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Question about consolidating direct loans as well as perkins

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  • Question about consolidating direct loans as well as perkins

    I'm really ignorant when it comes to my loans, but I figured y'all might be able to help me with this question...

    My med school debt is large, and is mostly direct loans. I also have a much smaller amount that came in the form of a Perkins loan.

    I am planning on signing up for REPAYE.

    I am signing up to have my direct loans consolidated at the end of the 9 month grace period. My question is should I consolidate the Perkins loans then as well? I know there is no interest on them accruing now, and then there will be 5% at the end of the grace period. I vaguely remember being told there were multiple benefits to not consolidating them, but I don't remember what they were and if they apply to someone choosing REPAYE.

    Thank you

  • #2
    Would need to know more. Are you considering PSLF? How much is the Perkins Loan compared to the rest? For what reason are you consolidating, simplicity or to be able to make what is currently a Perkins Loan RePAYE-eligible? Do you need RePAYE for the Perkins Loan? What are the interest rates?

    Are you about to graduate from med school? What's your residency in? Fellowship plans? Academics? That gives an estimate as to training term and post-training income...or you can just give a ballpark figure if you think that's too invasive.

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