Student Loan Consolidation for Medical students - Federal

You will probably have both federal and private loans but for this article we will be dealing with only your federal loans. After interest is added you could be paying a total of over $500,000.00, so it is extremely important to make sure you are getting the best deal possible with your loan consolidation. By the time you graduate you will most likely have at least $200,000.00 in student loan debt.

Check with your state’s department of education for the specific rules. In general you have to practice in a facility that serves low income people for a number of years but the conditions do vary by state. Loan forgiveness – The first thing to look into is if you will be eligible for any loan forgiveness, you don’t want to lose your eligibility by not knowing what is required.

Many hospitals and private care facilities offer loan repayment as an employment incentive for medical personnel. The National Health Service Corps offers loan forgiveness programs for physicians who agree to serve a certain number of years in areas that lack adequate medical care. With Perkins loans you lose any chance of forgiveness if you consolidate them so you should check into it before deciding to add them to a consolidation.

With Stafford loans it doesn’t matter if you’ve consolidated the loans or not, they can be forgiven either way.