This option will reset the home page of Loan Advices: You Ask – We answer | All About Loan Issues restoring closed widgets and categories.

Reset Loan Advices: You Ask – We answer | All About Loan Issues homepage

Is it possible for a different bank to buy out my current private consolidated student loan?

regina reina asked:

I made the terrible mistake of consolidated my student loan debt with wells fargo. I now have a $77,000 consolidated private student loan with a %7 interest rate. Is there a way I can shop around for a bank that will buy out this loan with a lower interest rate?
Asked on: 2012-11-06 13:16:33

1 Comment

  1. Merry says:

    If you consolidated federal loans into a private loan, then you did make a terrible mistake. If they were already private loans that you consolidated into one loan, that’s not so awful. 7% interest really isn’t bad for a private student loan (though private loans themselves are bad), so you may not be able to get much better.

    You can definitely shop around. Just make sure that you don’t go with a better rate without verifying that it’s a FIXED rate.

Leave a Reply

You must be logged in to post a comment.