floortoms1977 asked:
I know this topic has been beaten to death, but I can’t really find the best answer. I have about $65K in private student loans from Sallie Mae. I am looking to consolidate them in a fixed rate. I am getting concerned that rates will soon be on the rise and into double digits to curb the coming inflation. My credit score is around 780. I do not own a home so I can not use a home equity line to pay them off. Any suggestions or does anyone know of a bank or other financial institution that offers fixed consolidation? Thanks in advance!
I know this topic has been beaten to death, but I can’t really find the best answer. I have about $65K in private student loans from Sallie Mae. I am looking to consolidate them in a fixed rate. I am getting concerned that rates will soon be on the rise and into double digits to curb the coming inflation. My credit score is around 780. I do not own a home so I can not use a home equity line to pay them off. Any suggestions or does anyone know of a bank or other financial institution that offers fixed consolidation? Thanks in advance!
Floor:
To the best of my knowledge, there are NO lenders making fixed rate consolidations of private student loan debt at the present time. In fact, there are just a handful of lenders making private consolidation loans at all.
I’m seeing Chase, StudentLoanConsolidator (Edvisors), and Wells Fargo, and they’re all offering credit-determined variable rate loans based on LIBOR or Prime.
Companies like NextStudent, SallieMae, EdFed and ScholarPoint are not consolidating private loans.
I don’t know if “can’t find the best answer” means that you’re not happy with what you’re hearing, but I’m not seeing anything to suggest that there are fixed rate consolidation loans available for private educational loan debt.
I’m sorry for the disappointing news. Good luck to you.
Left by NotAnyoneYouKnow on October 24th, 2009