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NextStudent.com operates as a student loan brokerage selling the majority of their loans directly to Lehman Brothers owned Campus Door. Perhaps the fact that Campus Door Recently tightened their credit critiera, thusly reducing the amount of eligible borrrowers somehow played into the cash flow difficulties being experienced by NextStudent.com.

The credit crunch that hit the student loan industry late last year played an integral part in Astrive parent company First Marbleheads’ filing for bankruptcy and seeking out Suntrust to step in to underwrite and fund Astrive Student Loans. The crunch has hit every corner of the industry causing major banks like Bank of America to non-bank lenders such as GMAC to pull out of the retail side of the industry altogether.

What’s next for Next Student? If they are unable to pay their vendors for servcies rendered, what is the next logical step? Being unable to pay employees and when that happens, when will the employees stop showing up to work? Once the employees are gone who will originate the loans that are keeping the doors open? Who will be the point of contact for the students with loan applications in process?

At this time, PrivateStudentLending.com strongly suggests any student or parent considering obtaining a loan or with a loan in process immediately re-consider and seek information about potential lenders from sources such as Student Loan Consultants which provides links and detailed information about many student loan lenders.

During this continuing credit crunch that has seen major and minor lenders alike pull out of the student lending market, we encourage all potential student loan borrowers to apply with at least 3 lenders that fit their financial needs. This provides a backup solution should one of the lenders you’ve chosen unexpectedly disappear from the scene.

We will keep on this breaking story and update as information is made available.

In an attempt to help parents and students choose the right private student loan Student Loan Consultants has launched an easy to use student loan comparison tool. By checking or un-checking selection boxes

those searching for a private student loan will find a grid of lenders that meet their basic requirements.

The resulting student loan comparison grid details the highest and lowest interest rate and loan fee available from each lender. While reviewing the private student loan lender list, the potential applicant can expand details of each lender and loan program. Details include not just a short biography of the lender, but any bonus features such as rate or fee reductions that may be available from that lender. If a co-signor is required for the private student loan or if the student may be able to apply without a co-signor.

Applying is easy as each lender provides a link to more detailed information about their private student loan programs and their online student loan application. If you’re not ready to apply immediately you have the option of creating a favorites list to return to at a later time to review with your parent, student or co-signor.

The StudentLoanConsultants.com website includes information on many of the large well known student loan lenders as well as lesser known specialty or boutique lenders which provides a nice mix of loan opportunities. While the focus of PrivateStudentLending.com is private student loans and this is what we reviewed on this site, StudentLoanConsultants.com also has information on PLUS student loans which are specifically for parents, Stafford student loans and student loan consolidations.

The company has posted that they are in the process of upgrades to the application process and product line. During this time those students who already have an application submitted may contact Astrive at 866-463-9599 to check on your loan status.

Students who are attending summer semester or trying to get a jump on their fall education expenses may apply for a private student loan through either Student Loan Advisors or Chase Student Loans. Both companies are accepting new private student loan applications.

As soon as we get notice that Astrive has resumed accepting student loan applications we will post an update.