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Need some help!!!


Need some help!!!

I had my private student loan with citibank but a few years back they sold it to discover. my payments are to high for me to handle and my credit score is bad because i have fallen behind and i cannot use my forbearance currently cause i have used it within the past year. can i consolidate it with another lender to possibly get smaller payments. i pay close to $800 a month and i just cant afford it right now i am inbetween jobs and starting a very good job this summer. anny help is greatly appreciated




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Valued Contributor

Re: Need some help!!!

Your ability to get a consolidation loan for a private loan will depend to some extent on your credit score and income, just like any other application for credit.  There are credit unions and banks that still do private consolidation loans, so you might start your search for a suitable one at the bank/CU that you already use.


If your credit score and current income are low, a consolidation loan may not be possible, or you may need a co-signer.  Also keep in mind that consolidation can only reduce your payment two ways - by lowering the interest rate, or by extending your repayment period.  Extending your repayment will significantly increase the amount of money you pay in total, especially if your interest rate goes up as part of the deal.


Is there anything you can do now to find some money to get current on the loans and tide you over until your job starts this summer?  Now would be the time to cut extra expenses like cable, get a second job, sell belongings that you don't need, etc. to get things back on the right track before the loan defaults.

Message 2 of 3

Re: Need some help!!!

i am trying very hard to get it caught up i am paying almost $1400 this month to bring it to 30 days past due. having a cosigner isnt a problem. my girlfriend will cosign it but are there any lenders out there that would consolidate into a lower monthly payment. i wanted to bring it down from $700 to about $450 and then i would be able to keep it current and i would pay extra when i can. my loan used to be $350 a month when i first starte repaying with citibank then when it was sold to discover it went up to $700 a month and ontop of that i have my federal loans to pay too but that is not as high. what lenders take on private loans?

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