Federal Consolidation Columbia University College of Physicians and Surgeons College of Dental Medicine Paul S. Garrard Founder and President, PGPresents,

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Presentation transcript:

Federal Consolidation Columbia University College of Physicians and Surgeons College of Dental Medicine Paul S. Garrard Founder and President, PGPresents, LLC Independent Student Loan Consulting November PGPresents, LLC - All Rights Reserved

Federal consolidation Paying off multiple federal loans with one new federal loan Federal government’s Direct Consolidation Loan (DCL) only federal consolidation option Online application at You consolidate with the government, but you can now choose among four loan servicers to process and service your DCL

Pros and cons Advantages – Convenience of one loan servicer – Helps maximize PSLF amount* – May allow balance to be repaid with PAYE** Disadvantages – Partially negates aggressive repayment – Slightly higher rate – Loss of Grace periods if consolidate too early – Perkins, HPSL, LDS converted to unsubsidized balance if included in consolidation loan*** * Converts non-Direct Loans to Direct Loan balance ** Assumes borrower eligible for Pay As You Earn *** Health Professions Student Loans, Loans for Disadvantaged Students

Should you consolidate You may be a candidate if – You have multiple loan servicers – You have some non-Direct Loans and want to maximize PSLF* amount – You’re interested in PAYE** for entire balance You may not be a candidate – You are interested in aggressive repayment – You already have one loan servicer – You are not interested in PSLF or you are, but all loans are Direct Loans * Public Service Loan Forgiveness ** Pay As You Earn

Resources to help – See “Tips on Consolidation” on Home Page (for Direct Consolidation Loan) – Online application for Direct Consolidation Loan

Best wishes for every success at Columbia and in your health sciences careers! PGPresents, LLC Independent Student Loan Consulting PGPresents, LLC - All Rights Reserved