Newbie loan repayer here.. I recently graduated college, 2003, and for the past two years have been paying back student loans (another 10 years to go!). My federal loans are consolidated into one payment; however, my private loans are not. I contacted Citibank and they do not have a consolidation program for private loans. As you know, when the feds raise interest rates my payments increase.

Is there anything I can do to "lock" in an interest rate for private loans? If not by Citibank, would another lender buy my private loans? Currently Citibank has advantages such as .25% reduction for EZ-Pay and another % reduction after three years of repayment, but the rates increased considerably this past year and with no interest cap I am concerned. My goal is to save money, I have a family to support and with gas prices currently at all time highs I need to take action on controllable expenses before it’s too late. Please help...

Thanks

First of all, welcome to CreditBoards and the Student Loan forum.

You might refinance them, but I haven't had any dealings with private student loans myself. I'm sure if you search this forum, you will find some answers to your questions.

Good luck!

Only lender I know that will purchase your private loans is Student Loan Express, SLX. Your interest rate is based on your credit, not sure if the rate they offer is fixed or variable.

Good luck!