Private College Student Loan

Private student loan consolidation?

My husband and I have a sizable amount of student loans (almost $100,000 combined) that are in private loans through Sallie Mae. My interest rates are outrageous, some are 7% to as high as 15%. Are there any good options for private student loan consolidation? If not, what other options are there to refinance these loans (would a home equity line of credit be better)? We are both looking to lower the payments and get a fixed interest rate while the prime is low. Thank you in advance for your advice and assistance.

Public Comments

1. Consolidation loans have all but disappeared in the last year or so... even in the big companies like Sallie Mae and Wells Fargo. It is simply not worth it for these companies to make these loans anymore. (Why loose money by consolidation when they are already getting 15% interest from you). I'm sorry I'm not much help.... but you couldn't have combined your loans with his anyway. My advise is to pay them off quickly. A home equity line of credit isn't a viable option either, unless of course you own a home and actually HAVE $100,000 worth of equity in it. With the housing market as it is, most folks are upside-down on their mortgage. (Owe more than the house is worth). If you have this much in equity in your home (owe only 25K on a 125K house, for example), than more power to you. Go visit the bank Monday and ask. Personally I would not want to risk my house for private student loans, but that decision is up to you. Also keep in mind that the interest you pay on student loans can be deducted off your income at tax time (without itemizing).... this is simply not the case with a home equity line of credit. Sorry I was not much more help.