Another new and exciting service that we are able to offer is the Student Loan Consolidation Program. A New Horizon® is able to consolidate student loans due to an affiliate program which we hold with approved providers. Although the student loans are between the Department of Education and the student, A New Horizon is responsible for the arrangement of the consolidation acting on behalf of the lending institution. Members in the Student Loan Consolidation Program benefit from student loan annual interest rates that maybe reduced to 4%. If the consolidation occurs within the 6 month deferment period the annual interest rate is lowered by ½%. In addition, there is a ¼% reduction in the annual interest rate if A New Horizon receives payments electronically. After 36 months of on time consistent monthly payments, the annual interest rate will be reduced another 1%. The Student Loan Consolidation results in a reduction of approximately 50-56% of monthly student loan payments. Terms of the consolidation range from 12-30 years depending on the amount of the loan.