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NWR: Private Student Loans

I am in my grace period right now. Payments kick in in Dec. I would love to consolidate with a fixed interest rate. Does anyone know any additional info for me. TIA

Re: NWR: Private Student Loans

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    uppereastgirluppereastgirl member
    First Comment
    edited December 2011
    I would ask your financial aid department for recommendations of companies. Can you actually consolidate private loans at a fixed rate? It is a few years since I graduated, but I thought private loans can be consolidated at a variable rate? Consolidating my gov't loans though -- at least at the time I did -- was the best thing ever. There were times when I was paying 7%+ interest on my private loans, was making 5% APR on my bank account, and my consolidated gov't loans were at like 2.4%.
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    edited December 2011
    I have sent in the documents to consolidate my Federal student loans (which are minimum compared to my private loans)I haven't found a bank that consolidates private loans with a fixed interest rate. Just wondering if there was a possibility.
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    edited December 2011
    Sorry - the bank I work for doesn't do it. Private loans are terrible - I have one and I swear it'll take me forever just to pay off that one because of the interest rate. I did consolidate two into one with express student loan servicing, but it's not much better.
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    alliecarrie41alliecarrie41 member
    First Anniversary First Comment Combo Breaker
    edited December 2011
    i consolidated all my loands through sallie mae when i graduated and was lucky enough to lock in 2.5% for all. 
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    edited December 2011
    Allie- were your loans Federal or Private?
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    Denise91980Denise91980 member
    First Comment Combo Breaker
    edited December 2011
    Depending on what you and your husband make, you may be eligible for income based repayment plan. Because I have 75k in loans I qualify.....you have to make a lot in order to not qualify.
    BFP #1 1/1/11 EDD 9/10/11 dx:no hb DNC on 2/2/11 BFP #2 12/28/11 natural m/c on 2/6/12 BFP#3 2/16/13 dx:ectopic on 2/27 (given methotrexate)
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    edited December 2011
    I did this for FI a few years ago, but I dont recall the name of the company.  Private loans suck, she had interest rates up to 8%.  They are paid off now and she only has her govt loan left at like 3%.  It really sucks how much the interest rates on private loans are. 
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    FutureMrsF111FutureMrsF111 member
    First Comment
    edited December 2011
    It depends what company your loans are from originally. My fed loans are consolidated through Sallie Mae and my private loans are with Sallie Mae and Key Bank. I had the option to consolidate all of them but the rate would have been much higher.  I know a lot of the rules have changed in the last few years but if you can get someone on the phone from your loan company they can usually walk you through the options (and if they are really nice do most of the work for you). 
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    alliecarrie41alliecarrie41 member
    First Anniversary First Comment Combo Breaker
    edited December 2011
    i had 2 federal and 1 private
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    edited December 2011
    "Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program"wonderful.
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