FFEL Loan Consolidation: HELP!!!

[rgn10]

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Hi everyone! This is the first time I post something on the SDN forum (well maybe the 2nd 😛), but I really need some help to understand what I should be doing in the next few months before my loan grace period ends.

I graduated on the 28th of June with a BS in Biology. During the last 3 years, I had to ask for a loan in order to complete the payment of the tuition fees.

I understand that all those loans are FFEL loans.

I also heard that I have the option to consolidate the loans into a single monthly payment plan. Since I'm dealing with FFEL loans, I read that it would be better if I applied for consolidation near the end of the 6-month grace period in order to benefit with some time. I should start repaying on December 30th, 2008. And I plan to apply for a loan consolidation 2 months before the end of the grace period so that I have time to complete my application, and have it processed before the deadline.

My question is the following:

WHERE do I apply for a loan consolidation for the loans I have? Is there an ONLINE application I can fill out?

I don't know if it's early to worry about those things now, but I really don't want to get to the end of the grace period not having completed a consolidation application, or worse yet, knowing nothing about how to apply for one...

Also, I want to make sure I know what I'm going to do, since I start med school on the 25th of August and will probably not have the time I have now to work on solving this thing...

Hope you guys can help me find the info I need, so I know what to do when the time comes... This loan thing really worries me... any helpful info is greatly appreciated. Thanks 🙂

 

[TMP-SMX]

Why would you consolidate when you are going back into in-school deferment. Consolidate when you are done. You are never going to go into repayment until after med school.

If you haven't filed a FAFSA you need to do that again. Where are you going to attend medical school?

 

[rgn10]

The reason I want to repay my loans is because the medical school I am going to attend has a "financial aid package" which is not related to U.S. federal student loans. It is a need-based financial aid which contains both a loan from a local bank, and a grant. This financial aid program allows medical students to get the financial assistance they need. Also, medical students here are not eligible for US federal loans (as opposed to other undergrad and grad students in the university) because of restrictions resulting from special laws that govern federal financial aid for students enrolled in medical schools located outside the U.S.

I know I can defer the loans because I'm going back to school, but I would rather start repayment before I get into the MED loans (which are not related to U.S. federal student loans).

Do you know how I can consolidate my FFEL loans? Is there an online application I can fill out? I read that I should contact the lender in order to ask for loan consolidation, but can't this be done over the internet by filling out an online application?

Thanks 🙂

 

[TMP-SMX]

Yes it can be done over the internet through lender sites. However, read the fine print and make sure you don't lose any benefits you have had with each separate bank. Though many lenders aren't doing consolidation now.