Comments on: Is there a way to transfer consolidated school loans to another lender to get a better rate?

By: Lauren R

Lauren R — Thu, 22 Oct 2009 06:47:59 +0000

That’s pretty low already, and I don’t know if you can consolidate again, but here’s just another option to consider…
The company I represent,, lets you apply for a loan consolidation with 6 accredited lenders at the same time. You fill out one application, and the idea is that these banks will compete for your business so you’re more likely to end up with a lower rate. I don’t know if you’ll get offered anything lower than what you already have, but it could be worth checking out.

Good luck!

By: Found-1

Found-1 — Thu, 22 Oct 2009 06:28:18 +0000

You can only consolidate your loans once. 4.25 is pretty low though..

By: Elana

Elana — Tue, 20 Oct 2009 00:21:15 +0000

If you can find one better than 4.25%, go for it!

You’d go to a bank and borrow $70k using something (say, your house) as collateral, and use the proceeds to pay off the other loan.

However, I doubt you’re going to be able to get any rate anywhere near that good.

Student loans are very low interest generally. It doesn’t surprise me that even in today’s hideous interest market, your existing loan is still the best you’re going to get.

I’ve watched somebody try to get a fixed rate mortgage and they’re not doing any better than 5.5%.