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NextStudent Grad PLUS Loan*
At NextStudent, we start with the basic low-cost PLUS loan, and build in more savings, more convenience, and more flexibility to make funding a graduate program fast and simple.
Borrower Benefits |
3% cash rebate on the outstanding balance after the first 12 consecutive on-time payments†
2% interest rate reduction after 48 consecutive on-time payments*
0.25% interest rate discount for auto-debit
NextStudent will discontinue all interest rate discount benefit plans if Congress enacts the College Cost Reduction Act of 2007. It is not certain at this time if that legislation will be enacted. If it is, it is not known what its effective date will be 1 |
Terms |
No prepayment penalties
Eligible for deferment and up to three years of forbearance
10 years standard repayment with available income-sensitive, graduated, and extended repayment options
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Application Process |
Instant pre-approval online or via phone
Online, web-based portal system with secure PIN access for school and borrower application tracking
Fully digital, paperless application process including secure electronic signature technology
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Services |
NextStudent's unique PLUS Credit Solutions program gives applicants who are denied a second opportunity to qualify
Custom link on your website to our origination platform so students can apply online and quickly get pre-approved
Experienced Education Finance Advisors answer questions and help borrowers complete the application
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†Borrower must participate in the auto-debit repayment program to qualify for this benefit
1 Provisions within the pending legislation would change the fee structure and yields for lenders that make federal education loans. It is not known at this time on which date the new provisions will take effect, nor whether they would be applied to loan applications that had been submitted prior to that date but not yet funded. NextStudent will not offer the interest rate discount benefits for those applications that are subject to the new provisions. NextStudent will make its best efforts to process all applications it receives prior to the date the new provisions take effect, but cannot guarantee that your application will be processed in time for the interest rate discount benefits to apply
* Please be aware that due to current conditions in the student loan market in particular and in the financial sector in general, NextStudent is not currently able to accept any new PLUS, Grad PLUS, Stafford, or Federal Consolidation Loan applications.
On October 1, 2007, legislation went into effect that cut $21 billion in subsidies to FFELP lenders like NextStudent. We have been searching, and continue to search, for avenues that would allow us to keep offering FFELP loans. But at this point, until market and regulatory conditions change, we find ourselves forced to suspend our federal education loan programs.
We value your business, and we want to make sure you’re able to get the money you need to pay for school. We encourage you to take advantage of college scholarships and your available federal financing options. But if you’re still in need of a parent or student loan, please give us a call, and we’ll do what we can to help.
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