Consolidating loan private student
The good news about these types of loans is that once the student loan is moved into an unsecured loan, it may be fully dischargeable in a future bankruptcy. However there are limitations on the loans they make.Generally you must have graduated from the program the loans were incurred for and the school must be a Title IV accredited university.With all these lenders the ultimate rate you will pay will be based on your credit history and credit score.If you have crappy credit then the current rates you are paying on your current loans might be better.If any of these loans were used for graduate studies, not all schools are eligible.According to the So Fi website, only graduate expenses from the following schools are eligible.If you don't have a lot of private student loan debt, you can wrap them up in an unsecured debt consolidation loan like those from Lending The only issue with the unsecured lenders is the limit of the loans is typically around ,000 or so.
Private loans represent only 10 percent of student loan debt, but that number — more than 0 billion – is still significant and, in many cases, even harder to pay back than federal student loans.Fixed-rate financing makes keeping track of finances a good deal easier.Credit unions have become particularly aggressive in pushing private student loan consolidation.Carnegie Mellon University Columbia University Cornell University Dartmouth College Duke University Emory University Georgetown University Georgia Institute of Technology Harvard University Massachusetts Institute of Technology New York University Northwestern University Stanford University University of California, Berkeley University of California, Los Angeles University of Chicago University of Michigan, Ann Arbor University of North Carolina - Chapel Hill University of Pennsylvania University of Southern California University of Texas at Austin University of Virginia Vanderbilt University Yale University - Source There are similar outfits like CUStudent but they have limitations as well.
Then there are the private student loan lenders like Wells Fargo that would love to consolidate your loans into yet another private student loan.
Thus, there is little incentive for private lenders to offer lower rates as they retain a strong claim over the debt even if the borrower declares bankruptcy.