Consolidating Private Loans

[jenjas]

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Hi guys,

I was just curious if anyone knows a good financial company for consolidatiing private loans. I just consolidated my federal, but need some information on the private. I was told Key bank, but their rates are 6.8% (never fixed), and they charge a fee of 8% of your total amount. For me thats alot of cash > $100,000. Any help would appreciated here.


Thanks,

Dr. J

 

[somdave2005]

Hi guys,

I was just curious if anyone knows a good financial company for consolidatiing private loans. I just consolidated my federal, but need some information on the private. I was told Key bank, but their rates are 6.8% (never fixed), and they charge a fee of 8% of your total amount. For me thats alot of cash > $100,000. Any help would appreciated here.


Thanks,

Dr. J

Why do you even want to consolidate your private loans in the first place? Private loans are fixed rate loans... are you gettting any borrower benefits from consolidating your private loans?

Dave

 

[PCN]

You cannot consolidate your nonFFELP (private) loans. If someone offers to consolidate you will pay extra fees. The gov offers special deals (guarantees) to the lenders and therefore offers an opportunity for companies to consolidate your FFELP loan (direct/stafford/..). The private loans (the MEDEX loan included) are not gauranteed. Therefore you will never likely get a good deal if you consolidate, serialize, or transfer your loan. The only option you have is if you bought realistate and have a HELOC loan and have paid off a portion you may be able to transfer some of your private loans to a HELOC account under a lower rate.

If you find out a way you can consolidate your private loans in any other way, please let me know. I would be very interested.

Why do you even want to consolidate your private loans in the first place? Private loans are fixed rate loans... are you gettting any borrower benefits from consolidating your private loans?

Dave

 

[somdave2005]

Yeah even if you consolidate your private loans, you're not getting a good deal. You will probably pay extra money (as mentioned by OP) to consolidate your private loans. IN other words, don't do it. Your private loans are probably going to be your higher rate loans anyway, therefore try to pay those suckers off first along wiht any credit card debt.

Dave

You cannot consolidate your nonFFELP (private) loans. If someone offers to consolidate you will pay extra fees. The gov offers special deals (guarantees) to the lenders and therefore offers an opportunity for companies to consolidate your FFELP loan (direct/stafford/..). The private loans (the MEDEX loan included) are not gauranteed. Therefore you will never likely get a good deal if you consolidate, serialize, or transfer your loan. The only option you have is if you bought realistate and have a HELOC loan and have paid off a portion you may be able to transfer some of your private loans to a HELOC account under a lower rate.

If you find out a way you can consolidate your private loans in any other way, please let me know. I would be very interested.