Private Student Loan Consolidation
What is a Private Consolidation Loan?
Private Consolidation Loans can be used to consolidate all of your
outstanding private education loans
How much can I borrow as a Medical Student or
Graduate?
Minimum: greater than $7,500; Maximum: $300,000 with Repayment
Terms up to 30 years depending on the loan amount.
What kind of debt can be consolidated?
Private Consolidation Loans can be used to consolidate all alternative
or private education debt, including all private student loans
and graduate private student loans.
Our Medical Student Loan Advisers can help answer any questions
you may have and help you through the application process
How Is The Interest Rate Determined For A Private
Consolidation Loan?
The interest rate for a Private Consolidation Loan is the monthly
libor index adjusted quarterly, plus a margin depending on your
credit history. The margin over libor can change up to 1.75%.
Thereafter up to 5.75%.If you are a medical student or have just
graduated medical school, you have some options including Interest
only terms available for loans for the first two years and a reduction
in the principal balance up to 1.5% after 48 consecutive on-time
payments for borrowers who may have incurred an origination fee.
Get an additional .25% interest reduction when paying through
auto-debit. Medical Student Aid Centers' lending division has
first year rates as low as 6.32% APR. Rates are subject to change.
Can I Consolidate Loans For More Than One Medical
Student or Graduate?
Yes, parents may be able to consolidate the loans of one or more
children, even if the other child did not get a medical degree.
However each consolidation loan would need to be separate. Call
our educated Medical School Consolidation Loan advisers to help
determine eligibility.
Can I Borrow Funds For My Last Year Of School
And Consolidate All My Debt?
Private consolidation loans are specifically geared to consolidate
all of your private student loans when you are finished with school.
You may need a separate private loan for your last year of school,
but call our advisors to determine your eligibility.
What Information Do I Need To Provide To Apply
For A Private Consolidation Loan?
We'll be happy to walk you through the process. Just call or visit
Student Aid Centers near you. Whether you choose to visit, call
or apply online, please have the following information available
to help quicken your approval status.
- Full name
- Date of birth
- Social Security Number
- Permanent address and number of years at that address
- Previous address if less than one year at current permanent
address
- Home telephone number
- Temporary school telephone number
- Monthly rent or house payment
- Two References: nearest relatives or friends not living with
you. Must be different than references for co-borrower (Name,
Address, Home / Business Telephone Number).
- Gross annual salary
- Employer and how long employed
- Employer address(es) and telephone number(s)
- Previous employer if less than one year at current employer
- Previous employer address(es) and telephone number(s)
As a Medical Student or Graduate with a Medical
Degree, how long does it take to be approved for a Private Consolidation
Loan?
Pre-approval occurs in as little as two minutes with final approval
occurring in as little as 1 day after you return all the required
documentation and signed forms.
Our Medical Student Loan Advisers can help answer any questions
you may have and help you through the application process
What Is An Acceptable Proof Of Income as a Medical
Student, Graduate, Resident, Intern, and/or Health Professional?
Acceptable proof of income includes:
- A pay stub no greater than 60 days old or a letter from his/her
employer verifying income during
that period and confirming that the applicant has been employed
for a minimum of two continuous years.
- Two most recent years’ tax returns.
With high approval rates regarding specialized circumstances, have
one of our medical student loan consolidation advisers help you
with your options to consolidate your medical student loans.
What Is An Acceptable Proof Of Enrollment for
Medical Students, Medical Residents, and Interns?
Note: In school deferment is not offered with this program. Once
you are in a repayment status you are required to stay in repayment
- unless you elect to use part of you 12 months forbearance.
Our Medical Student Loan Advisers can help answer any questions
you may have and help you through the application process
