[size=4]Hi Heather, I recently came across CU Student loans private loan consolidation at (http://www.custudentloans.org) it seems really tempting for me since I have a Sallie Mae private loan and an NJ Class loan, which is also considered private. It is through a non-profit credit union and it all sounds great, but I just want to do my homework before completing their application.

I did their online calculator and it appears this would save me about $80 bucks a month. I do have excellent credit, so i’m thinking i would get a great rate.

I was wondering if you have heard about this program? and maybe also provide feedback if this is considered a smart financial move. 

thanks in advance,
Amanda[/size]

Hello Amanda,
    This is James Jarvis, Heather’s Communications Director (and husband).  Generally speaking, Heather is not a fan of private student loans as they tend to be riskier and more expensive than their federal counterparts.  They tend to have fewer borrower protections and less flexible repayment plans, should you need some flexibility down the road due to unforeseen circumstances.  Here are a couple of posts from Heather on the topic:

http://askheatherjarvis.com/blog/private-student-loans-boom-bust-consumer-financial-protection-bureau-report

http://askheatherjarvis.com/blog/an-easier-way-to-get-your-private-student-loan-problem-fixed

http://askheatherjarvis.com/blog/friends-dont-let-friends-borrow-private-student-loans

http://askheatherjarvis.com/blog/heather-disses-private-student-loans-all-official-like

All of that said, if you wanted to consolidate your debt, check out this link: http://askheatherjarvis.com/blog/the-scoop-on-student-loan-consolidation.

Hope this helps!

Best,

James Jarvis
Communications Director
Heather Jarvis, Student Loan Expert LLC