Consolidating school debt
Federal loan consolidation combines multiple government-sponsored loans into just one loan.
It simply takes the weighted average interest rate of the loans being combined.
Today, he has one bill to pay after consolidating and refinancing all his loans in November 2013 through Darien Rowayton Bank. The average dental student leaves school with 1,000 in student loan debt, according to the ADA's "Survey of Dental School Seniors, 2013".If a dentist comes under hardship, he or she won't be able to apply to defer monthly payments.However, So Fi does have a forbearance program that is similar to that of the government. Macklin said dental school graduates interested in refinancing but who need those federal benefits should wait, possibly up to a year, to make sure they're on stable financial ground.When it comes to consolidating private loans, interest rates are not based on a weighted average of the existing loans' rates.Instead, a private lender will typically use a borrower's credit score and other financial information to provide a new interest rate on the consolidated loan.