Confused about Loan Consolidation!

[Peeshee]

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Hi,
I am trying to figure out which company to choose for loan consolidation, but there are so many out there...Here are some, just to name a few of the ones I have seen: Access Group which says you can reduce your montly payments by as much as 58%, AMSA Loan Consolidation which says you can defer payments during residency, College Loan Corporation which says you can receive 1000 dollars cash rebate, Doctors Debt Management which says the rates are 1.625-2.25%, and Sallie Mae Smart Loan which says that you'll receive a 0.6% interest rate discount if you apply before your grace period ends!
How in the world do you decide which company is the best? I am pretty confused about this issue.
thanks!

 

[mpp]

Decide what is important to you, ask a lot of questions, get everything in writing before you sign.

 

[Peeshee]

Does anyone have experience with any of these loan consolidation companies?
What about studentadvantage for loan consolidation? I'd like to hear about personal experiences with companies so I can make a decision on which company to choose.
thanks!

 

[DOStudentWife]

We consolidated through Sallie Mae about a year ago and it was pretty easy. They have a good website but their customer service is overseas and sometimes it is hard to communicate with them. Just a word of warning if you are consolidating with a spouce--if you are going to be getting more student loans in the future your spouces income will be considred when trying deferring loans, which means if you have any subsidized loans, the government will not cover the interest while in school. My husband and I did not have to consolidate together we just thought it would be easier--now he is in his 1st year medical school and he has some subsidized loans from undergrad and we are now responsible for interest on those loans while he is in school--had we consolidated seperately, they would be covering the interest.

 

[Yosh]

I would agree with the above posters and most of all...READ all the fine print.

I am graduating in May...and will have to look into all of this too....

Its daunting task at best....

 

[docsmith]

You may want to take a look at Loan Consolidation for Professionals of America. http://www.onesimpleloan.com

They claim to specialize in medical and dental school loan consolidation:
http://www.onesimpleloan.com/medical_loans.asp

 

[IsoGirl2707]

I went with T.H.E. Northstar because their discount starts right away and if you are late on a payment, your discount doesn't go away. Their downside is that they do not offer automatic debit but I don't like the fact that any company has access to my checking account so that was not an issue for me. I also really liked their customer service and their website. Whenever you call them you speak with a rep that actually speaks english unlike Sallie Mae. Anyway, T.H.E. also waited until my grace period ran out to consolidate my loans and told me about the economic hardship deferment which is something alot of companies won't do unless you ask. Something you also have to look at is the fact that many companies won't even start applying their discount until you pay on the loan for at least 36 consecutive payments--AMSA's program (keyword consecutive--if you are late the discount may go away). Also, all companies should grant deferments or forebearances during residency if you are eligible. And that has to do with your salary. Most people are eligible for economic hardship deferment; however, if you are doing a residency on the East coast (where salaries tend to be higher to compensate for high cost of living) you may not be eligible. Just ask the company you decide to work with. Good luck

 

[OSUdoc08]

I went with T.H.E. Northstar because their discount starts right away and if you are late on a payment, your discount doesn't go away. Their downside is that they do not offer automatic debit but I don't like the fact that any company has access to my checking account so that was not an issue for me. I also really liked their customer service and their website. Whenever you call them you speak with a rep that actually speaks english unlike Sallie Mae. Anyway, T.H.E. also waited until my grace period ran out to consolidate my loans and told me about the economic hardship deferment which is something alot of companies won't do unless you ask. Something you also have to look at is the fact that many companies won't even start applying their discount until you pay on the loan for at least 36 consecutive payments--AMSA's program (keyword consecutive--if you are late the discount may go away). Also, all companies should grant deferments or forebearances during residency if you are eligible. And that has to do with your salary. Most people are eligible for economic hardship deferment; however, if you are doing a residency on the East coast (where salaries tend to be higher to compensate for high cost of living) you may not be eligible. Just ask the company you decide to work with. Good luck

👍 I agree --> Use THE

 

[woowoo]

I would highly recommend visiting www.graduateleverage.com . It is a consulting company that was started by some harvard business school students. I heard one of them give a presentation, and it was pretty impressive. they will act as the middle man, as well as educate you on the best way to consolidate your loans, and deal with the banks for you as well. to my understanding it does not cost us anything. however, i may be mistaken on that. it is definitely worth looking into. Let me know how it turns out, as i'm just a first year but interested to hear what the experience is like.