Hello, Obviously I cannot pay 14.25 interest rate, and they say you cannot consolidate one, single, loan. What are my options to get a lower interest rate? Should I take out a personal loan with a lower interest rate and co-signer and pay off that way?
2007-12-28 18:54:41 · 3 answers · asked by ffay23 2 in Business & Finance ➔ Personal Finance
Wow, I have never seen such a high interest rate on a federal loan. You can consolidate a single loan if it is an amount over $10,000. I have done it before. I know it sounds funny, it is not a consolidation if it is not combining more than one loan but that is how it works. Go to www.salliemae.com and click on loan consolidation (third link down under "start you application"), or call 800-448-3533. The only catch is you must have your loan fully disbursed before you can consolidate. What that means is your loan money went to your school at 50% in the fall, the second half will disburse in about a week for your spring term. After it has fully been disbursed you can call Sallie Mae and consolidate at a lower interest rate.
2007-12-28 19:15:15 · answer #1 · answered by Marina J 3 · 0⤊ 1⤋
The application and approval procedure of personal loans is online. Lots of lenders are available on the World Wide Web with lot of attractive offers and packages for you. You just surf the web for the best lender offering suitable terms and conditions as per your requirements and financial plightahead to have all the things you've been dreaming of without even worrying how to repay it. Sit on the chair, be a bit clicking conscious and find all your plans molding in a true shape.
2007-12-29 03:59:54 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Get a second lone at a cheaper rate .
a problem you may find is they will charge you a fee or fine for paying off early that will cost nearly as much as the outragious interest
2007-12-28 19:03:47 · answer #3 · answered by Robert F 7 · 0⤊ 1⤋