School Loan Consolidation

[abomb]

With the rate increases in July, has anyone used consolidation programs? If so, what kind of rates are you getting?

Regards,

A-Bomb

 

[thirty-two]

I am doing this soon, and will reply once I do!

 

[Chaplin]

If you have your loans through one company, you can't consolidate. If you have them through multiple banks/finance companies, then you can.

I would suggest definitely doing it. I did it 2 years ago. They threaten rate increases all the time, but I don't really recall (or notice) when it actually happens.

 

[Bada0Bing]

Consolidated mine last June with Nextstudent. Got something like 3.5%. I have a friend that works there if you need any info.

 

[abomb]

If you have your loans through one company, you can't consolidate. If you have them through multiple banks/finance companies, then you can.

I would suggest definitely doing it. I did it 2 years ago. They threaten rate increases all the time, but I don't really recall (or notice) when it actually happens.

Hmmm..I think I have three loans, all through the feds, not a bank per se. Not sure if this helps.

A-Bomb

 

[Lefty]

I have some friends who have consolidated thru Direct Loans.
http://loanconsolidation.ed.gov/

 

[bratwurst]

I consolidated through Wells Fargo dba "the Student Loan Company" at 4.25% several years back. I've missed a couple payments by mistake, and they've never raised the rate.

 

[Bada0Bing]

Hmmm..I think I have three loans, all through the feds, not a bank per se. Not sure if this helps.

A-Bomb

It this is the case, your best bet may be to take out another loan with a different agency. Therefore, as Chap said, you will be able to consolidate with an independent company. Otherwise your current lender has no incentive to consolidate and lower your rate.

 

[MigratingOsprey]

however, if you have multiple loans with one company they will consolidate them for you

I had all loans with american education services - i couldn't consolidate with anyone else, so I had to use them

they gave me the same program everyone else was offering

 

[joeshmo]

however, if you have multiple loans with one company they will consolidate them for you

I had all loans with american education services - i couldn't consolidate with anyone else, so I had to use them

they gave me the same program everyone else was offering

Same here, but through Sallie Mae. Got a 3.5% and they will lower it to 2.5% if I dont miss a payment for the first 3 years.