Sigma, I have a 10% interest rate from Sallie Mae also. Actually, Citibank was who I took the loan out with and Sallie Mae bought it from them. I have really good credit so I can see how someone can have 15%
I am also pretty sure that you cannot consolodate private loans. All the consolodation things you see are for government loans, and yes for those you missed out.
Also, Being a tech school I am not sure if the government will give loans for that, but as you stated Russel, you have these loans through private companies.
One more thing. If these were STUDENT loans (not personal taken out for school) they wont affect your credit as bad as if they are just straight up loans (car loan etc) Even if bankruptcy would clear a student loan, which again I dont think it will, you would be screwed for 7 years so forget about a loan then.
EDIT: Another word of advice for you would be to get in touch with Sallie Man and get them to extend the term of the loan. For the ammount you have loaned, even with a 15% interest, if you stretch them out as long as they can go (30-40 years) that would decrease your payment substantially. If not, ask them what can be done if anything. Unfortunatly private loans are not very forgiving in my experiance. Once your interest rate is locked in when they distribute the loan that is usually pretty much it.
Last edited by 99blacksesport; 07/06/05 01:15 AM.
