Possibly some silly questions...

[Amxcvbcv]

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Do you sign a new Master Promissory Note (MPN) each year if you always borrow from the same lender? If you do borrow from the same lender for all four years (or two or three) is the disbursement for each year considered a new loan that could (should?) be consolidated after medical school or is it just added to the already borrowed principal?

I have almost decided on a lender for my loans and thought I was going to be set until 2009 (minus fluctuating interest rates, of course), until I realized that if I have to pick a new lender or get a "new" loan each year the fees and wonderful incentive plans we have now might not be so nice in 2 or 3 years.

As a side note, I made it through undergraduate scholarships and my own money, so all this loan stuff is very new to me.

Thanks! 🙂

 

[trouta]

Each loan is considered individually and thus can be consolidated.

I have had to sign a promissory note each year.

One thing to think of is that it is a good idea to get your loans from a different lender for at least one year so that you have options when consolidating. Otherwise you are stuck going with your one lender.