Can I refinance private education loans?

ad_hoffman asked:


I have some Stafford loans that I know I can refinanance, but what is killing me are the rates of my private school loans. Am I allowed to refi them along with my Staffords?

Elaine

Tags: Private Education Loans, Private Loans, Refinance Loans

This entry was posted on Monday, July 27th, 2009 at 8:47 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “Can I refinance private education loans?”

1. Mopar Says:
   July 28th, 2009 at 6:18 am

   Arlene

   I don’t see why not. You just apply for a loan and use the money to pay off your Staffords, then pay the loan.

2. Rohan Roy Says:
   July 31st, 2009 at 5:24 am

   Anna

   Yes. Go to Nelnet.com

3. Financial Aid Podcast Says:
   August 1st, 2009 at 2:21 pm

   Milton

   Yes, BUT the end result will be a private student loan consolidation, which means that your Stafford Loans, which you could consolidate as a fixed rate federal consolidation, will be in a variable rate private consolidation - and unlike federal consolidation, private consolidation has NO CAP, which means rates can go as high as the indexes they’re based on.

   Good luck!

   Christopher S. Penn, The Financial Aid Podcast
   On-demand financial aid internet radio, no iPod required

4. payingcollege Says:
   August 2nd, 2009 at 5:47 pm

   Darlene

   You can’t consolidate federal with private, but you can consolidate each of them separately. Your private consolidation loan interest rate will be based on credit history, so have a cosigner with good credit can help bring the rate down. Sallie Mae consolidates both types of loans, so you can manage them in the same place:
   federal student loan consolidation:
   private student loan consolidation: