Consolidation of Private Loans / Sallie Mae Deferment Fees

[phat2009]

Couple of things:

While I realize that consolidating private loans will depend on credit and amounts, I am wondering if anyone has had any luck doing so, and with what banks. I have 4 separate private loans on top of my consolidated federal loan, and 5 payments is just too crazy. Three are with Sallie Mae, and they told me they have stopped doing consolidations of private loans. I am not sure what banks in this terrible economy are even doing this anymore.

Also, does anyone know what the deal is with Sallie Mae charging $50 to defer your private student loan for a period of 3 months at a time? They told me one option I still have is 2 years of deferment, probably said hardship deferment but do not recall. BUT, they only defer in three month increments, and each loan will cost me $50 per 3 month deferment period to defer. This seems like an outrageous fee.

Thanks much!

[gml120]

I've tried to consolidate privates with 2 different cosigners, and was turned down flat. I had a good job at the time with credit score over 800 and so did they. The reason cited was "debt to income ratio too high." I believe Wells Fargo is still offering it - however I have no idea if it would help or hinder your situation as I have never dealt with them. Look in your promissory note about the deferment fees. If you cant find it, contact your original lender (if different from SM) and they can send you a copy. It's possible they are just trying to extort more money from you.

[phat2009]

Thanks -- I did ask Sallie Mae to send me a copy of where that fee was a long time ago, but of course they never did send it. I will ask again. It does seem ridiculously high, and to charge it against all three loans they have -- what, the cost of entering "deferment" in a computer system for about one minute costs that much per loan??