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Student Loans with Sallie Mae and Nelnet - Consolidate?

Epic Contributor

Student Loans with Sallie Mae and Nelnet - Consolidate?

Hi all, I am helping a friend and am out of touch with options or what not these days with student loans.

He has 3 Loans with Dept of Ed/Nelnet and 5 on Sallie Mae.

 

Nelnet is 6.8%, 6.8%, 8.5%.

Have not seen rate on Sallie Mae.... I assume maybe options to consolidate would be the 3 Nenet together and then the 5 Sallie Mae together?

2 REPLIES
Member

Re: Student Loans with Sallie Mae and Nelnet - Consolidate?

I am also in the same boat. Any help?
Current myFICO Score: 747 as of 12-1-2012
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Valued Contributor

Re: Student Loans with Sallie Mae and Nelnet - Consolidate?

Are the loans with Sallie Mae federal or private?  When you consolidate Federal loans, the interest rate is the weighted average of each loan (so there is no interest advantage to consolidation).  If the Sallie Mae loans are also federal, they can be included so that your friend will only have one payment.

 

If they are private, you may be able to consolidate them with a private lender, but the interest rate may be based on your friend's credit.  Private loans work differently.