Loan consolidation...I know you've probably been asked befor

Hi everyone,

So somehow I am stuck dealing with consolidating the MD BF's loans because he simply does not have time to research this process. I know he has both private and federal loans (some through Sallie Mae and another through Great Lakes I know) but I really need some sound advice on the subject. It seems that a lot of places are not participating in the consolidation programs anymore due to the economy from what I understand. So my questions are as follows:
1) Can we consolidate ALL loans together?
2) Does anyone have a consolidation company they can recommend that they know is still participating?
3) What info do I need to have together for this process?
4) Any other tips...?

I REALLY appreciate your help with this....

Re: Loan consolidation...I know you've probably been asked befor

DH got great advice from either the GME office or financial aid office at his med school. That is all I remember. I'm sure someone else has done it more recently and has more to say.

[MrsK]

Re: Loan consolidation...I know you've probably been asked befor

I consolidated my law school loans (6 in all -- 1 for each semester) through Key which later sold the loan to AES Success. Their website is aessuccess.com. I don't know if they do medical school loans.

Re: Loan consolidation...I know you've probably been asked befor

We consolidated DH's with Xpress Loan Servicing in '07. Just the federal ones though. The private ones are numerous and a big PITA to keep track of. Good luck!

[Deebs]

Re: Loan consolidation...I know you've probably been asked befor

You cannot, at this time, consolidate federal and private loans together. Laws have just changed, allowing for the consolidation (separately) of private loans. Thus far, we haven't found a rate that would make it worth consolidating the privates - the consolidation rates are all much higher than what we are currently paying (I don't know if all private loans work like this, but our rate is based on the current interest rate set by the fed, so for now, it's not too bad, just bad). We keep hoping that with the bank crisis someone will be happy to offer us a good consolidation rate, just knowing that we can pay it off, but that hasn't happened yet.

Re: Loan consolidation...I know you've probably been asked befor

Thanks for your help everyone!!! I called this afternoon and it seems like there are very few places actually still offering consolidation because of the economy. I was able to use the link for the Federal Gov. Consolidation program so I'll be filling the application out tonight while I pretend to be my MD BF. The things we do for love...

Re: Loan consolidation...I know you've probably been asked befor

So I did the loan consolidation today...the whole day basically. It was such a tedious and time consuming process! Not to mention that I had to look up all 11 account numbers...and had to hack into his accounts to find out the info because he wouldn't answer my text messages. Once I started I was afraid to lose all the work I had done so I just stuck with it. Thank God that is over. With all the time I saved him he was able to watch a little extra TV tonight

[jf42739]

Re: Loan consolidation...I know you've probably been asked befor

I jumped into this late...and am hoping that you did not consolidate yours and his loans together. We were advised NOT to do that because if something happened to him, you would be responsible for his med school loans, whereas if you keep them separate, his loan would not effect you if something happened to him. I don't know about you, but my lack of salary and minor one (if I taught again) would not be enough to pay back those loans...It would be like having a mortgage that I couldn't afford.

[scarlett09]

Re: Loan consolidation...I know you've probably been asked befor

So when is it recommended to consolidate? During 4th year, after graduation, etc.?

I know that I consolidated my federal loans from undergrad after graduation and before July 1st, when the federal consolidation rates change. I am not sure what should be done for med school loans. The other half has Sallie Mae and some federal loans, I am pretty sure there are no private loans in the mix.

Julia, you mentioned that your husband, who is also a MS-4, consolidated already. When did he do that?

[MrsK]

Re: Loan consolidation...I know you've probably been asked befor

I jumped into this late...and am hoping that you did not consolidate yours and his loans together. We were advised NOT to do that because if something happened to him, you would be responsible for his med school loans, whereas if you keep them separate, his loan would not effect you if something happened to him. I don't know about you, but my lack of salary and minor one (if I taught again) would not be enough to pay back those loans...It would be like having a mortgage that I couldn't afford.

I think it's that you shouldn't consolidate your loans with his loans. But you should consolidate all of your loans and he should consolidate all of his.