Consolidation?

[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

 

[DOctorJay]

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.

 

[osteodoct]

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?

 

[cocojambo]

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.

 

[box29]

What about private loans from a few different lenders...nelnet and ACS...