Consolidation?

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osteodoct

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Hi,
Whats the point of consolidating loans? The offers I have been getting seem to be @ the same interest rate that I currently have. Is it to extend the life of the loan to 30 years, so that payments are lower? Is this a good idea to do? I'm getting ready to graduate med school, and need to know what to do! Of course, I am deferring my loans thru residency
 
Hi,
Whats the point of consolidating loans? The offers I have been getting seem to be @ the same interest rate that I currently have. Is it to extend the life of the loan to 30 years, so that payments are lower? Is this a good idea to do? I'm getting ready to graduate med school, and need to know what to do! Of course, I am deferring my loans thru residency

time to rethink that last statement, economic hardship deferment will disappear July 1, 2009.
 
time to rethink that last statement, economic hardship deferment will disappear July 1, 2009.


I thought alot of resident also chose to defer based on 'in training' status? Is this criteria dissappearing as well?
 
What amount of loans are we talking about here?

If you have several different loans with high interest rates, you could consolidate them with 1 low interest rate every month via a credit counseling agency or something, so instead of making 3 different payments to 3 different companies every month, you only have to make 1 payment with a lower interest rate. Although it is hard to find such good deals nowadays.
 
What about private loans from a few different lenders...nelnet and ACS...
 
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