Student Loans

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Valued Member
spooky
Posts: 62
Registered: ‎08-26-2008

Where can I transfewr my PRIVATE SMAE st.loans ??

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‎10-04-2008 10:08 AM

Desperatly looking for a place to transfer my HUGE loans from SMAE, someone suggested Direct Loans, I didnt think this was possible, that they only help if its FEDERAL Loans. Desperate.
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Frequent Contributor
LynnInMN
Posts: 465
Registered: ‎06-13-2008

Re: Where can I transfewr my PRIVATE SMAE st.loans ??

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‎10-04-2008 01:03 PM

You can only consolidate federal loans with the Direct Loan program and I am assuming yours are private.

 

So many of the private lenders have left the private student loan lending industry, so consolidating your loan with another company can be difficult.  To achieve any benefit in consolidating your private loans,  your credit basically has to be better than  what it was when you borrowed to get any better interest rate. Also most lenders charge origination fees which can negate any  interest savings.

Ex-Financial Aid Officer

Ex-Student Loan Collector
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