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May 20, 2009


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Ron Tough

Thank you Education Finance Partners: In Nov 2006 I consolidated $63,000 in Auntie Sallie private loans into one $63,000 EFP loan - 3-month LIBOR + 2.35% minus .25% auto-debt reduction = 3.33% today. July 1 I get another reset and my rate will be 2.76% or lower.....

This is a deal that cannot be beat....I have reduced my balance from $63,000 to $27,000 today and I should have this loan paid off by next year at this time.

Unfortunately EFP went BK last year and they aren't offering any more consolidations. Everybody else going forward is stuck paying usurious rates detailed above.

Now if the Messiah could do something about my $102,000 in federal loans at 3.5% ....


I was looking to consolidate my student loans and came across this post, very helpful. One thing i learned about consolidating student loans when i was looking around the net, is that you do not want to consolidate private student loans with federal student loans (http://studentloansforcollege.org/studentloans/consolidate-private-student-loans/) this was something i was not aware of, so hopefully this helps someone else. thanks for you guys having blogs like this out there for students.

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