Epic Contributor
Posts: 23,791
Registered: ‎10-23-2007

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?

Fico Scores: EQ- 662., TU 684 Barclay, EX 700 (3/21/15)

You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
72 Cards and Counting :smileytongue:
Posts: 14
Registered: ‎12-01-2012

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
Community Leader<br> Valued Contributor</br>
Community Leader
Valued Contributor
Posts: 1,225
Registered: ‎06-09-2008

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.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.