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Consolidating Student Loans

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  • Consolidating Student Loans

    This topic may have been discussed before so excuse me if I am redundant. Has anyone here recently consolidated their medical student loans? We want to do this, but I am not really sure how to go about it. We get lots of advertisements on it and I am not really sure how to research for the best deal or best company. I could pick someone simple like Sallie Mae. My husband also has a range of interest rates from 3% to 8%. I don't know if we should include the lowest rates in the consolidation, get a fixed rate or a variable rate. This is also confusing to me and it looks like I am going to be the one to handle it.

    Any help would be appreciated.

    Jennifer
    Needs

  • #2
    We recently consolidated some of my husband's med school loans through Sallie Mae, who owned the loans anyway. Some of his loans are through his med school and I don't think they can be consolidated. It does seem like a good time to do it now, but know that once you do it, you can't do it again, even if the rates go even lower. Also, if he's been paying them for say, 5 years, the loan term starts from the beginning again. You don't have to consolidate all of them...when you apply (which you can do via Sallie Mae's web site) you list the ones you want to include. Annoyingly though, from what I remember, you don't find out what rate you get until after you consolidate. You can also choose the type of payment plan you want...we are just paying interest for now since we can't afford to pay toward the principle...sigh.

    Hope this helps. Good luck!

    Jill

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