Answers - Finance

Make the right choice on grace periods, length of loans and consolidation.

Let’s see here, you just graduated college and got hired at you

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

r first job. It is now a month before holidays and (two, three or four) different loan companies send you statements in the mail informing

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

you that you have to start paying on your student loans next month. You must be thinking, it is the holiday season and I have to buy gifts

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

nd pay my bills. How am I going to afford to start paying off my student loans? Here is how.

Grace Periods

Many recent college graduates

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

choose the option to defer their loans for six months. That is how long the grace period is for student loans. It may be a good idea to tak

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

advantage of this option if it took you a while to find a job or if you are starting out on a low salary. Most entry-level positions do no

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

t offer the highest salaries. However, if you do have a decent salary job or if your loan is not tremendously high, it may be smart to star

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

t paying right away because the faster you can pay off your student loan, the easier it would be for you to buy a house and save money for

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

he future. Remember, you will have to eventually have to pay back your student loan, so the longer you prolong paying, the more time it wil

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

l take you to pay it off and the more it will cost you in added interest charges.

Length of Loans

Student loan repayments are usually sch

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

duled over ten years. Lenders can have the option to have floating interest rates on loans, but cannot exceed 8.25 percent due to Federal G

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

overnment laws. So obviously, the shorter the length of the loan; lenders have less of an opportunity to change your interest rates. Many l

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

enders give you the option of extending your repayment length. Students with $60,000 or more in student loans may opt to extend their payme

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

t period up to thirty years. Basically, it is common since; the shorter the payment period of the less money you will spend on interest.

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

Consolidation

If you have three or more different lenders like most students with the government issued Stafford Loans, it is definitely i

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

your best interest to consolidate them into one. The reason being, you can have one loan with a locked low interest rate. Most consolidate

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

d loans have an interest rate of five percent or less. So instead of paying three different payments with different higher interest rates,

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

it is best to have one lower fixed rate.

Remember, student loans are a financial obligation that will affect your credit history and influ

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

nce your credit score .Be responsible, pay them off in a reasonable amount of time, pay them off sooner and you could save thousands of dol

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

lars in interest. The dollars you save could be the down payment on your first home.

Copyright 2005 Debt Management Credit Counseling Corp

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Answers - Should you Consolidate Student Loan Bills?

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