While in chiropractic medical school, you may have had several different loans, private student loans and federal student loans. If this is the case it would benefit you to do a chiropractic student loan debt consolidation. The loan allows you to combine all of your eligible student loans into one new loan that has a single monthly payment. A consolidation loan is still a federal loan and it can make repaying your student loans simpler and sometimes more affordable. Not long after graduation, with in six months, which is your grace period, you should consolidate all of your loans into one federal consolidation loan. If you are a loan borrower in grace or repayment and want to reduce your monthly expenses, you may want to consider chiropractic student loan debt consolidation.

If you're still in school and are just about to graduate we can still help you by post dating your consolidation application until after you graduate.

Medical school loan consolidation may be a good idea simply for the fact that you can combine everything into one monthly payment. You'll have many other things to be concerned with while you're in chiropractic practice and you don't need multiple payments to multiple lenders if you can just simply send in one check or make payments online. You will also receive a .25% rate reduction for signing up for automatic bill pay.

Some of the loans that may apply to chiropractic students include: Federal Subsidized and Unsubsidized Stafford Loans, Federal Direct Loans, Federal Parent Loans (PLUS), Supplemental Loans for Students (SLS), Federal Perkins Loans, Federally Insured Student Loans (FISL), and Health Professions Student Loans (HPSL).

Here is a summary of advantages to consolidating your student loans: Lower monthly payment - your monthly payments may decrease since you'll have more time to pay back your loans. A consolidation loan may allow you to extend the repayment term up to 30 years, depending on your total outstanding chiropractic student loan balance. $60,000 plus will let you extend the payments for up to 30 years
Single monthly payment - you only have to write one check per month to a single lender. You can also make online payments in most cases giving you a .25% rate reduction.
No prepayment penalty - you can repay your loan sooner without getting penalized.
No fees - there are no charges to consolidate student loans.
Choice of repayment plans - there are choices such as standard, graduated, or income sensitive payment plans. Which plan you choose depends on how low you want your monthly payments.

Here is a summary of some disadvantages:
Longer repayment period - you will have a longer repayment period due to the extended term which can be up to 30 years (like having a mortgage). Once you have your practice established you should be able to pay off you student loans quickly.
Increased interests costs - over the life of your loan you may pay more interest (almost certainly will if you go with a thirty year option). We suggest extra payments into principle. This should not be a problem once you establish your chiropractic practice.