@karladicent wrote:
I'm going to start paying student loans next month and wish I could consolidate my private loans like I did my federal loans Anyone consolidated private student loans?? if so what were the requirements etc etc??
You consolidate private loans but you cant combine private/federal together. Since most private loans compete on price. Refinancing/consolidating private loans together basically is replacing one or more private loans with another. So the main benefit of such a consolidation is obtaining a single monthly payment. Also, since the consolidation resets the term of the loan, this may reduce the monthly payment (at a cost, of course, of increasing the total interest paid over the lifetime of the loan).
However, since the interest rates on private student loans are based on your credit score, you may be able to get a lower interest rate through a private consolidation loan if your credit score has improved significantly since you first obtained the loan. For example, if you've graduated and now have a good job and have been building a good credit history, your credit score may have improved. If your credit score has increased you may be able to get a lower interest rate by consolidating your debt with another lender. You can also try talking to the current holder of your loans, to see if they'll reduce the interest rate on your loans rather than lose your loans to another lender.
I have 6 SallieMae private loans, the interest rates on them are 3.65% apr. I also have 6 federal student loans with interest rates around 4%. since they are all through navient, I just make one monthly payment that takes care of both types of loans.
