Fed Financial

Has anyone taken out private student loans?

I took out private student loans during college, and boy was I stupid for doing so. Anyone know where I can consolidate these? Everyone is telling me I can't. Any help on ways to pay private loans back. Federal are no problem as my monthly paments are $20 a month. I have about $60k in private debt and that is killer. I got an education but man it sucks paying this stuff back.

Public Comments

1. Actually, I am getting loans right now and I am glad I read this post, I am sorry I cannot help you but you have helped me decide not to go private. Thanks!
2. I also have taken out a crap load of private education loans and you heard right, there is no way to consolidate them. My best advice is to make paying them back a priority and try to get rid of them as quickly as possible. The interest rate is usually much higher on the private loans so pay the minimum on your federal loans and put whatever you can towards the private ones. Good Luck!
3. Actually you can consolidate your private student loans through Sallie Mae. The offer many different types of student loans so they've been around for a while. http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/private/private.htm Check that out.