Albert Genius is composed of a team of real human experts. Text us any financial question!
Example conversation
- Hey there so I have two student loans but one is public and one is through Sallie Mae. Can I combine these together? Will they both be private?
- Hi there - happy to help. A few quick questions would help us look at the options. 1) What is the interest on your two loans? 2) Have you already looked into quotes for consolidation?
- The public one is about 6% and the Sallie Mae one is about 7-8%, not quite sure. And no, I wanted to reach out first.
- Great, thanks for sending that. So the first thing to mention is that public loans have some provisions that private loans do not, namely related to forbearance, deferment, payment plans, etc. I'd be happy to discuss these with you if you like.
- Secondly, yes and no related to the consolidating as one, when you take out a consolidation loan, you decide on the amount you would like to take out. You have the option to take out a loan just to pay the public, the private, or both loans at once.
- Were you looking to combine them just for the interest rate or did you have other considerations?
- Oh, thats good to know.
- As for the options from public, I don't really see myself needing them as I don't have a problem making the payments but mainly just want one payment, but only if the interest is lower.
- I don't want to make it more expensive just for the one payment.
- Got it, that's very helpful. So here's what I would recommend.
- I would first try to get a quote for a consolidation loan, which can be done directly inside the app. These quotes are 100% free, do not affect your credit score, and are noncommittal.
- The reason I recommend this as the best way to proceed really relies on knowing what interest rates are available to you. Once you get that, you can text us and we can review the options from there.
- Will do! I can't do it now, but I'll get the quote soon. And I can just text you back when I get the quotes? Can I send them to you to review for me?
- Sure can! You can send me screenshots or just the numbers and I'd be happy to review the options with you and review it alongside your budget as well.
- Awesome will text you when I do that!