I have two loans being serviced by Great Lakes (one is private, and one is federal). I have one loan being serviced by Sallie Mae that is private. I want to consolidate the two private loans but not the federal one. How can I do that?
May 3, 2014
Great question. Also, smart planning. Keeping your federal loan separate can be a really wise move.
As for the process, it varies by lender, but regardless of the approach you use, it should be pretty simple.
When it comes time to consolidate, you will specify on your application approximately how much debt is to be consolidated. When the application is approved, just be sure to specify which loans are going into the consolidated loan. Before any money changes hands, you should have plenty of chances to look things over and correct any mistakes. As long as your two great lake loans don’t have the same balance it should be pretty easy. Because there is no way to “undo” a consolidation, it is definitely important to get this right, so it might be worth your time to make a phone call to confirm things are being done properly.
That all being said, what you are describing is a pretty standard process. This is common in situations like yours as well as situations where people consolidate their high interest loans but no the low interest ones. Just keep an eye out as you go through the process.
Final tip: if you haven’t picked out a lender, be sure to shop around. The lowest advertised rate may not be the lowest rate you qualify for. Shopping around can help you find the best deal. We have a list of lenders and reviews that should help: https://studentloansherpa.com/student-loan-reviews/
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