06-23-2013 09:39 AM
I currently have about 37K of private student loans serviced by Sallie Mae. I was on a rate reduction program for a while, but now my loans are about to go back to 9-10% APR. I'm really considering cosolidating next year once all my scores should be above 700. Has anyone has any success in doing so?
I'd like to know what are some lenders to consider? I thought about cuStudentLoans since they showed up in searches.
Would an inconventional route possibly work? e.g. a personal loan from a CU, Lending Tree, etc?
06-25-2013 08:51 PM
In The Garden!
06-25-2013 09:12 PM
Thanks ST. I'll look into SunTrust. I believe WF wouldn't be able to give me a decent rate.
06-27-2013 01:05 PM
I looked into consolidating last August. I decided that WF looked the best because there was no origination fee and they had the lowest rates. At that point I had about 39k in private loans and 50k more in federal loans. I was making 55k a year and living with my parents trying to pay down my loans (I'm down to about 75k total now). I also had a FICO score of around 770, based on the letter they sent (I'm not sure of the exact number). I was told that I needed a cosigner. When I called back to tell them that a cosigner wasn't an option, I asked to talk to someone in the underwriting dept. I was told that this was not allowed and got nowhere with them. I got so fed up with getting zero real answers from anyone at WF, that I just decided to let the application expire. The whole experience really turned me off of WF.
06-29-2013 09:02 AM
My experience with Wells Fargo trying to consolidate was just as ridiculous as the other guy. No matter what you say they want a co-signer. At the time I was making about $30k with a 17k loan with them and I was just trying to add in about 4-5k to it. Very fustrating, I'm just glad the majority of my student loans are federal.
07-01-2013 08:21 AM
No way I'm getting a cosigner involved in this. I don't see why you would not qualify without one.
I did come across this program called SoFi, but my school isn't eligible. Maybe it will help one of you guys.
07-05-2013 07:32 AM - edited 07-05-2013 07:33 AM
07-06-2013 09:58 AM
Thanks yellowcake. So it looks like my scores will have to be well north of 700 to get a refi without a cosigner. Hopefully by next year I'll be there.
Good luck in paying down your loans.