Private School Loan Consolidation

I recently graduated, and I'm trying to consolidate my student loans and reduce my overall monthly debt. I know that I can easily consolidate my federal loans, and I save quite a bit of money, and the actual cost is quite minimal in the long run.

However, I have several private school loans (Chase, Wells Fargo etc) that I would like to consolidate. The sites/companies that had decent terms no longer offer private loan consolidation due the to new Education Reform. I looked into the Education Reform briefly and saw that it increases the loan and grant amounts for the government loans, however, I don't see anything that helps out recent graduates, or people with existing loans.

Anyone know of anything in the Education Reform that may help me out, or can recommend any company to consolidate my private student loans.

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!

2010-09-20 22:37:14 by Dizzy149

Urgent monetary assistance is required when you are facing small financial crisis. If you are turning down due to loan rejections because of your ...

Hello,

I recently graduated from college, about a little over half a year ago, I am yet to consolidate any of my loans because i'm scarred to lock in my loans at some outrageous interest, my loans are as follows,around: 29,000 in federal 78,000 in private student loans, which would make my payments unconsolidated around 1500 a month, and i cant make that sort of payment nor I think anyone that has recently graduate can, I want to know if there is any place that i can consolidate both of these loans where I can actually make a payment. I do want to pay but I just cant make 1000 dollar payments every month. I've had no help with paying for my school nor from the government nor from my parents. what am I suppose to do? I did a forbearance on my loans but it ends at the end of this month and I still haven't been able to find a lender that will consolidate my private loans at something affordable. Nor can I find any information on the internet.
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2008-03-11 09:30:42 by acseiya

So I am going to be going to school to be a helicopter pilot and there are only two companies that I can get student loans through (Federal Loans are not available to this school). I was originally approved for 75k with Penn Security (Through TERI) with Prime+0 interest. TERI filed for Chapter 11 and will no longer fund my loan. Wells Fargo has given me an interest rate of 7.99+Prime on 25k per year. I will need this loan plus a loan from Sallie Mae for 20k as well. My question is can I consolidate after I'm done with school so that my interest rate isn't as high, because that's outrageous. I can't afford to go to school with that high of an interest rate. Please only answer my question and don't tell me to go to a different school or try another lender. I only have two lending options and I just moved 300 miles to go to this school because I was already approved with Penn.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. (10 years for less than $7,500; 12 years for $7,500 to $10,000; 15 years for $10,000 to $20,000; 20 years for $20,000 to $40,000; 25 years for $40,000 to $60,000; and 30 years for $60,000 and above.) The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid is increased.

In certain circumstances (for example, when one or more of the loans was being repaid in less than 10 years because of minimum payment requirements), a consolidation loan may decrease the monthly payment without extending the overall loan term beyond 10 years. In effect, the shorter-term loan is being extended to 10 years. The total amount of interest paid will increase unless you continue to make the same monthly payment as before, in which case the total amount of interest paid will decrease.

The interest rate on consolidation loans is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%.

If a student consolidates their loans before they enter repayment, the interest rate used is the lower in-school interest rate. Thus, although the rounding up of the weighted average can potentially cost the student as much as 0.12%, a student who consolidates before entering repayment can save as much as 0.6%, a substantial net savings. (The in-school interest rate is 1.7% plus the 91-day treasury bill rate from the last auction in May. During repayment, the interest rate is the 91-day T-bill rate plus 2.3%.) This loophole has been confirmed by an excerpt from the Federal Register and direct correspondence with the US Department of Education. Additional details can be found in the interest rate loophole section.

Some graduate students have found it necessary to consolidate their educational loans when applying for a mortgage on a house.

To find out more about Student Loan Consolidation, check with below sites.

http://loan-house.we.bs/loanconsolidatio n.html

2008-07-16 13:14:16 by snowboarderdude322

I am in grace period from my recent graduation from school. I have two private school loans and one federal loan.

SalieMae - $18,500
Wells Fargo - $25,500
Direct Loans (federal) - $9,700

I'm having trouble trying to figure out options to put the loans together and lock in a low interest rate.
I have a credit score of 802 and scored a job with a salary of $32,000

My interest rates are variable in the 13% range and monthly payments will be around $770 per month for 15 years starting in January!!

Do I have options? Has anybody had success consolidating lately?

Thank you in advance!

you will never be able to consolidate the federal and the private loans together. So your options are limited. This is why private loans are evil and should be avoided at all costs. Your better option is to get a second job, or to ask the spouse, if you have one to get another job!

2010-10-31 13:53:24 by Jason E

I'd like to consolidate my private loans that my family members have signed out. My understanding is that one I consolidate, they will no longer be on the loan- is this correct?

Also, can I consolidate these loans while I'm still in school?
Also, is consolidation affected by your credit at all? I have poor credit so I'm wondering how that will factor into it.

Basically I'm just trying to figure out the student loan consolidation process so any tips or pointers would be great.

Thanks!

You can only consolidate your loans once, so I do not recomend doing it while you are still in school. Because if you still have to borrow, your most recent loans would not have been included in the consolidation, kinda defeating the purpose of consolidation in the first place.

In short, Consolidation is where your old loans are paid off and your new loans are lumped together into one loan and one payment. If you have private and federal loans, you can not consolidate the two together. Also any private loan consolidation will (again) require you to have a cosigner. So, yes, in theory your old cosigners are 'getting off the hook' but you will be required to get another cosigner, or have your current cosigner re-cosign for you. If you do not have excellent credit and a solid employment history, you will not be able to consolidate without a cosigner.

Persoanlly, most of the consolidation is just HYPE and doesn't really help you much. When you consolidate, you take a few perfectly good loans that are scheuduled to be paid off in 10 years and combine them with a slightly lower payment and pay if off over a period of 30 years. Sure your payments might be a few dollars less, but now you are paying on them until you retire!!!!

2009-06-09 13:22:19 by Whitney S