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Loan Consolidation Primer
This primer is designed to help medical school borrowers determine if
loan consolidation is an option they should pursue. It is written primarily
for residents, but might also prove beneficial for currently enrolled
medical students who have questions about loan consolidation. It is also
helpful for medical school financial aid officers and others who counsel
medical school borrowers on loan consolidation.
General Questions
- What is loan consolidation?
- Why do borrowers consolidate their
student loans?
- What kinds of consolidation programs
are available?
- How can I consolidate my loans?
- When should I consolidate?
- Are my loans eligible for reconsolidation?
Read Answers to General Questions >>
Specific Questions
- Which loans can be consolidated?
- How is the interest rate on my
new consolidation loan determined?
- What happens to grace, deferment,
and forbearance options when I consolidate?
- What happens to the interest
subsidy when I consolidate if I qualify for deferment on my new consolidation
loan?
- What about borrower benefits
or repayment incentives?
- What repayment options are available
to borrowers on their new consolidation loan?
- What are the monthly payment
and total repayment amounts if I consolidate?
- Can I pay off my consolidation
loan early, and how are payments applied?
- Who will service my new consolidation
loan?
- Are there any hidden fees or
hidden costs with consolidation?
- How long will this take, and
what happens to my loans during consolidation?
- What about spousal or joint
consolidation?
- What about unsolicited information
I receive about consolidation?
- Whom should I contact to inquire
about consolidating all of my loans? I didn't consolidate last year. I
have Stafford loans from college through the direct loan program, and now
I have Stafford loans from medical school through a bank.
- How can I get an estimate of
my monthly payments so I can decide whether to consolidate right now?
- Can I deduct the interest on
my consolidation loan on my federal income tax return?
- Will consolidating my loans
have a negative impact on my ability to qualify for an Economic Hardship Deferment?
- What would the consequences
be if I were to run into real financial problems and had to file for bankruptcy?
- Can I include my HEAL loans
in my consolidation loan?
Read Answers to Specific Questions >>
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