Any experiences or know of lenders who will consolidate school loans at lower rates? I know the current rate for Stafford loans is like 5.3% for repayment. Just wondering if anyone has or plans on consolidating before the 2% tax hike July 1st.

6/13/2006 10:14:50 AM

i consolidated through cfi

but all my loans were through them

6/13/2006 1:04:43 PM

ive been working on this very thing for the past few days...
they sure dont make it easy

6/13/2006 1:05:50 PM

I consolidated with CFI, but I don't know yet what my payments are......

I did it almost a month ago (online) and haven't heard from them

^^ How long did it take before you heard from them??

6/13/2006 1:08:37 PM

I'll be consolidating, but am hoping for lower than the 4.5% rate I've gotten offered from a couple places.

6/13/2006 1:10:32 PM

^^ Maybe give it a few days, but you might want to call and make sure everything's going through. I tried to consolidate my loans through Sallie Mae last year when the interest rates were around 2.7%. I put in an application online and then got no response at all, ever. So this year I put in another one, waited a couple weeks, then called to check, and they said they still had my application pending from last year, and that I needed to give them some information. But I never got contacted at all, phone, email, or anything.

6/13/2006 1:15:03 PM

i applied online last week because applications are due tomorrow so mailing it wouldn't have gotten there in time

they said i'd get a new statement with my payments. my first payment isnt due until july and the guy told me they'd mail me all the info

cfi was really nice and helpful. the forms they sent me were all confusing and the guy walked through with me and told me what i needed to fill out and what didnt apply to me

then i just typed in all the info on the online forms

just call their number and ask. i'm sure there are more hoops to jump through if you have loans through multiple lenders though

6/13/2006 1:21:38 PM

consolidating was a bitch and took forever. i ended up going through cfi though.

6/13/2006 8:35:24 PM

how did it take forever?

i filled out the application online and it took me 10min

time on the phone was about 15min

did you have loans through multiple lenders?

what took so long? i'm curious

6/13/2006 8:51:42 PM

I highly recommend checking your current lender's consolidation plans and interest rates. I just called mine and they're emailing the application. Once they receive it, most likely via email/website, my interest rate is locked in, regardless of how long it actually takes to process it (4-6 weeks). It was very easy and I asked every question that popped into mind and the person was very courteous and helpful. My initial rate is 4.75% but hopefully I can get one of those programs that drops it further.

6/15/2006 12:08:02 PM

I'd rather have a grace period.

6/15/2006 12:23:23 PM

I just consolidated through wachovia (had my loans w/ them) the rate is locked in @ 4.75%. If i sign up for direct draft, the rate drops .25%, and if i make all payments on time for 12 months, it drops another 1%. So hopefully after a year, i'll be down to 3.5%

6/15/2006 12:34:23 PM

^ I think I may go with them
Wife has loans through CFI
I have one loan left through ACS

We'd like to have a join consolidation but CFI, who has the better plan, won't let you combine. Since we bank with wachovia we might just do that.

Anyone know if the credit union has a good consolidation loan?

6/20/2006 6:14:51 AM

clarkhoward.com

6/20/2006 6:59:17 AM

Quote :

"I'd rather have a grace period."

I'd rather pay six months earlier and NOT pay an extra $6,000 (at least) in interest.

On a side note, I just finished my application through CFI. I'm definitely going to toast one for electronic signatures!

[Edited on June 30, 2006 at 4:24 PM. Reason : .]

6/30/2006 4:14:17 PM

Quote :

"I just consolidated through wachovia (had my loans w/ them) the rate is locked in @ 4.75%. If i sign up for direct draft, the rate drops .25%, and if i make all payments on time for 12 months, it drops another 1%. So hopefully after a year, i'll be down to 3.5%"

There is a good chance that they will sell your loan and the new provider will not give you those breaks.

6/30/2006 4:22:38 PM