You want to minimize borrowing as a student and only borrow as needed for the direct cost of your education and “basic student needs” not “lifestyle”. With the passage of the Deficit Reduction Act of 2005 medical students who have exhausted their Stafford eligibility should consider the Grad PLUS program before applying for a private/alternative student loan. As an undergraduate and undergraduate medical student, you should become financially savvy and take control of your money. You should become credit savvy and take control of your credit and credit score. As a student this is mostly an effort to limit debt and be very conscience of what, where and how you spend your money (financial aid and earnings). It also means that you should have a plan for repayment, which most likely should include consolidation as well as loan forgiveness or some other form of service or refinancing where possible.
Make sure that you understand and confirm in writing the criteria and procedures for “borrower discounts, rebates, bonus benefits”. It can very difficult for anyone without expert knowledge of consolidation to critique borrower benefits. For your enlightenment and review, we have provided a critique of a consolidation program and its borrower benefits. This critique was requested by a medical school financial aid administrator who recognized the unique and specific character of consolidation and wanted an unbiased review so as to accurately and comprehensively advice students.
Remember that discounts that are not reasonably achieved and maintained are worthless. If the benefit seems too good to be true, most like there is a catch.
Before signing a consolidation application, review the MEDebt Solutions Guide, Consolidation Discounts - Too GOOD TO BE TRUE? , which will assist you in deciphering and understanding the fine print of discount benefits. Should you have questions, do not hesitate to contact an MEDebt Solutions Program Consolidation Counselor to assist you in understanding what is “actually” being offered.
Do not ignore any letter or notice from your lender or servicer.
For more accurate and trustworthy information and to discuss your individual options, contact an experienced, knowledgeable MEDebt Solutions Program personal Consolidation Counselor for a free of charge, no pressure, no obligation Personal Consolidation Diagnostic Review (PCDR). PCDRs are available upon request to all MEDebt Solutions members and alumni. PCDRs are available to all members whether they consolidate with the Program or not.
Call now to speak with a Personal Consolidation Counselors for a consultation. MEDebt Solutions Program consolidation counselors can be reached at 1-800-741-4704 - Monday through Friday 9AM - 11PM EST and Saturday 9AM - 5PM EST. Be sure to reference MEdebt Solutions.
