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loan consolidation

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  • #1

    loan consolidation

    Has anyone done it? Is it worth it? I just did a loan calculator to see what are monthly payments will be, and basically we will both need to work 200 hours a week for life in order to pay them off. Is loan consolidation similar to refinancing a house? If we were to consolidate, would our payment term become longer? I am not fully sure how they are able to cut your payments in half. I would appreciate any input. Thanks.
    Sue Anne
    Mom to three wild women.
    Tags: None
  • #2
    I'm not sure of the answer to this since we are still deferring loans through residency although I would love to know the answer!

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    • #3
      I will have to ask my husband about this to be sure, but we consolidated right after residency and the payments were lower. I think it does add to the term of the loan, though. I will check with him.

      Sally
      Wife of an OB/Gyn, mom to three boys, middle school choir teacher.

      "I don't know when Dad will be home."

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      • #4
        I would consolidate only if you are guaranteed a fixed rate at lower than what your student loans originated at. Ours sit at about 4.5% without, which is not bad. At least ours were fixed at origination. An adjustable rate now may sound good but in 5 years from now you may find yourself having to refinance.

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        • #5
          I am not really sure myself how loan consolidation works, my husband took care of all of the details for his loans. We were able to reduce the amount of our payments (at 3.5%, I believe), but I think our payment term is still the same (10 years). Our consolidation coincided with the beginning of our repayment term, though, so I'm not sure how it affects it if you've already begun repayment.
          ~Jane

          -Wife of urology attending.
          -SAHM to three great kiddos (2 boys, 1 girl!)

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          • #6
            We reconsolidated his medschool loans a few months ago. It was very easy to do it through the original lender. I wouldn't recommend doing it through all of those places that are always sending out cards and letters in the mail or calling about it. There always seems to be a gimmick with those deals. Instead, I believe it's best to go directly through the original lender. We were able to get a significant rate decrease locked in. Whatever you do---it's always a good idea to shop around, first.

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            • #7
              loan consolidation

              I consolidated my ugrad and grad school loans last year at a 3.5% rate and was able to lock it in! I was very nervous about it because it meant changing lenders, etc....and I just felt apprehensive...but now that it's done, I'm glad!

              I vote that you shop around until you find someplace that will offer you the lowest rate...and then go for it!

              kris
              ~Mom of 5, married to an ID doc
              ~A Rolling Stone Gathers No Moss

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