Education Finance Partners

Big G · #1 (**permalink**) 04-09-2007, 06:19 AM

Has anyone heard either good or bad about this company? They are the only place I can find which will consolidate all my private student loans with a fixed rate. They approved me for my total amount I need at 9.2% with a .25 reduction for automatic deduction from my checking account.

sweeps · #2 (**permalink**) 04-09-2007, 10:50 AM

9.2%?? What are the rates of the loans you're attempting to consolidate?

Big G · #3 (**permalink**) 04-09-2007, 10:56 AM

The rate for my big one is 9.970% and it's variable so it's gone up a few times.

sweeps · #4 (**permalink**) 04-09-2007, 11:05 AM

A quick google search seems to imply it's a legit company. It's being sued by the state of New York for allegedly colluding with schools to steer student loan money their way, but that wouldn't necessarily mean it's a bad company for you to consolidate with.

Do you have any other financing options available to you? Home equity loan? Personal loan? Consolidating at 9% would be hard for me to swallow. Have you checked with all the providers of your current student loans?

Big G · #5 (**permalink**) 04-09-2007, 11:11 AM

I don't own a home, but hope to in the summer of 2008 (possibly optimistic, but it's a plan) All of my loan companies only offer variable rates, which is what got me into the problem of paying so much in loans (650+/month)

I had a friend look into some of the banks he has money in and asked if they would loan me the amount of money I needed and no one would be willing to give me that kind of money.

I know it's a high rate, but I want to have some money left over after each paycheck.

sweeps · #6 (**permalink**) 04-09-2007, 11:16 AM

I see your point. I guess a fixed 9.2% (-.25%) is better than a variable rate of 10% and rising.

Have you checked with Sallie Mae?

Big G · #7 (**permalink**) 04-09-2007, 11:18 AM

Quote:

Originally Posted by sweeps

I see your point. I guess a fixed 9.2% (-.25%) is better than a variable rate of 10% and rising.

Have you checked with Sallie Mae?

I just looked at Salie Mae, but it's private loan consolidation interest rate is variable. I've learned my lesson about variable rates ... I guess it was better to learn early in life

sweeps · #8 (**permalink**) 04-09-2007, 11:28 AM

Looks like EFP is the winner. I also checked this list. EFP was the only one that offered a fixed rate.