Hey folks,
I'm sure there are more of you out there like me that are buried in student loans. Specifically, "private alternative student loans"...in excess of $50K...I've even exhausted my 12-month forbearance period. My own bank tells me that these loans "can't be consolidated". Internet research has yielded much to the contrary. Currently, I'm at 11.2% interest (outrageous) over 15-years repayment. I've found many companies online who will consolidate private loans down to around 7%, but they require a cosigner. As a 34 year old, I'd like to avoid throwing myself to the feet of my parents to get them to either cosign or refinance a mortgage on my benefit...so instead I come to you all all for advice.

I have researched a few companies out there that consolidate these sorts of things:
-NextStudent.com
-Freedom Debt Relief
-StudentLoanConsolidator.com
-Wells Fargo
-Sallie Mae
-Key Bank

I've even looked at "Income Contingent Repayment" at http://www.finaid.org/loans/icr.phtml

The problem with all of these so far is that the minimum payments are still too high for a first year FO....OR the solutions apply only to "Federal" loans...not "Private" loans.

With Collection agencies breathing down my neck...and $650/mo minimum payments (please don't laugh)...What have you folks found that can help me get these payments down to a reasonable/affordable rate (for now)?

Thanks for any all help/advice in advance.

Beam.......it certainly deadens the pain.

I just consolidated my loans with educational finance partners. My parents were my co signer for my old loans. With EFP I had to get my wife to co sign but if I pay 36 months on time she will be dropped as my cosigner. The original terms are 360 months but I want to drop them to 240 months.
No origination fees my interest is LIBOR +2.5 but I have .25 reduction for automatic billing so its around 7.25.

If it all fails go back to school at your local community college at least part time.

Good luck

try Wachovia, see what they can do for you.......they are who I went thru, but I paid cash for 1/2 my school, then loans for the other 1/2, so my payment is only around 350.00/mth...intrest rate is 9.5

Sheesh, welcome to the new America, where we saddle our new workers with large debts to keep them enslaved to the system for as long as possible.

man, i was so tempted to borrow money for flight training just to get it done soon. but i guess it does hurt...

$80K + here...consolidating with Key Bank - SLM is raping me at 15% and they'll give me 10%. I expect to pay $2,000/mo (the addt'l $400 is towards principal). It helps to be single and unattached with no auto loans and what have you. I know it sucks dude, but it gets better! Best of luck

It's all a means to an end. If you're folks are cool with it, just do. There is a big difference between 7% & 12%. Good Luck.

How about Sun Trust bank they have Federal Consolidation Loans

http://www.suntrusteducation.com/aff...0-42437C56106F

hope it help