Jamie Said:

Anyone w/any suggestions on consolidating private college loans? The interest rate is HIGH.?

We Answered:

The good news is that you can consolidate private loans. The bad news is that you aren't going to get a low interest rate on a private loan consolidation. Private loans don't offer much "wiggle room" with respect to borrower benefits. Still, research as many private loan consolidators as you can and see who offers the lowest rate.

www.finaid.org (a great resource) offers a list of private loan consolidators, as well as some sound advice. Here is their list: http://www.finaid.org/loans/privateconso… {Note: Sallie Mae recently came out with a private loan consolidation product which finaid.org doesn't have listed yet.}

Not to push a certain company, BUT, of the companies listed above, you might look first at Sallie Mae, Key Bank, Wells Fargo, and NelNet, as they are established education loan lenders. Some lenders on www.finaid.org's list may no longer offer private consolidation; others may require at least some of your loans to have been borrowed through them to begin with. Key Bank's program does not require that you have loans with them in order to consolidate with them now.

Take advantage of as many benefits as you can: consider having your payments automatically deducted from your checking/savings account each month -- it can often save you .25% off your interest rate.

Angela Said:

Can Somebody help me with private college loans?

We Answered:

Nope, no ideas. Without a credit worthy cosigner you will not get a private student loan. Perhaps you can find another college student who has a room they can rent to you. Find a part time job and pay it month by month.

Priscilla Said:

Can some one give me the name of private loans for college in Oakland or san francisco..?

We Answered:

Wells Fargo does and they are all over the West coast. Just type in Wells Fargo in San Fransisco and you should be able to find one.

Pamela Said:

Where can I find private loans for college?

We Answered:

Simple tuition allows you to get multiple loan offers with one application, but private loans are very hard to get now. Adelphi is in New York- New York State has just approved a new state loan program to make up tuition gaps. The rates will be better than private loans.

David Said:

What bank has the lowest qualifications on private college loans.?

We Answered:

John:

I'm afraid that they're all about the same. They all have the same experience with bad lending, and they all have access to the same data that signals the relationship between various applicant credentials and risk.

The ground rules are pretty simple, really. If you don't have a current income (or substantial assets), you're not going to have much luck borrowing. It hasn't always been this way, but lenders now treat student loans like pretty much every other class of lending product. Applicants are evaluated on the basis of their current ability to repay - not on the basis of "we're so excited to hear that you're a college student - that must mean that you'll make a lot of money someday!"

They used to lend like that, but it took them a while to remember that every student doesn't graduate from college, every student can't find a job, every student isn't all that willing to repay their loans, etc.

In other words - the people who borrowed when the borrowing was easy ruined it for you, and this entire generation of college students.

What you need is a good cosigner. If you've got one, you'll be fine. If you don't have one, I'm afraid you're facing a very difficult obstacle. The lenders really are pretty much all the same as far as their lending criteria on student loans.

I honestly wish you the very best of luck.