Student loan question, need opinions please

[KarenB]

I m graduating in May and have a 6 month grace period before starting payment of my Stafford Loans. I have been recently getting mail about a company called Next Student that does consolidations on student loans and with a lower interest rate.

I have checked out thier website and the next step is to give them my information.

www.NextStudent.com

Has anyone used this company before?

How does this company offer a lower interest rate? (How do they make money?)

Is there a better place to look into to get a lower interest rate/consolidation loan for student loan repayments?

I always feel like there maybe a "catch" to these things!

Thanks for any info!
Karen

 

[Olaf]

Sorry, can't help you. Do a google search on it. I'm sure you'll find something out there.

 

[glo]

It took me 15 years to pay off all my students loans. Look into anything that will help you. I have never heard of these consolidation places, but do research on it before jumping in. Good luck, and congrats on your graduation

 

[KarenB]

I entered the phone number into the BBB and all that came up was that there have been no complaints in the 3 years it has been in business.

Karen

 

[wdwpluto]

Don't know anything about that company, sorry. Maybe check with your school financial aid office? They should be able to tell you something about them or point you in the direction of a good consolidation company. When I graduated we had mandatory exit meetings with our financial aid officers and they gave us all sorts of information about that kind of stuff.

But I just wanted to mention something to you. When I graduated all my loans had a 6 month grace period. I consolidated and lost that grace period as the consolidation company wanted me to start paying right away. They didn't tell me this up front and I never thought to ask. I was able to defer since I didn't have a job yet, but in was more paperwork

Good luck!
Lori

 

[jamsmom]

I used a place called the Student Loan Servicing Center. They gave me 3 options:

1) same payment for 15 years
2) one amount for 2 years, different amount for 13 years
3) one amount for 2 years, another amount for 3 years, final amount for 10 years


I actually got mine paid off early

 

[Miss Jasmine]

Sallie Mae will also let you consolidate your loans. Here is a link to its loan consolidation information.

http://www.salliemae.com/apply/borrowing/smartloan.html

 

[katerkat]

We get tons of stuff on consolidating Bryan's loans. However, his interest rate, with online payment, was very low through the original company, so we decided it was best to stay there. I would research, research, research any offers. Talk to student loan/financial aid people. See if you're really getting the best deal and what the catches may be.