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Private student loan consolidation

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OhioMatt

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I have a buddy who is trying to go through this process right now. He has a high rate private student loan through Sallie Mae and wants to see if he can reduce the interest rate. He isn't having any luck finding a bank/company who does this kind of thing. Has anyone done this or have any tips I can pass onto him? Any little bit of info will help. Thanks!
 
I've done it but it was more of a consolidating 2 into 1...did it today as a matter of fact, I think the site was studentloans.gov
 
Were the ones you consolidated federal or private loans?


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OhioMatt said:
Were the ones you consolidated federal or private loans?


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Federal...The private route will probably be different and tougher. May have to go directly through banks.
 
Private student loan consolidation

Yeah that's what I have told him. He's just having issues finding someone that will redo a private student loan. Consolidating my federal loans was a piece of cake.


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OhioMatt said:
Yeah that's what I have told him. He's just having issues finding someone that will redo a private student loan. Consolidating my federal loans was a piece of cake.


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I know wells Fargo does
 
In case anyone stumbles onto this tread my buddy found a spot to do this called Charter One Bank. It is a fairly new product from them and they will refinance almost any private student loan into a lower fixed rate.
 
Consolidated loans several years ago with Earnest.com
Very easy to apply and got breaks of rate with auto pay etc. They offered the lowest rates for me at the time.
 
LilDonald said:
in fact I hate student loans as you get into kind of trap... But students are forced to take these loans...
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How is anyone forced to take a loan?
 
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