LostinBoston

What are some good places to consolidate student loans?
Thanks

DrFeelgood

Check with your original lender -- in a lot of cases you are actually required to give them 'first crack" at getting you consolidated. I consolidated with sallie mae, my original lender, at a killer rate back in '04. Many lenders offer interest rate reductions after a certain number of on time payments. others offer cash bonuses. The rate reduction will ultimately pay off more, for many borrowers.

seafordguy

I am consolidated with Sallie Mae as well. The rate is WELL below inflation for me so I refuse to pay it off early (not that i have the money to anyways but never the less)

LostinBoston

Thanks for the replies. Sallie Mae only offers variable rate private consolidation loans. Do any companies offer fixed rate loan consolidation.

Thanks again.

DrFeelgood

For private loans, good luck... I've got nearly 6 figures in outstanding private student loans, with a variable rate, and nobody is willing to consolidate them with a fixed rate at anything less than 8%, and most want 10%. Best bet for the private loans is a home equity loan or something, if that's doable for you.

Dave1972

Feel free to contact me. I have worked in the student loan business for a long time. Is pretty cool to see someone ask about this on my favorite site OSO!

agchoset...the "single holder rule" no longer applies to consolidation and you can consolidate with any lender (that will have you that is) and you don't have to use the lender you used previously.

I love the company I work for and we do have some "borrower benefits" that will save you some serious $$ over the life of the loan.

You can call me at 608.235.0349 (cell) and I can try and steer you in the right direction

Dave

Jupiter Sunsation

The long term loans scared me into paying my tuition with a credit card. I graduated from University of Miami, tuition was $7500 per semester and I would pay it in full before the start of the next semester. When I graduated I owed about $2500. I figured a higher short term interest would be better for me than a longer term lower interest. In hindsight I probably took my school much more seriously since it was a lot of money for me at the time and I wouldn't have wanted to pay twice for a class if I failed it.

I have a lawyer sister-in-law and a good friend that is a chiropractor with each over 100K in debt and the 1K+ payment they are making would stroke me out! I could have a boat for that kind of money................wait I do!

Dave1972

maryland mark,

Yes, consolidation can only happen once....UNLESS...you go back to school and get additional education loan(s).

Sallie Mae...that's a swear word in my business. Let me know if I can help in any way!

Dave

DrFeelgood

Yep, vet school put me in the hole for way over 100K, I'm paying around $1400 per month on that :-o Hopefully it'll pay off sooner rather than later

camaro69

Booooo Salie May they tried to phuck me hard core. I am currently consolidated with Loan to Learn. As with anyone they try and jerk you at first. I finally settled with them at a 20 year variable loan at prime minus .25%, and no initial fees. With Private loans the most important thing is don’t lie to yourself and pay it off as fast as possible. Very few investments will yield a return higher then the interest they are going to charge you. Once you buy a home and establish enough equity to pay off the student loan do it. At least that’s my plan. In my case the gvt doesn’t let me claim my interest paid on private student loans because of the amount I make. But with a home equity loan they will for whatever reason. Whoever you go with don’t always take their first offer in my experience most are like used car/boat salesman always room for negotiation. Not to knock anyone in the business. Whoever you decide make sure to look out for enrollment fees and early repayment fees. CHECK THE FINE PRINT before you sign I had one ***** tell me there wasn't a early pay off fee and in the fine print there was.

Best of luck where did you go to school?