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How To Consolidate Private Student Loans

Elmer Said:

How many times can you consolidation Private student loans?

We Answered:

It seems to me the purpose of a consolidation loan is to combine several loans into one... but if you only have one loan to begin with, you wouldn't be able to consolidate them.. suppose it wouldn't hurt to ask around.

Some companies DO lower the interest rate based on payment history. Mine were federal loans that were sold to Sallie Mae when i graduated. When I signed up for their Auto Draft payment feature they lowered my interest rate. I also qualified for a program GREAT REWARDS or something, that reduced my rate again after I had made many payments on time.

Granted I never consolidated my loans, (I don't understand the whole point of it personally) because the interest rates are usually higher than the federal rates. And you "reset" the time you've been paying on them back even farther. But I suppose if you have private loans this might be in the best interest for your wallet. Just remember, consolidated loans don't qualify for any loan forgiveness programs that federal loans qualify for.

Don't make the mistake and change it into a non-student loan, loan. (I hope that makes sense) because then you wouldn't even be able to deduct the interest on your taxes.

Javier Said:

How can I consolidate private Student loans?

We Answered:

I totally empathize - low credit score and high interest rates make a vicious cycle for students.

You might want to take a look at http://www.tuitionbids.com, the company I represent. You can actually fill out a single loan consolidation application and have up to six different lenders see it and compete for your business. It's far more efficient than applying to banks one by one and getting turned down again and again. You might even get a decent interest rate. In any case, I hope you figure something out!

Erin Said:

How can I consolidate private and federal student loans?

We Answered:

You can't consolidate private loans with federal ones. Sorry. Your rates will be higher than what you are paying on that federal loan anyway. It is not in your best interest to consolidate for that reason. Just put your payments on auto draft so you don't have to worry about making 3 payments. Most of the lenders will give you a break in interest if you do this.
Good luck.

Marc Said:

What companies have people used to consolidate private student loans?

We Answered:

for any type of information on loans in online means then just visit

http://www.loansinfo.biz

Darrell Said:

How can I consolidate my private student loans?

We Answered:

The new education reform doesn't apply to consolidating private loans.

Most private lenders got out of that service more than two years ago when it proved unprofitable in this economy. You could contact Chase and Wells Fargo, but it looks like they got out of that business, too. Sorry!

Perry Said:

Does anyone know how to consolidate student loans from private lenders and the federal government together?

We Answered:

Unfortunately, no, you cannot consolidate private and federal student loans.

Unfortunately, student loan interest rates go WAY up on 6/30/06 thanks to Dubya! It is imperative that you consolidate before then. You can refinance just one loan..doesn't have to be multiple.

Myself, I am a grad and need to consolidate my loans before the deadline! So I went on a google hunt (I mean search ;). Eventually, I did find a site that has rated a few student loan consolidators, and says they have checked them out. Here's the web page: http://lendersrated.com/studentloans.htm…

Hope it helps you...
karateross

Arnold Said:

How to consolidate private student loans?

We Answered:

You would have to contact your lender.
If you have federal loans you must check with your school or visit https://www.dl.ed.gov/borrower/BorrowerW…

For private student loans you must personally contact them.

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