Recommendation for "private loan" consolidation???

[JadeCA]

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Hi everyone,

I am in the process of consolidating my "private loans" and would like to know if people had a recommendation for a consolidator that has the best rates and least fees, etc. Thanks!

 

[Vitamin K]

Almost nobody is consolidating right now. Depending on what loans you have and the interest rates, it could actually hurt you to consolidate anyway. Do you have a financial aid advisor at your school that you could call?

 

[ButlerPharm.D.]

Sallie Mae and a number of other lenders have stopped consolidating due to issues in the finance system. Also, as the other poster has mentioned, it may actually hurt you to consolidate if you can actually find someone who does it as the current rates are low on federal loans (you basically average the percentage rates on your loans when you consolidate so you might end up with higher rates on some of your loans (Why pay higher interest rates on your federal loans when some of those are guarenteed?) Also, you lose your 6-month grace period post graduation; consequently payment starts to become due immediatley upon graduation if you do not do forebearance, etc.