Consolidating Loans from my Postbacc

[ILikeFood]

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I'm from California. Took out ~30k in loans to finance my postbacc.

I'm starting med school in Aug. My loans will go into grace in Feb and then defer again when I start, I think.

I was wondering if it was worth consolidating my postbacc loans right before med school starts. They're at 6.8% fixed. Is there any financial reason to wait? I'm consolidating just to clean things up a bit. Don't want to deal with loans here and there.

Thanks for any input

 

[yadayadadude]

You forfeit your grace period when you consolidate, for one thing.

 

[TMP-SMX]

What type of loans are these? You are likely going to have to deal with loans here and there in med school as different lenders for Staffords have different benefits/fees that change on a year to year basis. It is in your interest to choose the lender with the best deal. Last year it was THE, but they stopped giving benefits and are no longer going to give benefits to borrowers they promised it to. This year it was Discover or some other places that depend on the state you are in, but there are no benefits only a good upfront lack of fees that was special to them.

 

[Bleurberry]

What type of loans are these? You are likely going to have to deal with loans here and there in med school as different lenders for Staffords have different benefits/fees that change on a year to year basis. It is in your interest to choose the lender with the best deal. Last year it was THE, but they stopped giving benefits and are no longer going to give benefits to borrowers they promised it to. This year it was Discover or some other places that depend on the state you are in, but there are no benefits only a good upfront lack of fees that was special to them.

Well let's assume they are all stafford subsidized and unsub. loans.
What then? Should he still consolidate at the end of his deferment but before medical school begins?

 

[TMP-SMX]

Why would the OP consolidate? Not only is it hard to find good terms, but if the fees were already paid up front to get the loans it is too late. Plus, once you consolidate them once you can't consolidate them again.

 

[ILikeFood]

Fine, I'll hold off.