Double Consolidation Update: Do this to Drop Your Parent Plus Payment!
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- Опубліковано 22 бер 2024
- Christie discusses the steps you need to take to lower your Parent Plus Loan payment.
𝗙𝗼𝗿 𝗮 One-on-one 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝘁𝗶𝗼𝗻:
𝗖𝗮𝗹𝗹: (𝟴𝟭𝟯) 𝟮𝟱𝟴-𝟮𝟴𝟬𝟴 or
Email: info@christiearkovich.com
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Our two attorneys, Christie Arkovich and Barbara Leon, help to reduce student loan debt, file bankruptcy, avoid garnishment and foreclosure and other problems that too much debt can create.
Barbara Leon is a Florida licensed attorney for nearly 20 years in the areas of bankruptcy, foreclosure and student loans. Her practice and experience is well diversified, having gained experience through an internship with the U.S. Attorney’s office, a clerkship with a Federal Magistrate Judge, and both creditor and debtor private practice. This insight helps her to see all sides and find a solution quickly that works for everyone.
As founder of the firm, Christie Arkovich has practiced law for over 25 years. She is a frequent speaker at various consumer-oriented continuing legal education seminars for other attorneys before the Florida Bar, the American Bankruptcy Institute, the National Association of Consumer Advocates and the Tampa Bay Bankruptcy Bar Association. The firm maintains an AV Preeminent rating and enjoys excellent client reviews and we welcome you to see what we can do for you!
Our channel Student Loan Sidebar is a continuation of a quarterly column that we write for our local bankruptcy attorney bar organization helping people get a handle on their student loan debt. Whenever possible, Christie shares her knowledge about student loans gained working as former trial counsel for Sallie Mae, ECMC, and other student loan servicers or guarantors, and her current law practice of over 25 years.
We’re a nationally known law firm who has helped thousands of student loan borrowers obtain a sustainable, affordable payment with an end in sight. Please sit back, check out our awesome client reviews, watch a few videos and see if we can help you!
Now for the All-Important Disclaimer and where to go for more information. The information in our videos does not and is not intended to constitute legal advice. Instead, all information and content are for general informational purposes - and may not be the most up to date. Please contact us for a strategy session where we review your particular loans and how best to position yourself to create the life you want with as little debt as possible.
If we can help:
Arkovich Law
1520 W Cleveland St
Tampa, FL 33606
Http://www.ArkovichLaw.com
𝗙𝗼𝗿 𝗮 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝘁𝗶𝗼𝗻:
𝗖𝗮𝗹𝗹: (𝟴𝟭𝟯) 𝟮𝟱𝟴-𝟮𝟴𝟬𝟴 or
Email: info@christiearkovich.com
This is very, very helpful. Thank you for creating/posting.
You're very welcome!
Thank you.
You're welcome!
This was very helpful! Thank you! I have parent plus loans from our first child that are from 2009-2013 and I have parent plus loans from our last child who does not graduate until 2026. Should I consolidate my old loans with my current loans even though they are still in school? Thanks!
I have 4 PPL , I want to try double consolidation. I have been paying for 2 years, I am a public school teacher closing in on retirement. From video I understand I should consolidate 2 and 2. Who do I use? How do I get started? Thx in advance
My parents filed jointly. For the paper save application do I sent in W2 forms?
Hi just wanted to no l have been paying my parents plus loan for over two years. I ask for student forgiveness due to working with the VA hospital as a RN. I am in the driven income plan. I sign all papers and after they said l qualified l had to call multiple times they told me l didn't qualify because the a can't give them mi información to prove l work 19years. What can l do since l am 71 years old. Us one of my son's when into the military for six years and he had to pay 20 thousands dollars which Sally Mae refused to deduct they told him that he took this loan o. His own which l had to take the loan under parents plus loan.He was I under age. It started with Sally Mae then to great lakes and now to Nelnet. Please see if you can help me with this problem 😊
Question, we have one parent plus loan for our son and our son has 2 direct loans. Would I submit one direct consolidation form for the parent plus loan and another one for the 2 direct loans then combine the 3 together so our son can get the save program? Can we consolidate since the parent plus loan is in our name and the direct loans are in his name. Thank you.
I have 4 PPL , I want to try double consolidation. I have been paying for 2 years, I am a public school teacher closing in on retirement. From video I understand I should consolidate 2 and 2. Who do I use? How do I get started?
I recently submitted the initial paper Consolidation applications with Aidvantage and Mohela. Was this a bad idea? The loans were initially with Aidvantage as Direct Parent Plus Loans.
My daughter doesn’t graduate until next year so my loans are in deferment. Can I still consolidate them now?
Hi- I had consolidated a parent loan with one of my student loan long time ago, so are you saying i can consolidate again with anothe one of my loans and it should be done by paper? you are in Fl do you work with ppl in NY ?
I have 3 PPL for one child which are now coming up for repayment. I am not sure how that will work. I consolidate 2 with one servicer . Then consolidate that one with the 1 other one? Will that still qualify for SAVE?
