Every young child while practicing medicine on their stuffed toys has the desire to become a doctor when they would grow up. But obtaining this medical degree is no child’s play but rather takes a lot of determination and hard work. And above all you must have the financial resource available with you to pay for the educational cost when you would go to the institution. At present the annual medical tuition fees is around 20,000 dollars and most of the students take out the federal along with the private loans to fund for the college expenses. As a medical student you are taught to alleviate the pain of your patients but ironically once you graduate from the medical college it is you who needs help to minimize your burden of student loan debt from your shoulders.

If you are reeling under the burden of medical school loans, then you can take help of Medical Student Loan Consolidation program. It is quite true that student once graduated have to undergo a lot of mental and financial stress because of the huge student loan debt. According to the American Medical Association, more than 80% students coming out after earning their medical degree have an average pending loan of around $130,000. But under the Medical Student Loan Consolidation, all the outstanding money would be bundled out together into a single loan program that would be easy for the students to manage. The monthly payment to the lender decreases and the time period is considerably increased. The borrower has to pay back the money only to one lender and not multiple ones. The rate of interest is extremely low and the repayment options are very flexible.

Students should know that the Medical Student Loan Consolidation falls under the federal loan consolidation program and it is not possible to consolidate the private owned loans. With this aid, the debts are easily managed and the students don’t have to make their bank account empty at the start of every month. The benefits of this program are summarized under the below headings:

• Low origination fees
• Repayment period up to 30 years
• No prepayment penalties
• Forbearance option is available

The good thing is that the interest rate can be further reduced if the borrower applies for the Medical Student Loan Consolidation with a cosigner whose credit scores are better than the borrower. The interest rate varies from 7.74% to 15.19%. The interest rate for the private student loan is based on the LIBOR or London Interbank Offered Rate which is now set at 5.24%. There are no upfront fees to be paid and the origination fee that is added to the principal balance of the loan is determined by the credit score of yours or through credit tier ranking. The borrower must be having a loan debt of at least $100,000 and the maximum should not go beyond $150,000. If the borrower misses to add any loan to the already consolidated loan, then they would get 180 days from the funding date to include any left over loans. And while adding any new loan, the students would have to use Master Promissory Note Addendum.

Once the application for the Medical Student Loan Consolidation is completed, the borrower would then get a grace period of 20 days before the repayment would begin. There are 3 repayment options available for the students to choose from and they are summarized below:

• Equal Payments in which the principal along with the interest charged for the loan would have to be paid for the total consolidation period and the monthly payment would not change.


• Select 2/ Graduated Payment where the students would have the option to pay only the interest for the 1st two years under the Medial Student Loan Consolidation and after which the repayment would get normal for the remaining period.


• Select 5/ Graduated Payment where interest is to be paid for the initial 2 years. In the 3rd 4th and 5th year, the borrower would have to pay only a small portion along with the interest and from the 6th year onwards the monthly payment would include the principal as well as the interest charged for the loan.

The forbearance option is also available on the Medical Student Loan Consolidation but it is to be remembered that the interest would continue to get accumulated on their consolidated loan. The borrower must have attained the age of 18 and should be a permanent resident of United States of America. For non US citizens, they would have to submit their student visa and F-1 or I-20 form along with the loan application. Only students whose credit history is good are eligible to get their medical loan consolidated. The borrower in order to be creditworthy would have to abide by the below mentioned things:

• Not bankrupt in the past 5 years
• 2 years of good credit history
• No accounts in collections
• No tax liens against you
• No defaulted loans in the past

So, if you have pending medical school fees and unable to make the payments, then make your life free from stress with Medical Student Loan Consolidation, today!!!