The FREE Student Loan Consolidation!
With that said, if there was a service that could save you not only time, but thousands of dollars, would you take advantage of it? Better yet, what if this service were FREE? Too good to be true? Well, believe it, because it is true! This service, known as consolidation, will indeed save you precious time and money!
Consolidating is a process in which your multiple medical student loans are bundled together as one loan. The total balance from all of your outstanding loans is rolled over into the one new loan.
Here's an example. Let's say that you have four medical student loans that hold balances of $3,000; $5,000; $6,500 and $7,500. When consolidated, the original lenders would all be paid in full, and the total balance of $22,000 would then carry over to one loan, and just one lender. This also means that there will be only one monthly payment to make.
Think of all of the time that you'll save only making one payment each month to just one lender!
The Free Consolidation
Not all student loan consolidations are free, as some companies charge you to consolidate your loans. However, with a federal student loan consolidation from Medical School Loans, there are no hidden fees or charges. The service is totally free to borrowers.
Federal Consolidations with Medical School Loans
In addition to being free, a federal loan consolidation with Medical School Loans has many other benefits. Prior to consolidating, your interest rates may not be fixed, which means that your rate could fluctuate. By consolidating your federal loans with Medical School Loans, you receive a fixed interest rate that will stay in effect for the life of your loan. And not only are the interest rates fixed, but they are low. Locking in a low interest rate can save you a lot of money.
Save BIG with Medical School Loans' Borrower Benefits
Another benefit to consolidating your federal loans with Medical School Loans is that you can take advantage of our borrower benefits. Borrowers can receive an immediate 0.25% interest rate reduction when they enroll to make their payments with our automated debit program. After making 36 consecutive on-time payments, borrowers can receive an additional 1.00% interest rate reduction for a total of a 1.25% interest rate reduction off their already low interest rate! This is where the big savings comes in. Borrowers can literally save thousands of dollars over the life of their loans when they use our borrower benefits. Also, once our borrowers receive our 1.00% interest rate reduction, it can never be lost or taken away from them. Medical School Loans guarantees this benefit for the life of your loan, regardless of the situation. None of our competitors can make this claim. Many competitors offer benefits, but look for the first excuse to take the savings away from you. Not us. We want our borrowers to save money!
You are in Control of Your Payment Options
Medical School Loans also offers flexible repayment options and extended repayment terms. We offer payment options that work with you. You have the choice to select whether you want to pay both interest and principal on your consolidation or lower your payment for the first part of the term by making interest-only payments. At any time, you can choose one or the other, and then change back. You are in control of your payment options! By selecting one of our graduated repayment options and extended repayment terms, you could actually lower your monthly payment by almost half!
Medical School Loans offers the following repayment options on our federal loan consolidations:
- Equal Payments
This is the standard option in which both the interest and principal will be paid equally over the life of the loan. Your monthly payment amounts will not change over the life of the loan.
- Select2/Graduated Payments
With this option, you will be allowed to make interest-only payments for the first two years of repayment. After two years, the payments will increase to include equal installments of both the interest and principal for the remaining term of the loan.
- Select 5/Graduated Payments
This option allows you to make interest-only payments for the first five years of repayment. During the third through fifth years of the loan, the payments will increase to include only a portion of the principal with the interest. Upon the sixth year, your payments will once again increase to include both the principal and interest equally throughout the remainder of the loan.
- Income-Sensitive Payments
This option provides for payments to be adjusted annually, based on your expected total monthly gross income from employment and all other sources.
- Extended Equal Payments
This option allows up to a 25-year repayment term for loan balances between $30,000 and $40,000 of equal payments.
- Extended Select 2/Payments
This option allows up to a 25-year repayment term for loan balances between $30,000 and $40,000 with the Select 2/Graduated Payment Plan.
- Extended Select 5/Payments
This option allows up to a 25-year repayment term for loan balances between $30,000 and $40,000 with the Select 5/Graduated Payment Plan.
Another advantage to consolidating your federal student loans with Medical School Loans is that there is no credit check necessary. This allows those who have not yet established enough of a credit history or those with poor credit to still consolidate their federal loans. Since there is no credit check, there is also no need for a cosigner with a federal consolidation.
There are also no prepayment penalties associated with consolidating. This allows you to pay off the balance of your consolidation at any time, which cuts down on the amount of interest that you can accrue.
Again, there are no fees or charges with a federal consolidation loan with Medical School Loans. It is FREE!
Medical School Loans' Service is Second to None!
Medical School Loans is a leader in the consolidation industry. Specializing in consolidations allows us to focus on doing one thing and being the best at it. Also, we only offer our great services to medical school students and physicians. Serving only those in this prestigious field allows us to direct our efforts on providing service that is second to none for our borrowers!
Take Advantage of this FREE Service
There is no reason to wait any longer to take advantage of Medical School Loans' federal loan consolidation! It will save you precious time, thousands of dollars over the life of your student loans, and it is FREE! What could be better than that?
+ Consolidate Your Private Student Loans Now! (Save Thousands!!)
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The Healthcare Career Resources column is presented by HealthcareCrossing, America's leading job search site dedicated to getting jobs for healthcare professionals.
Save Money with a Private Student Loan Consolidation from Medical School Loans
By Brooke Heath
Even as a young child practicing medicine on your stuffed animals, you knew that you were destined to become a physician. But the road to obtaining your medical degree takes more than just the ability to mend the imaginary wounds of a teddy bear.
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