According to the AAMC, 83 percent the class of 2016 left school with more than $100,000 in debt. If you are like the majority of medical school graduates out there, you're probably saddled with a good amount of student debt. Of those students, 44 percent plan to enter a loan forgiveness or repayment program. Consolidating and refinancing are just two of those options. To learn about these two payment plans, continue below.
If you are like me, you may have gathered multiple loans from several different lenders over your many years of schooling. Now that you're finally done with school and entered the workforce, you may have been bombarded with emails inviting you to consolidate or refinance your loans.
First, let's define consolidation and refinancing.
So after considering many of the above factors, I ended up consolidating my loans through the government. I am currently on the Revised Pay As You Earn (REPAYE) repayment plan with the goal of eventually qualifying for Public Service Loan Forgiveness. What about you? Have you consolidated or refinanced or plan to? Are there any pros and cons that I missed? Let me know in the comments!
Thoughts and comments? Reach out to me at http://futureproofmd.com/