Consolidating student loans for medical students
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
Here’s how: Federal student loan consolidation basics How to consolidate federal student loans Student loan refinancing basics Compare student loan refinance lenders When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. We're on your side, even if it means we don't make a cent.
To find the best plan for you, check out Federal Student Aid’s repayment estimators before you begin the consolidation application.
The tool shows you how much you’d pay per month on the various plans.
Although the borrower’s credit score is not the only factor in determining qualification, a minimum FICO score of 640 is required, but Upstart will accept applicants with insufficient credit history to produce a FICO score.
History Founded in 2012 by ex-Googlers, Upstart has raised money from several institutional investors to grow their personal loan business.