Private Loan Consolidation

meyers9163

Well-Known Member
So I've been looking for ways to bring my monthly payment down some. Only reason for this for me is to help my parents as my dad is without work. Anyways for anyone who has private loans Citibank has a new system in which you can consolidate your Sallie Mae Career training loans and also you Wachovia Student loans and includes many others.

https://www.studentloan.com/findstudentloan/loanforconsolidation.htm

Right now I am working on consolidating my loans. I have only 35k in debt. However 21 from Sallie Mae and 13 from Wachovia. I just want to pay one lender. Well they offer both fixed and variable. So its great for me. Right now I am looking at terms of 30 years (the only one they do) but you can pay as much as you want and not penality for early repayment. So far very happy with the people I've talked to about it. I'm going to save about 250 a month. Its looking good right now. Yet I can double and pay more if I want. Its just worked out for me right now and those with greater debt longer terms might be good for you.
 

turbomax97

What can brown do for you?
So I've been looking for ways to bring my monthly payment down some. Only reason for this for me is to help my parents as my dad is without work. Anyways for anyone who has private loans Citibank has a new system in which you can consolidate your Sallie Mae Career training loans and also you Wachovia Student loans and includes many others.

https://www.studentloan.com/findstudentloan/loanforconsolidation.htm

Right now I am working on consolidating my loans. I have only 35k in debt. However 21 from Sallie Mae and 13 from Wachovia. I just want to pay one lender. Well they offer both fixed and variable. So its great for me. Right now I am looking at terms of 30 years (the only one they do) but you can pay as much as you want and not penality for early repayment. So far very happy with the people I've talked to about it. I'm going to save about 250 a month. Its looking good right now. Yet I can double and pay more if I want. Its just worked out for me right now and those with greater debt longer terms might be good for you.
Great thread Paul. I consolidated my Sallie Mae with Citi and payments went from 900ish to 300ish... funny how that one number they call in interest rate can ruin your life huh...

Also shop around, I got my really low rate by badgering 4 loan companies over 3 months until citi finally gave in.
 

SteveC

Really?
Staff member
I'm going to save about 250 a month.
Couple of questions:

1. What are the currently monthly payments of your two loans?
2. What are the terms (length of loan) on your two current loans?
3. What would your monthly payment be on the 30 year consolidation loan?
 

meyers9163

Well-Known Member
Couple of questions:

1. What are the currently monthly payments of your two loans? 400 roughly (little more)
2. What are the terms (length of loan) on your two current loans? (15 years right now)
3. What would your monthly payment be on the 30 year consolidation loan? (150 variable or 230ish fixed )
However you are right. People need to look into this hard before doing it. In some cases you could pay more over the terms of the loans. However I know for some it might be helpful while making very little or even getting furloughed. I was just really shocked to see I can go from a Variable to fixed. Fixed right now is about 8% and Variable is 5%. Even though I qualify for variable and fixed I am thinking about going fixed. Because its just a matter of time until the economy goes back up. But input is greatly appreciated!
 

meyers9163

Well-Known Member
Turbo who were some of the others you know about? I do not want to just settle on citibank if other banks are now also doing private loan consolidation. I think others would benefit from it as well if you have some. Thanks!
 

turbomax97

What can brown do for you?
www.nextstudent.com
American Education Services
Key Bank
Bank of America
Chase
A Local One


Most of the guys varied from Prime + somewhere between 4 - 6, me and my co-borrower have 800+ Scores, but Citi was Prime + 1.25 with an origination fee of 1%.
 
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