Sulilina

Nova CoP c/o 2013
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7+ Year Member
Mar 29, 2007
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  1. Pharmacy Student
Forgive my ignorance, but as I am mentally preparing myself for P1 and the intimidating amount of debt that I will be taking on, I'm only left to wonder if it is possible to have my loans deferred (private and federal) when I start a residency. I'm expecting to walk out with ~160-170k in the hole, with a payment ~2k/month. Do they provide deferments for residency students? If so, what should I do about consolidating -- should I consolidate before or after my residency? Or will they even let you consolidate while you're in deferment?

Speaking of consolidation, I spoke with my lender about the current outstanding loans I have now, and they informed me that as of right now, they are not consolidating anything for anyone and a lot of lenders are doing the same due to the economic situation. Is this true? Are some of you having issues consolidating?

Thanks
Crystal
 

Aznfarmerboi

Senior Member
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May 18, 2005
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  1. Pharmacist
Forgive my ignorance, but as I am mentally preparing myself for P1 and the intimidating amount of debt that I will be taking on, I'm only left to wonder if it is possible to have my loans deferred (private and federal) when I start a residency. I'm expecting to walk out with ~160-170k in the hole, with a payment ~2k/month. Do they provide deferments for residency students? If so, what should I do about consolidating -- should I consolidate before or after my residency? Or will they even let you consolidate while you're in deferment?

Speaking of consolidation, I spoke with my lender about the current outstanding loans I have now, and they informed me that as of right now, they are not consolidating anything for anyone and a lot of lenders are doing the same due to the economic situation. Is this true? Are some of you having issues consolidating?

Thanks
Crystal

Talk to your financial aid counselor.

They provide deferments for residency students. Concerning consolidating, you should first think about the benefits of consolidating versus not consolidating. If you do choose to consolidate, the best time to consolidate is when rates are the lowest. That depends on the economy. No, usually they do not let you defer when you consolidate.

Chances are good you will get a consolidation when you come out of pharmacy school.
 

LoKoTe

10+ Year Member
Apr 5, 2007
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And I believe you can consolidate your federal loans, but not your private loans. If I'm wrong please someone correct me.
 
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