Comments on: Does anyone have a private student loan consolidation with Education Finance Partners? http://www.fixedratestudentloans.net/does-anyone-have-a-private-student-loan-consolidation-with-education-finance-partners What You Need to do to Get Into College When Money is an Issue Wed, 01 Feb 2012 18:19:53 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: payingcollege http://www.fixedratestudentloans.net/does-anyone-have-a-private-student-loan-consolidation-with-education-finance-partners/comment-page-1#comment-813 payingcollege Sun, 25 Jul 2010 11:00:41 +0000 #comment-813 Private student consolidation loans are not guaranteed by the gov't - so they're a much higher risk to the lender. Therefore, they're typically based on the credit history of the borrower. It's unlikely you'd get a significantly different interest rate if you shop around to different lenders. What you can do is get your credit in as good shape as possible before you consolidate, and/or find a cosigner with good credit. This can help bring the interest rate down. The rates may *seem* high, but they're probably lower than a typical credit card or car loan rate, plus the interest on them may be deductible on your taxes. Private student consolidation loans are not guaranteed by the gov’t – so they’re a much higher risk to the lender. Therefore, they’re typically based on the credit history of the borrower. It’s unlikely you’d get a significantly different interest rate if you shop around to different lenders.

What you can do is get your credit in as good shape as possible before you consolidate, and/or find a cosigner with good credit. This can help bring the interest rate down. The rates may *seem* high, but they’re probably lower than a typical credit card or car loan rate, plus the interest on them may be deductible on your taxes.

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