

Federal Student Loan Consolidation Packages Offered by NextStudent

Standard Locked
Discount of .25 percent for Auto-Debit payments
Rate reduction of 1 percent LOCKED rate after 36 on-time payments
Easy discount qualification process

Google Package
Discount of .25 percent for Auto-Debit payments
.375 percent discount after six months of on-time payments
1 percent rate reduction after 36 on-time payments (not locked)

2% Package
Discount of .25 percent for Auto-Debit payments
2 percent rate reduction after 36 on-time payments (not locked)

NextStudent's LOCKED Discount Benefits

It is easy to qualify through NextStudent. Even students with student loans ( in deferment or forbearance are eligible for the 1 percent discount. And through NextStudent, the discount is guaranteed for the life of the federal student loan consolidation.

Student borrowers can get more information about their possible savings when they check out NextStudent's student loan consolidation calculator by going to

NextStudent offers discounts and benefits that help make life easier for student and parent borrowers. With its Standard Locked Package that includes its 1 percent LOCKED discount, NextStudent's program is a great way to save.

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 simple. Learn more about student loans at
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.

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  Some other articles by Jeff Mictabor
Almost Anyone Can Qualify for Stafford Loans through NextStudent
Did you know that basically everyone can get an unsubsidized federal Stafford loan? Most people are more familiar with the low-interest subsidized version that is need-based. Stafford loans have lower interest rates than many other options ...

NextStudent Offers PLUS Loans for Graduate and Professional Students
According to Phoenix-based NextStudent, a premier education funding company, the proliferation of graduate and professional programs has led to new sources of education funding designed to ...

Federal Stafford Student Loans from NextStudent Have Great Incentives on Already Low Rates
After exhausting all forms of "free money" for college, such as scholarships and federal grants, the next best thing for students are federal student loans ( to help them pay for school. Federal Stafford student ...

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