Student loan consolidation possible?
Before I make a call on Monday to check I thought I'd check here first:
I just looked at my student loan account and I have two loans, both
consolidated: one is a consolidated subsidized loan (I think that means a
consildation of all of my subsidized student loans) and I also have a
consolidated loan of my unsibsidized loan. These student loans were
consolidated at a terribly high rate - 8.25%. Is it possible to consildate
these two consildated loans together in order to get a reduced rate?
Not likely--they only allow one consolidation. But I'd still call
and make sure. There might be a chance that these consolidations
were done outside of the system and do not count.
8.25% is kind of high considering the market right now. If you
have a home, a home equity loan might be a better idea. Or, if
you have an expensive luxury car (anything over $7500 in my book),
consider selling it and buying a cheap car, and pay down the loan
with your profits from the car. You don't need a big car when you
are in debt big-time.