Loan Consolidation Deadline Coming Up!!!!

Nursing Students General Students

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Specializes in Cardiac, Acute/Subacute Rehab.

Hey, y'all!!

The deadline to consolidate your student loans before the interest rate increase is coming up....I consolidated and would recommend this to anyone!

This website gives a lot of answers to questions that you may have.

http://www.federalconsolidation.org/faqs.htm

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Specializes in ER.

I second that! I just did mine and it was well worth it...locked into a nice low interest rate, reduced my payment by about 150 a month, and also wound up getting a 5% reduction of my principal.

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Do you know if you're able to consolidate if you're still in school and haven't began repayment?

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Specializes in FNP.

Did you know... that if you consolidate, you may not be eligible for loan payback through the gov't or even some hospitals? Heard that on NPR and double-checked it with my financial aid office last year -- also, if you have a Perkins Loan - do not consolidate, as that will be 'wiped clean' when you graduate with a nursing degree.

Ann

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Specializes in Med/Surg.
Did you know... that if you consolidate, you may not be eligible for loan payback through the gov't or even some hospitals? Heard that on NPR and double-checked it with my financial aid office last year -- also, if you have a Perkins Loan - do not consolidate, as that will be 'wiped clean' when you graduate with a nursing degree.

Ann

Ann...what do you mean it will be wiped clean? I have perkins loans too but I did not consolidate them because it brought my interest rate up higher. Is there something you have to do to get them wiped? Please let me know the details. If you don't mind pming me I would really appreciate it...as I can never find the threads I respond to again. Thanks...have a great day!!!

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is a perkins loan the same as federal subsidised and unsubsidised? i wont be consolidating either b/c i want a hospital to help pay back my loans. tell us more about this perkins loan thing..

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I regret consolidating my student loans. My husband and I did not realize at the time we consolidated that we are no longer able to put our loans into deferment unless BOTH of us were full time students. If you are single or if husband and wife consolidate seperately, it is a pretty good deal to lock in those interest rates. But consolidation isn't great for everyone.

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Specializes in Med/Surg.

lostdruid...I specifically asked the woman that on the phone and she assured me I did not have to start paying them back until after I graduated and then I would have 6 months before I had to start....I consolidated in the middle of June...guess what I got in the mail...YUP a bill due on August the 6th...heck I do not even graduate until the 10th....now they tell me I have to apply for a financial hardship deferment....all I asked was for them to postpone it for one month...geesh....

Perkins loans are loans specifically for nursing students if I remember correctly...its been a couple years since I took them out...I am interested in finding out how you get them wiped out though....

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Specializes in FNP.

I don't know how to PM... but here's some info:

http://studentaid.ed.gov/students/publications/repaying_loans/2003_2004/english/loan-discharge-cancellation.htm

I'd suggest talking to your financial aid office - if they have a nursing program, they should be well aware of the perkins cancellation

Staffords are the subsidized / unsubsidized loans... Perkins are on their own - what I don't like though is now that I'm eligible for the Federal Nursing Loan, I'm not eligible for Perkins - and the nursing loan doesn't have a cancellation option - grrr

:)

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