Wishing you could consolidate some of your medical school loans? The federal government is making it easier now than ever before.
A: The Federal Student Aid office of the U.S. Department of Education is offering a new "special loan consolidation" program that allows some loans to be consolidated into the direct loan program that were not eligible in the past. The consolidation offer is available only until June 30. The types of loans eligible for this new consolidation:
This consolidation can benefit you especially if you are in the income-based repayment program and intend to take advantage of the Public Service Loan Forgiveness (PSLF) program. The larger the amount of your consolidated loans and the longer you are in training, the greater the dollar amount that will be forgiven, provided you meet the PSLF's criteria for loan forgiveness.
Answers to our readers' questions were provided by Craig Molldrem, CLU, ChFC, a financial adviser with North Star Consultants of Texas Medical Division, Dallas. Securities and investment advisory services offered through CRI Securities LLC and Securian Financial Services Inc., members FINRA/SIPC. CRI Securities LLC is affiliated with Securian Financial Services, Inc., North Star Consultants Inc., North Star Consultants Texas Inc., and North Star Resource Group. North Star Consultants Inc., North Star Consultants Texas Inc., and North Star Resource Group are not affiliated with Securian Financial Services Inc; they are independently owned and operated.
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