student loan consolidation

Discussion in 'Credit Talk' started by tom65432, Jul 3, 2001.

  1. tom65432

    tom65432 Well-Known Member

    I talked with my son again concerning his student loans. He has $13,500 on Sallie Mae loans at 8% to 8.25% and $5800 on a PLATO loan at a little better than 10%. He is out of school and will make his first payment on the Sallie Mae loans this month.

    The Direct loan program will only refinance him on the Sallie Mae loans, but offer 5.95%. They will not do the PLATO loan.

    CFSloans will consolidate all the loans, but at 8.25%.

    Does anyone know of someone who will do all the loans at a rate near the 5.95% offered by the Direct Loan program?

    If not, he may just do the Sallie Mae loans at the lower rate and concentrate on paying off the PLATO loan quicker.

    Thanks for your help.
  2. jfpruitt

    jfpruitt Well-Known Member

    I've looked for this same solution also and the only place I could find that consolidates private loans is CFS. Sorry....maybe someone else has a better solution than me though...
  3. Shantel

    Shantel Well-Known Member

    You might want to do a seach on the internet. I believe Key Bank consolidates private and federal loans.

    However, if you consolidate the two, you won't get the 5.9% rate because that's ONLY for federally backed loans. Once you add the private loan, that rate goes out the window.

    I'd refinance the Sallie Mae loans and work like hell to pay off Plato. JMHO.

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