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I just checked my credit score and have a 731. I'm currently a graduate student and I have a graduate Plus loan which is a fixed rate loan at 7.9%. I always assumed that a Sallie Mae private loan would have an interest rate that is way higher, but I'm seeing that may not be true. So my question is, for my second year of graduate school, would I likely get a rate better than 7.9% with Sallie Mae? My brother has very good credit, and would be my cosigner.
Is there a good chance that I can get a loan and consolidate to get a fixed rate lower than the 7.9% rate on the grauduate plus loan?
have you checked all of your credit scores? what score did you get? how is your brother's credit? there are a lot of variables that factor in
thanks for the response.
I got my Equifax FICO, which is 731. My brother's score is definitely better than mine . I don't know for 100% sure, but let's assume, for the sake of this hypothetical, that it's at least 780, which I'm sure it is if not higher.
i just re-read your original post, & see that you want to consolidate your loans. are you done taking out loans? if not, you may as well wait until you are to consolidate, or you'll be right back where you are now, with separate loans.
Consider the drawbacks of consolidating federal loans with a private loan. You'll lose what little consumer protections you have (deferment/forbearance). Plus if you consolidate into a private loan there is no chance to repay your loan based on your income level (IBR plan) or to be forgiven for public service should you ever choose that career path.