Module Number 5 Federal Consolidation Miller School of Medicine

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Presentation transcript:

Module Number 5 Federal Consolidation Miller School of Medicine Paul S. Garrard Founder and President, PGPresents, LLC Independent Student Loan Consulting September 2017 2017 PGPresents, LLC - All Rights Reserved

Federal consolidation Paying off multiple federal loans with new federal loan Many recent graduates are not candidates for federal consolidation Only one option, federal government’s Direct Consolidation Loan program Online application at www.StudentLoans.gov You can choose loan servicer Tips on Consolidation on our home page, www.PGPresents.com

Pros and cons Advantages Convenience of one loan servicer Converts non-Direct Loans into Direct Loans* May extend repayment up to 30 years * May help maximize forgiveness amount under PSLF * Only Direct Loans may be repaid with PAYE or REPAYE

Pros and cons Disadvantages Partially negates aggressive repayment Slightly higher rate Loss of grace periods if consolidate too early Perkins and LDS converted to unsubsidized * May help maximize forgiveness amount under PSLF * Only Direct Loans may be repaid with PAYE or REPAYE

Should you consolidate You may be a candidate if You have multiple loan servicers You have some non-Direct Loans and are interested in PAYE or REPAYE, or PSLF You need to extend repayment term You may not be a candidate You already have one loan servicer Your entire portfolio is Direct Loans You are interested in aggressive repayment

PGPresents, LLC Independent Student Loan Consulting www.PGPresents.com END OF MODULE FIVE PGPresents, LLC Independent Student Loan Consulting www.PGPresents.com 2017 PGPresents, LLC - All Rights Reserved