Loan Consolidation Tips???

[JadeCA]

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Hello all,

My grace period for my pharm school loans will be up in about 3 months...so I need to consolidate my loans ASAP!

Does anyone have tips on how to go about this process and know any companies out there offering great rates? Any advice would be greatly appreciated!

Thanks!

 

[BanBidil]

Hello all,

My grace period for my pharm school loans will be up in about 3 months...so I need to consolidate my loans ASAP!

Does anyone have tips on how to go about this process and know any companies out there offering great rates? Any advice would be greatly appreciated!

Thanks!

I've also been looking at this. Careful with private companies though..... Im thinking of delaying mine when graduating, paying the minimum and buying a house cash after working hard and saving for 2 years and then moving the debt into a HELOC so its tax deductable.

 

[Vitamin K]

I've also been looking at this. Careful with private companies though..... Im thinking of delaying mine when graduating, paying the minimum and buying a house cash after working hard and saving for 2 years and then moving the debt into a HELOC so its tax deductable.

Think hard before you do this. If you can't make a student loan payment for any reason, there are options for you (forbearance, etc) but if you roll that debt into a heloc, the bank won't care what your situation is...the money is due no matter what. It all depends on how much you have in student loans though. Why not just work hard and pay off your student loans before buying that house? What difference would it make? I'm guessing your heloc rate would be higher than a regular mortgage anyway...

 

[Sirius77]

banbidil, creative idea. I will be out of pharmacy in about a year and a half. I was wondering what are some other creative ideas of how to pay off your loans? The only advice I got from my school was to pay the minimum and draw it out forever, so if you did die before it was payed off you wouldn't be responsible for the remainder of the loan😕😱 Doesn't make much sense. What are the current rates that you guys are finding to consolidate your loans?

Some of my preceptors for my IPPE, consolidated at 1 and 2%, or so they say.

Thanks for the input,

Michael

 

[Athrok]

If you can consolidate for under the expected rate of inflation...then yeah...make a minimum payment forever. You'll be effectively decreasing your loans over time.

I know a few people who have done this, but does it really happen these days?

 

[cjhrph]

If you can consolidate for under the expected rate of inflation...then yeah...make a minimum payment forever.

One of the stupidest ideas I have ever heard. Don't listen to this, it's just plain bad advice.

 

[Athrok]

Why is it the dumbest idea you've ever heard? I've never consolidated my loans, so you may know something I don't.

 

[Vitamin K]

Why is it the dumbest idea you've ever heard? I've never consolidated my loans, so you may know something I don't.

Because you'll have a student loan payment your entire life. I don't know about you, but I'd like to have a little more financial freedom than that. Also, consider the possibility that you can't make that huge payment if some unforeseen circumstances occur. If you default on your loans, they can yank your pharmacist license. Why not just pay it back? You owe the money, so man up.

 

[Athrok]

It's a fair argument. There are definite benefits to being debt free.

I asked my financial adviser the same question a few hours ago. I myself want to do what makes the most financial and common sense. "I owe it" doesn't make a lot of common sense to me, however. I'm not going to default.

OP: It stands to reason if there's any chance you could have to default on your loans in the future, pay them ASAP.

 

[JadeCA]

So any companies people have consolidated with? Any trustworthy websites I can look into? There seems to be so many out there and I don't know which one to trust. 😕

 

[Vitamin K]

Nobody ever plans on defaulting on their loans. Life happens. Might be easy now, but when you have a house payment and 12 kids, bills stack up. 🙂 I'm just saying...

 

[StaviZFingerZ]

Nobody ever plans on defaulting on their loans. Life happens. Might be easy now, but when you have a house payment and 12 kids, bills stack up. 🙂 I'm just saying...

Did you ever get to see the finale of Badger Badger Badger Mushroom Mushroom?

 

[Vitamin K]

Did you ever get to see the finale of Badger Badger Badger Mushroom Mushroom?

Nice try. You got me on that one last time.

 

[StaviZFingerZ]

Nice try. You got me on that one last time.

It wasn't an attempt for you to try again. It was an attempt to remind you of it!!