It sounds like your private loan might be pretty high, rate wise. I'd suggest checking out https://www.graduateleverage.com/LoanApp.aspx?campaign=5 to see if they can offer you a better deal on consolidating private loans. Even better would be to do what I did, which I read last summer in a Reader's Digest article of all things. The scenario goes something like this:

Mom & Dad are getting older and they are usually more and more looking to do conservative investments (greater percentage of fixed income investments). You, just getting out of school, are looking to minimize your loans' interest rates. Talk to your parents about taking out a fixed rate loan with them to pay off your high interest rate or variable interest rate loans. It turns out that the interest is still deductible on your 1040 federal return as long as you have documented the loan (both you and your parents should draft a promisary note and sign it). The promisary note can be very brief: just should mention the loan amount, over what time period it will be paid off, the interest rate, and the monthly payment. Add something in there about how there will be no pre-payment penalties for good measure. Attach an amoritization schedule (a quick google search for that will allow you to make one easily based on the loan terms). Then, at tax year end, you just look at the schedule to see how much interest you paid your parents that year, and claim that for your deduction. They need to do the same to claim it as income (must do this). Attach a copy of your promisary note and schedule to your tax forms next year and you're all set! It's a win-win situation for both you and your parents.

fatwalletdealuser said:It looks like my US Bank Goal Loan is an alternative loan. Translation a "private" loan. I'll just have to consolidate my Perkins, Sub, and Unsub loans together. Is there a way to consolidate the "private" student loans, and lock in a low interest rates?

Yay! My electronic payment form was received and processed and my interest rate reflects the 1.25% discount.

Final question I think: When should I expect my first payment to be? Loan was disbursed 4/12. The online account information does not yet reflect a bill date or due date? I'm assuming first payment will be sometime in May. What's the average time between disbursement and first payment due?

Thanks. I'll plan on between the 10th and 15th of May then. Trying to keep my budget up to date.

scrock said:OK. I went thru both posts regarding the Consoldation. Still kinda confused.
I think most agree that UHEAA has the best deal here (especially for 30 years repayment)
I have my Stafford (both sub. and unsub.) with citibank... (I know the finical department screw me there)
I have 1 federal Perkins loan thru no one according to NSLDS.
Is it possible for me to rip UHEAA's benfits?
I know the issue may be "one lender rule", however it seems like there is a way aournd it with perkins. (2-step?)
My concerns here are
1st, will I be able to use UHEAA?
2nd, if so, will I have time to do it before the Jul/1/05 deadline?
3rd, if I consoldate, should I leave a small (8500) loan out so I can re-consol again later? Some one seems to mention it.
ohh.. I got 120.000+ in loan.

Any 1 has any idea please help.
P.S. I will call UHEEA too. Just want to see if any 1 has good idea here, since the rep. may not give me the full scope.
P.S.2. I have a crappy 25 out of 150 Dell coupon (i think that is what it is) any 1 that can help me out is welcome to it. 1st come 1st serve.
Thanks.

Great news! Thanks to this post, I got my student consolidated to Uheaa! My disbursement has been completed! I was nervous because April 26, 2006 was the cut off date for 1.25% and 1.00% for a total of 2.25% discount. I have a question for this forum. Is there a .5% cheaper interest rate on the consolidation with Uheaa if you are in your grace period vs. in a repayment period?

As for Scrock. I don't think you have to do a two step process because you loans at two different places. Citibank (your sub and unsub) counts as one, and your Perkins is probably thru your school. Contact your school about your Perkins loan.

1. Uheaa recently changed their rule about being affilliated with being a Utah resident or attending a Utah school in order to qualify for their consolidation program. If you really want to consolidat thru Uheaa go to their website, and fill out the questionair.

2. You can consolidate up to June 30, 2006. Being that Uheaa recently reduced their discount rates from 2.25% to I think 1.5%? I don't know if it's worth your wild?

3. As for leaving your $8500 student loans for a later consolidate? I think you should just consolidate all of it now. After July 1, 2006 the interest rates is fixed and the interest rates will be higher, and you not able to consolidate while you are in school. Keep the $8500 if it's less then 4.7% fixed. Otherwise just consolidate it.You can only consolidate only once you are finished with school. I may be wrong on this, so feel free to correct me.

I don't know if I should tell you this, but... If you really want to consolidate with Uheaa, just go to their website, and fill out online application, and it should go thru. You WILL NOT get the older generous rates though, because you missed the April 26, 2006 cut off date.

If I post any incorrect info here. Please feel free to correct me.

anyone else doing the graduated payment plan and making multiple payments a month so that you get the additional interest rate reduction sooner? (instead of waiting 4 years). then change payment plans once the reduction is achieved.

Is this method a good idea? or is it too much of a hassle?

Anyone else with UHEAA consolidation having trouble with interest rate reduction on site not adding up as it should be...

Mine's been stuck at 34 out of 48 for months now..

By my calculations I should be in the 40s by now...

Guess I'll have to call (sheesh)

QUALIFICATION - MADE 34 OF 48 BILLS

Thanks I called and the girl agreed she thinks I have made 40 payments as well.

Unfortunately, the guy in accounting is out on vacation but they promised to call next week.

Glad I have auto debit payments set up or I'd be paranoid I missed a payment! Will be a nice jump to go from 34 to 40 payments because of their error somewhere along the way.