Student Loan Consolidation

Well now that I’m finished up with my bachelors degree I want to consolidate my student loans. I know there are a lot of companies out there that offer all kinds of breaks and such. Can anyone recommend any places that they have used?
Thanks!

I would not do that immediately. It was my understanding - check with your loan servicer to make sure I am correct - that you can only consolidate your loans once/lifetime. In other words, if you consolidate now, you may not be able to do so post-med school. Of course, who knows where interest rates will be then? So, I would make it a point to speak to a financial aid officer & not just one of the people trying to sell you a loan to make certain that I am wrong & that it is best to consolidate now vs post-med school.

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I would not do that immediately. It was my understanding - check with your loan servicer to make sure I am correct - that you can only consolidate your loans once/lifetime. In other words, if you consolidate now, you may not be able to do so post-med school. Of course, who knows where interest rates will be then? So, I would make it a point to speak to a financial aid officer & not just one of the people trying to sell you a loan to make certain that I am wrong & that it is best to consolidate now vs post-med school.


Good point. I did read that you can’t refinance unless you have obtained more student loans since the consolidation. But, I will definitely check with the experts before doing this anyway.

I have most of my loans through the federal government right now. Because I borrowed for my masters and then later to take pre-reqs, I have two different “loans” through the government (and a government loan through a private lender).
I had a lengthy conversation with someone at the federal loan agency. I CAN consolidate now, and then consolidate them again after medical school. REFINANCING is probably a different ballgame.
I will be consolidating mine through the government. They can purchase my stafford loan from the private company that hold my one loan.
Overall, I think you are probably better off consolidating through the government, if that is an option. I don’t think any of the private companies offer a better interest rate than the government.
Another consideration - if your loans are held by the government, they are dropped to a lower rate while in deferrment. I was advised to try and get all my loans in deferrment before consolidating, as this would get me a lower interest rate on my consolidation
Amy - who as she reads this thread suddenly remembers that she forgot to make her student loan payment this month!!!

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I had a lengthy conversation with someone at the federal loan agency. I CAN consolidate now, and then consolidate them again after medical school. REFINANCING is probably a different ballgame.


From what I understand, one CANNOT ‘refinance’ a consolidated loan. But you CAN consolidate and old consolidated loan and a new student loan. I think I would be able to consolidate now and then consolidate again after med school. I’m not certain so I am going to do some checking tomorrow.
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Overall, I think you are probably better off consolidating through the government, if that is an option. I don’t think any of the private companies offer a better interest rate than the government.



How and where do I consolidate with the government?? I’m not even sure what type of loans I have!!

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I think I would be able to consolidate now and then consolidate again after med school. I’m not certain so I am going to do some checking tomorrow.


Yes, you should be able to consolidate now, and then consolidate again with your med school loans.
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How and where do I consolidate with the government?? I’m not even sure what type of loans I have!!


Go to Federal Loan Consolidation. You will have to find out who currently holds your loans. If the government holds them, you will have no problem consolidating them through the federal program. If the government does NOT hold them, you will need to contact the federal program and find out if they are able to buy your loans from whoever currently holds them.
Any paperwork you get about your loans should contain the info about who hold/services your current student loans.