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Loan Consolidation

  • Consolidated loan needs to be in psychologists name only.  Cannot get loan repayment plans for loans in name of two people
  • Loan repayment plans are available for those who have already consolidated their loans.  However, the paperwork is more extensive and requires original documentation
  • Specific examples follow:
FSA Direct Loan Servicing Center, US Department of Education -- http://loanconsolidation.ed.gov/. The rate depends on the year you consolidate but it can be lowered by doing direct deposit.

Chase Bank offers several financial programs for APA members and their families, including a Student Loan Consolidation program. Check out their site, the Education Loan Marketplace at www.apa.ed-loans.com.

Sallie Mae also offers private student loans consolidation. Consolidation provides you with more options on payment programs and a lower interest rate if you qualify.  This depends on your credit score. However, if you apply at the outset of your 6 month grace period you would forfeit it. You may want to determine if you wait until you are in your 5th month of grace to apply for consolidation.  You should have enough time and reportedly it could cut your payment per month in more than half.  For complete information go to http://www.salliema e.com/after_ graduation/ manage_your_ loans/consolidat e_student_ loans/private/ private.htm

 

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Updated: 8/15/2007

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