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3HourTour
New Orleans Saints Fan
A whiskey barrel
Member since Mar 2006
17518 posts

Consolidating Student Loans

The wife and I currently pay close to $600 a month in student loans right now. I have 2 and she has 2. We pay them separately. I think it would be wise to consolidate our loans to have one payment per month. Should I just go to my bank and see what they can do? I bank with Capitalone


GaryMyMan
USA Fan
Shreveport
Member since May 2007
11585 posts

re: Consolidating Student Loans
From my experience you're not going to get Capital One or any private bank to match your current interest rate (unless it's higher than my grad loans at 6.8%). While dicking around on Credit Karma I saw something about credit union student loan consolidation at cUstudentloans. It's a group of credit unions who offer private loans for student loan debt. Without a co-signor they offered me a 7% variable rate - which isn't as good as my current rate, but with a co-signor it can be as low as 4 something percent. I may transfer my absurdly expensive bar study loan to them soon.


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TheWiz
LSU Fan
NOLA
Member since Aug 2007
7852 posts

re: Consolidating Student Loans
As I've shared on here before, this is what my wife and I had done. But her step-dad does $10s of millions worth of business with said bank. I doubt that many lenders will give you anything better than the 6.8% you likely have already.

quote:

So the lender came back again. We're definitely getting a good ole boy deal. Offered a 4.25% 24 month interest only, and instead of going into term they're going to re-issue the remainder for another 24 months interest only. Then they'll issue one more 12 month interest only note, which will then balloon to a 5yr term at the end of that. (Rate then TBD). The interest only will be low enough that we won't hit our monthly budget, and we'll still be able to apply several $100 towards principle for the next five years. Every little bit counts, in that aspect, and we should be able to chip away about $24,000 worth of principle over those five years.


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