Private Student Loans Fees and excessive cost
Date: Thu, 09/16/2010 - 08:35
Private Student Loans Fees and excessive cost
I have several private student loans that I need to get under control. I am enrolled in school and the company wants to charge me $50 per loan to put into forbearance. If I had that I could make a payment. What can I do to try to lower my interest rate? Avoid forbearance fees? Is it better to consolidate or try to pay each one one at a time? Any advice you can give is much appreciated.
Private loans do not offer the perks that federal loans do and a
Private loans do not offer the perks that federal loans do and as such you will be stuck with the terms you signed for. They will not lower the interest rates, you cannot avoid forebearance fees and get a hardship payment plan.
Consolidating privates is very difficult. Your credit has to be spotless and about the only lender doing it right now is Wells Fargo.
If you attempt to pay one loan at a time, you will default on the others. Avoid that at all costs.
