DougH 270 #1 October 15, 2007 I had to turn to private borrowers to pay for my college degree and now I am about 50,000 dollars in the hole. Yipeeeee! I was just wondering if there was any one else on here that had any experince in consolidating their own private loans. Consolidating federal loans is a piece of cake but there is much less info on consolidating the private ones. A search on yahoo nets a bunch of questionable looking lenders who apear to be around to suck you into a high interest rate loan. My monthly payements right now are 600 dollars a month for a loan over 15 years. It would be nice to pay them off that soon, but right now I am giving away most of my paycheck and it isn't leaving me with much. "The restraining order says you're only allowed to touch me in freefall" =P Quote Share this post Link to post Share on other sites
mamajumps 0 #2 October 15, 2007 Try the Student Assistance Foundation. I don't if they will be able to help, but they have been great for me. www.safaccount.org Quote Share this post Link to post Share on other sites
psipike02 0 #3 October 15, 2007 I'm consolidating mine right now through SallieMae. I did half my private loans through them and the other through CitiBank. Just being out of college they're asking for almost $1100 payments over 25 years or something. I called and told them that I'm fresh out of college and there is no way in hell that I can afford to pay that much right now. The weren't very giving at first about it and dropped it to $700, which is still too much. I asked them if I could start out with just $300/month because anymore than that along with the startup fees and furniture buying and basic starting out living expenses, I would be broke. They were ok with that and as my salary increases, I will give them more. its kind of a form of their graduated repayment plan.... So yeah I just called them and told them my situation and after a bit, they were understanding which was cool...Puttin' some stank on it. ----Hellfish #707---- Quote Share this post Link to post Share on other sites
RALFFERS 0 #4 October 15, 2007 I'm about to go back to college, and depending on where I go I'll need something in the range of 40-50k. My first source was SallieMae, but they wanted it payed back over 10 years at 10% I find that a tad bit high because I have a very good credit score. I plan on first checking with the recommended lender of the school which I end up at and then check into private sources if I'm not satisfied. Anyway, like someone posted already...reasoning with them seems like a good route to take.Dialogue/commentary between Divot, Twardo & myself - "from your first Oshkosh when the three of us were riding to or from one of Quote Share this post Link to post Share on other sites
Nightingale 0 #5 October 15, 2007 If you only need a total of 40-50K, check into federal loans first. Private loans cost a LOT more. Quote Share this post Link to post Share on other sites
DougH 270 #6 October 15, 2007 Much much more. "The restraining order says you're only allowed to touch me in freefall" =P Quote Share this post Link to post Share on other sites
Cornholio 0 #7 October 15, 2007 Are you sure that your loan terms are correct? 600 x 15 years is like 108K paid back over the life of the loan!! 10 years at 7-8% would save you a considerable amount of money instead of 15yrs at 12% or similar. Keep looking for that best rate. My Family helped me out with my 41K Student loans... it wasn't free at 6% interest, but in about 6 months I'll have it paid off at 1K/month. Butthead: Whoa! Burritos for breakfast! Beavis: Yeah! Yeah! Cool! bellyflier on the dz.com hybrid record jump Quote Share this post Link to post Share on other sites
