i have 2 accounts with southwest student services. one with just under $900 and the other is just under $9000 with interest rate as 3.9% for both. is there a way to lower the rate and/or consolidate? what will happen if i consolidate with other lender? will it lengthen my pay back period? which lender would you recommend? etc.

your input is greatly appreciated. Thanks in advance.

azpirin

If you have not consolidated previously, then you have 2 options. First option is to consolidate directly with Southwest Student Services and your second option is to consolidate with Direct Student Loans. Speak with both and see what programs they offer you and then decide which fits your needs best.


fla-tan

Thanks for this question, I will piggyback on if you don't mind. (By way of background, I was given the task of fixing/researching my man's credit for him so we can hopefully get a loan come summertime) He has NINE separate accounts that show up for Sallie Mae. This is Greek to me - can these be consolidated, and if so, does it serve a real purpose, or will it actually be bad on his credit rating if we are working hard to improve it in the next 4 months for a short term goal??

Thanks, Stacy

Stacy


Yes he can consolidate, though unless he has multiple lenders with Sallie Mae, he will have to consolidate with them. No it will not be a negative in any way. In fact, it may well help his scores to rise.


fla-tan

Thanks for reply fla-tan

Hmmm, so I was just at sallie mae and it says that with their consolidation there is no credit check etc. - so thats why it wont hurt him as an "application for credit" etc or new account? Yeah there are no different lenders on it so that is the way he would have to go, thru SM. So seems like its win-win then, to me? Is there any reason he would NOT want to do this??

~ Stacy