2. Federal Consolidation Columbia University College of Physicians and Surgeons College of Dental Medicine Paul S. Garrard Founder and President, PGPresents, LLC Independent Student Loan Consulting November 2015 2015 PGPresents, LLC - All Rights Reserved

3. Federal consolidation Paying off multiple federal loans with one new federal loan Federal government’s Direct Consolidation Loan (DCL) only federal consolidation option Online application at www.StudentLoans.govwww.StudentLoans.gov You consolidate with the government, but you can now choose among four loan servicers to process and service your DCL

4. Pros and cons Advantages – Convenience of one loan servicer – Helps maximize PSLF amount* – May allow balance to be repaid with PAYE** Disadvantages – Partially negates aggressive repayment – Slightly higher rate – Loss of Grace periods if consolidate too early – Perkins, HPSL, LDS converted to unsubsidized balance if included in consolidation loan*** * Converts non-Direct Loans to Direct Loan balance ** Assumes borrower eligible for Pay As You Earn *** Health Professions Student Loans, Loans for Disadvantaged Students

5. Should you consolidate You may be a candidate if – You have multiple loan servicers – You have some non-Direct Loans and want to maximize PSLF* amount – You’re interested in PAYE** for entire balance You may not be a candidate – You are interested in aggressive repayment – You already have one loan servicer – You are not interested in PSLF or you are, but all loans are Direct Loans * Public Service Loan Forgiveness ** Pay As You Earn

6. Resources to help www.PGPresents.com – See “Tips on Consolidation” on Home Page (for Direct Consolidation Loan) www.StudentLoans.gov – Online application for Direct Consolidation Loan

7. Best wishes for every success at Columbia and in your health sciences careers! PGPresents, LLC Independent Student Loan Consulting www.PGPresents.com 2015 PGPresents, LLC - All Rights Reserved