Private Consolidation Student Loans? My husband and I have a good amount of student loans (nearly $ 100,000 combined) which are private loans through Sallie Mae. My interest rates are outrageous, some are 7% to as high as 15%. Are there any good options for consolidation of private student loans? If not, what other options are there to refinance these loans (line of credit would be better mortgage)? We both seek to reduce payments and obtain a fixed interest rate while the first is low. Thank you in advance for your advice and help.
consolidation loans have all but disappeared in the last year ... even in large companies like Sallie Mae and Wells Fargo. It is simply not worth it for these companies to make these loans more. (Why waste my money by consolidating when they are already getting interest of 15% compared to you). I'm sorry I'm not much help .... but you would not your loans combined with her anyway. My advice is to pay promptly.
A line of credit is not a viable option either, unless of course you own a house and actually have $ 100,000 worth of equity in it. With the housing market as it is, most people are upside down on their mortgage. (Do more than the house is worth). If you have that much equity in your home (only got 25K on a 125K house, for example), that more power to you. Go visit the bank on Monday and ask. Personally, I do not want to risk my house for private student loans, but that decision is yours.
Keep in mind that the interest you pay on student loans can be deducted from your income at tax time (without detailing ).... This is simply not the case with a line of credit.
Sorry I have not much more help.
Hello
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Posted on January 5, 2010.