Therefore, the monthly payments for the consolidated loan would be lower.Just keep in mind that you will pay more interest over the life of a loan with a consolidated loan.
As for private loan consolidation, you may get lower rates (which are set by the lender).
So if your credit score improved compared to when you first got the private loan, there is a good possibility the lender will give you a lower interest rate.
If you have multiple loans, after consolidating, you will have only one or two loans.
So instead of making multiple monthly loan payments, you will only have to make one or two payments.
If you are tight on money and cannot make monthly payments, you can consider consolidating your loans.
The repayment period of government medical school loans (Perkins and Stafford) is 10 years.
The repayment period of a consolidated government loan is 30 years.
Loan consolidation is combining all your loans into one big loan.
You will have two types of medical school loans: government and private. You can consolidate a government loan with another government loan, a private loan with another private loan.