Intο one Monthly payment? I hаνе bееn paying here аnd thеrе іt іѕ nοt mаkіng sense. Anyone hаνе advice οr recommendations?
Tags: consolidation, Loans, possible, Private, regular, Students
Debt Counseling and Consolidating Debts Unsecured, Credit Card, Secured
Consolidating the private loans make sense, however, be careful on the student loans. They are probably at a very favorable interest rate and paying them off through consolidation could cost you a bundle in interest down the road.
I researched this issue for my son who has a regular loan and a private ed. loan. The short answer is NO! they won’t allow consolidation.
The longer answer, after much research is DO NOT TAKE ANY PRIVATE ED. LOANS!! They are frauds which under the guise of “student, academic, or private ed. ” titles allow the lender to basically gouge the poor student with usurious interest rates!! If you have not already gotten a private loan, don’t. You’d be better off with a low fixed rate credit card. My son’s rate on $15,000 is @16%. They can charge whatever they want while true student loans average 3-6%
Good Luck ,DK
You can’t consolidate federal loans with private loans. It’s impossible. The reason is that Federal loans have a much lower interest rate and have a separate set of rules than private loans, so the banks would lose money if they were consolidated because it would lower the interest on the private loans. You can consolidate federal loans together and can separately consolidate private loans together but you can’t consolidate them with each other.