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Loan consolidation for LRP participants |
It is acceptable to consolidate your student loans to streamline payments
and secure lower interest rates. Also, consolidation will streamline
both servicing and repayment of your accounts once you receive a LRP award.
To learn more about your options, a primer on loan consolidation is provided by the Association of
American Medical Colleges.
The Federal student loans program offers an
opportunity to merge all your student loans. Visit the
Federal Direct Consolidation Loans Website or call 1-800-557-7392.
Also, you might discuss your choices with your current lender.
Two cautionary notes: Don't consolidate your student loans with those
of another individual (such as a spouse or child) or any non-student
loans (such as a home equity loan or personal loan). These loans are
not repayable by the LRP. Further, if you are currently a LRP participant,
do not consolidate loans with any not already in your approved portfolio.
Student loans can be consolidated at any time. Please inform the LRP
office prior to finalizing your consolidation so NIH can correctly
maintain your loan portfolio and help you keep your payments current.
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