Locking in Rates??
Date: Tue, 06/29/2010 - 12:12
Locking in Rates??
Hello,
I have a balance of about 96k in private student loans through CitiAssist (Citi Bank) and then about 8k in other student loans.
My Citi loans have variable interest rates and all of them are different. They currently range between between 6.5 and 3.5 percent.
I have always always paid my loans on time and have always paid more money on the high interest loans.
Citi disperses the payment (and any extra) evenly accross all loans regardless of interest rate. I have to send a seperate check for the extra amount with directions to only apply it to the high interest loans. This is a hassle!
I was wondering how or where I would go about getting a locked in low rate and one monthly payment.
I have a balance of about 96k in private student loans through CitiAssist (Citi Bank) and then about 8k in other student loans.
My Citi loans have variable interest rates and all of them are different. They currently range between between 6.5 and 3.5 percent.
I have always always paid my loans on time and have always paid more money on the high interest loans.
Citi disperses the payment (and any extra) evenly accross all loans regardless of interest rate. I have to send a seperate check for the extra amount with directions to only apply it to the high interest loans. This is a hassle!
I was wondering how or where I would go about getting a locked in low rate and one monthly payment.
It is very difficult to get a private student loan consolidation
It is very difficult to get a private student loan consolidation....Wells Fargo is probably the only big lender offering them right now.
Have you consolidated your federal loans?
Other than one payment there is no incentive to consolidate with
Other than one payment there is no incentive to consolidate with WF as it would still be a variable rate. Additionally, the rates for the oldest of the loans are the lowest rates. I am sure that is due to a lower risk to lend to me when I had smaller lines of credit. Getting a loan now would presumably give me a higher interest rate across the board.
Thanks for directing me to a option, though.
