Questions: paying for premed ugrad and med sch

[erasable]

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Hi allz,

I am graduating this year from college and will enter medical school this fall.
Would someone please help me with the following questions:

1. When is the last day to consolidate my undergraduate loan before the new interest rates kick in?
(I suspect its ~July 1st, but i also assume they need some time to process the consolidation request, so would it be before July 1?)

2. For the loan consolidation, is it better to go through the same bank that I borrowed when I was in college or is it better to go to a different bank?
My college loan is from Citibank.

3. For my medical school, I'm going to max out both Stafford Sub and UnSub, AND take a private loan of 20k. Which bank should I get my 20k loan from (ie. have the lowest interest rate & best terms)?

Thanks!!!

 

[thesauce]

Hi allz,

I am graduating this year from college and will enter medical school this fall.
Would someone please help me with the following questions:

1. When is the last day to consolidate my undergraduate loan before the new interest rates kick in?
(I suspect its ~July 1st, but i also assume they need some time to process the consolidation request, so would it be before July 1?)

2. For the loan consolidation, is it better to go through the same bank that I borrowed when I was in college or is it better to go to a different bank?
My college loan is from Citibank.

3. For my medical school, I'm going to max out both Stafford Sub and UnSub, AND take a private loan of 20k. Which bank should I get my 20k loan from (ie. have the lowest interest rate & best terms)?

Thanks!!!

1. Just apply online before July 1st and you'll be locked in. I recommend studentloanXpress because they were very easy to deal with.

2. and 3. You can get private loans for education through Sallie Mae or another education lender for much lower rates. It's only a minuscule amount above prime with a co-signer or good credit.

 

[thesauce]

Also, you should be aware of the origination fee that some lenders have. That's where you ask for $5000 (for example) and they only give you $4800, but you're still charged interest on $5000.

 

[johndavid]

if you consolidate do you not automatically go into the repayment phase?

 

[lord_jeebus]

if you consolidate do you not automatically go into the repayment phase?

Yes, but you can immediately defer those payments because you are in school.

 

[erasable]

Yes, but you can immediately defer those payments because you are in school.

If you defer those payments can you still qualify for the 1% discount after three years of on-time monthly payments and the 0.25% discount for direct debit from my account?

 

[thesauce]

If you defer those payments can you still qualify for the 1% discount after three years of on-time monthly payments and the 0.25% discount for direct debit from my account?

Yeah, if you stick to your repayment schedule after the deferment is over and you start paying back. But the benefits differ from lender to lender.