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DC HJJ M
Member since 8/07 3732 total posts
Name:
Crystal
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How come I cant consolidate my private loans?
I have a bunch of federal loans consolidated with Citibank but apparently 2 private loans I took out with Sallie Mae. I just called citibank to see if they could consolidate those 2 and she said no one is consolidating private loans right now!?! Why not?
These loans have a 14.375 interest rate! This is ridiculous!
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Posted 11/20/08 1:24 PM  |
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Long Island Weddings
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: How come I cant consolidate my private loans?
Did you try calling Sallie Mae? They won't consolidate the Citibank loans, but they should consolidate their own loans.
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| Posted 11/20/08 1:36 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How come I cant consolidate my private loans?
What's the total?
Just get a credit card with a 0% offer.
Or get a personal loan. I am sure you can find a personal loan deal with a better interest rate than 14%.
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| Posted 11/20/08 1:44 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: How come I cant consolidate my private loans?
I had private student loans for law school. I graduated in 2005 and even then the consolidators would only join the multiple loans together, but they did not lock in the interest rate at a lower rate. What I did was put all of my money towards the private loans to pay them off early. I had to send the extra checks with a letter that said the payment was to be applied to the private loans and not to advance the due date. I paid off over $50,000 in student loans in a year and a half. It took a lot of sacrifices but I was horrified at almost 9% - I can't imagine how sad you must be with 14%.
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| Posted 11/20/08 4:11 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How come I cant consolidate my private loans?
The credit crisis you are hearing about is the cause.
Most banks have been pulling away from consolidating student loans since last year.
I have STAFFORD loans that I only could consolidate thru direct loans (govt).
Sallie Mae isn't consolidating either. I am lucky, mine are only 6%.
(DH's are 2%  )
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| Posted 11/20/08 4:18 PM |
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maxsgirl
LIF Adult
Member since 1/06 2086 total posts
Name:
sarah
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Re: How come I cant consolidate my private loans?
DH had a problem a few months ago with Sallie Mae not consolidating the loans.
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| Posted 11/20/08 6:38 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: How come I cant consolidate my private loans?
Posted by ave1024
What's the total?
Just get a credit card with a 0% offer.
Or get a personal loan. I am sure you can find a personal loan deal with a better interest rate than 14%.
this is what I would do if the total isn't too high.
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| Posted 11/20/08 7:48 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: How come I cant consolidate my private loans?
Posted by Erica
Posted by ave1024
What's the total?
Just get a credit card with a 0% offer.
Or get a personal loan. I am sure you can find a personal loan deal with a better interest rate than 14%.
this is what I would do if the total isn't too high.
Can you split it up among several cards? Do you own a home? Could you get a HELOC. My HELOC has a 4.5% interest rate right now.
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| Posted 11/20/08 7:50 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: How come I cant consolidate my private loans?
I remember a coworker of mine having the same problem over 2 years ago. They would not consolidate private student loans even at that time.
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| Posted 11/20/08 9:16 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: How come I cant consolidate my private loans?
They said the same to me.....but mine aren't that high!
I know citibank has some policy that other banks cannot
consolidate their loans, not sure how it works though.
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| Posted 11/20/08 9:51 PM |
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LuvMy2Girls
@>---------
Member since 5/05 11165 total posts
Name:
Mommy
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Re: How come I cant consolidate my private loans?
NOt sure if it's the credit crisis...my dh has quite the mortgage payment in private student loans...we couldn't consolidate them even 5 years ago. We have an adjustable rate thank god it's at 9% right now. We just sold our condo and dumped some of our equity on them. It s UCKS!
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| Posted 11/21/08 8:33 AM |
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