In desperate need of FINANCIAL Advising

[psych]

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I was wondering if anyone could help me figure out what to do about alllll my loans from undergrad. I'm really confused and not sure what's the best step to take.
I just graduated in May and I start med school in mid-Aug. I have ~25k in stafford loans from undergrad and was considering consolidating. I called a company and told the woman my situation (that I'm starting med school in a month but want to consolidate my undergrad federal loans). She said I could but then I'd be foregoing my grace period.
What does this mean? When will I have to start making payments if I consolidate vs if I don't consolidate? Does that mean immediately after I graduate I would have to make payments on my consolidation loan while doing my residency and I couldn't defer? Most people defer, right? So if I don't consolidate, I would just defer until I finish my residency? I'm very lost in how all this works...
Additionally I have a huge problem. I have private loans. Lots. I wanted to go to medical school soooooo bad I completely lost my mind and took out $60k throughout my undergrad years so I didn't have to work (so I could focus on getting straight As and doing research +ECs: basically doing everything I could just to get in). Now I'm actually starting to freak out because my interest rates are variable, some up to 12.75% and I spent all last night practically having a meltdown about all that I will somehow HAVE to pay back someday. ANYWAY when I regrouped this morning, I realized I must face the music but I don't really know how and I was wondering if anyone would be so kind to offer any advice about what I should do.
I'm thinking I want to consolidate the private loans I have and maybe not the stafford because if I can't defer during residency then I wouldn't be able to make payments for both. It seems like I would be better off to lock in a lower interest rate and just deal with the lack of a grace period. One of the problems with consolidating my private is that Sallie Mae is my lender and they are not doing consolidations at this time, so if I did want to, I'd have to find another company that would consolidate the private loans I have with Sallie Mae. UGHHH!
Okay, I don't know if that made sense, but if there's anyone out there that is willing to take time to tell me some options (that will save me $$$) I'd definitely appreciate it.
thx

 

[TMP-SMX]

First of all, relax. You don't want to be worrying about loans during medical school.

Second, talk to your medical school's financial aid office to see what you options are.

Third, most likely none of us will be able to defer by the time we get to residency. The only option is pay up or forbear.

Fourth, the grace period is nothing to worry about and has nothing to do with deferment if you are able to defer. If not, then you have to make payments a few months earlier.

Last, it will be tough consolidating those private loans. Not many lenders are doing it right now. I'd just say take out as little as possible for medical school and budget well. Are you going to a state school by chance? Also, shouldn't you have figured out your finances by now and loans for next year?

 

[rgerwin]

i know if at least 3 private consolidation lenders still in the gam but you'll need good credit, and I hoonestly don't know if they'll defer while you're in school. Make som calls.

 

[psych]

I called like 8 companies. All either required an income or they didn't offer defer/forbearance or they said I wasn't approved becaue I had too much debt. 🙁