Private College Student Loan

Is 9.5% ridiculously high for a student loan consolidation...should I take it?

I am paying one consolidated federal loan, and I have 4 alternative loans about to begin. The only interest rate I can get (without a cosigner) is 9.5%...Should I just do 5 payments a month? That's a lot of $$$ for a recent grad! What would you do? If I take the 9.5%, over 20 years I will be paying about 35,000 in interest. That just seems ridiculous to me...

Public Comments

1. If the 9.5 is less than the rate you are getting on the other 4 loans, then go for it. If its more, then don't. Most federal loan companies will grant you a lower interest rate if you do an auto draft payment and again if you have a good payment history..... Not always for consolidated loans.