I consolidated several student loans 7 years ago at high interest rates and have been making good progress in paying them off. My current interest rate is 9%. Are there any methods to get this interest rate down to a more comptetitive rate?
Wifey just consolidated her student loans with AMS. There were 2 original loan, one at 6.875% and the other at 5%. When consolidated, it went to 6.25. I remeber seeing somewhere that the rates couldn't go about like 7% or something. Click here to see what they're all about. There's tons of other consilidation sites out there. We just went with them because their sister company originated one of Wifey's student loans. Smitty The best treatment for hunger is prevention.
William D Ford Direct loan program. I got 5.99 with a .8 interest rate reduction with the first 12 pmts made on time... effective rate: 5.2 I don't know what the current consolidation rate is, but they've been very good on servicing so far. http://www.loanconsolidation.ed.gov/
I concur with Marie. We consolidated our loans a couple of years ago with US Dept of Ed (William D Ford) and have had absolutely no problems with them. Our rate is 7%. They will reduce this amount by 0.8% if you sign up for automatic payments and payments are made on time for 12 months.
I don't qualify for William D Ford consolidation loans because I don't go to a Direct loan school (They only do stafford loans) and none of my current loans are direct loan (they are all stafford loans) I looked into this because they seemed to have the best deal going.
From what I understand, you are only allowed to consolidate once. After that, you cannot move around. Is this correct?
ME: That is my problem. I consolidated when the rates were pretty high in comparison to today's rates. I have written my lender to ask for a reduction in interest with no reply yet. I have been on time with my payments so I don't know if they have any incentive to reduce my interest rate. Any ideas?