Im confused as to the consolidation loans into "double consolidation." Why is it done? Why double them? My husband signed for 3 Direct Parent Plus Loans separately (the 4th one was paid in cash at the time). We are looking to consolidate the 3 loans (the first of which is cosigned by my sister). How do we do this according to this video?
Would that be the Direct Consolidation loan? Is this loan a private loan or through federal? (You say to use 2 servicers)
And if that is done... would my sister's cosigned loan be moved to my husband alone? We need to consolidate due to income and debt due to lockdown and unemployment - but it is still a higher income currently, but it is contract work which fluctuates and usually a period of 4-8 months of unemployment every 1 to 2 years.
We currently have (1) Direct Consolidated Loan (formally several Parent Plus loans, so it still has the Parent PLUS tag), and (1) Undergraduate Direct Loan Unsubsidized. Can I just consolidate those two together? Or do I first need to consolidate the Undergraduate Direct Loan and then double-consolidate that with the Consolidated Parent Plus loan?
You should be able to just consolidate them together now. The Parent Plus loans will be going thru two consolidations which is the key. Send a paper IDR app asking for SAVE.
I did paper consolidations by paper and than I finally did the student aid direct consolidation loan and I did elected a different servicer and than than did ask for an ode application but when I went back it I couldn’t finish it and
The servicer I selected is now changed
I’m sorry but I don’t understand exactly what’s going on here. You might want to reach out to us for a strategy session at 813-258-2808 or info@christiearkovich.com.
My loans were with Nelnet, I split them between Aidvantange and Mohela. Do I need to now do SAVE with a completely separate provider like Edfinancial? Or can I go back to Nelnet? I did the first two via mail but I can’t seem to do save online at all with either Nelnet or EdFinancial.
My payment after the initial consolidations is so much better so I am wondering if my payment will for sure be better if I go with SAVE? How would I find that out?
You probably need to do a strategy session with us. If you completed the first half of a double consolidation for Parent Plus loans, you’d have to recombine them with a paper app to Nelnet as you mention. Paper app for SAVE. It won’t be listed in the online portals. Talk to us. 813-258-2808 or info@christiearkovich.com.
Another online video channel stated that you should do both consolidations on paper, and not one on line, and one on paper. Would it be ok to do both on paper?
The rule is that you have to wait 180 days between online applications. There is no waiting period for paper applications. You can do all of them via paper if you'd like.
We filed bankruptcy in 2012 but not against our student loans. We've continued paying them the entire time or been in forbearance and have never defaulted. We've had them since 2010, less than $12,000, and both of us are on the save plan. Will the bankruptcy affect student loan forgiveness for us?
Time in bankruptcy won't count under the IDR Audit. That IDR audit option expires on 4/30 - next Tues though. You have Direct loans to be in SAVE, so the IDR audit will happen automatically for you. Consider consolidation only if you have different dates on your Direct loans and want the earliest repayment date to apply. If they all started repayment at the same time, then you would not need to consolidate an already Direct loan. If you borrowed less than 12k, you may already have reached forgiveness under the 12k, 10 yr rule if you filed a Chapter 7 which is very short. I'm typing fast, if you'd like a review of all this, please reach out to us for a strategy session. 813-258-2808 or email us at info@christiearkovich.com.
Help! I divided my PLUS loans held by Nelnet and sent two paper apps to Edfinancial and one to Aidvantage. Aidvantage processed one sent to them. Then Aidvantage processed the other two sent to Edfinancial, but kept those two instead of sending to Edfinancial, so I now have two separate loans with Aidvantage. Can I still combine these two loans for the double consolidation loophole in six months?
As long as they are separate loans yes. We only recommend two servicers to ensure they are separate but sounds like yours are. Now pick your final servicer and combine them. Send in a paper IDR app asking for SAVE. SAVE won’t be available online.
Help! Is it too late for the double consolidation for PLUS considering the 180 day wait period will be after July 2024? Which loan servicer’s should I use for the first two consolidations for three loans if my current servicer is Nelnet. Thank YOU!,
I believe it's July 2025
Yes July 2025 for double consolidations. There are four servicers, I personally wouldn't recommend Mohela right now as they are bogged down with PSLF is all. I'm assuming they will be better in the future. You could do an online with Aidvantage or Edfinancial, a paper app with Nelnet, and then another paper app with Nelnet to recombine them. It varies. If you can gain any time through the IDR audit, be aware it expires 4/30 next Tues. So get the first round in before that date.
Are there any other options for those of us that only have one PPL? I have an old loan for myself which I know I do not want to consolidate the PPL loan with or it resets that loan, but my Son has separate student loans on his own. I'm sure I cannot consolidate my PPL loan with his other student loans , can I?
You can't combine your loans with his correct. But normally taking an older federal loan of yours and combining with any newer federal loans of yours, will allow ALL loans to use the earliest repayment date. So you'd want to do that to get as much credit as possible under the IDR audit.
What if you only have one parent loan and no other loans? Can you still consolidate it ? For the loophole for save program ?
If only one loan, and not previously consolidated into a FFEL Consolidation Loan, then you may have enough to do a double consolidation now to get into SAVE.
If you consolidate 4 parent plus loans together as one direct consolidation loan, then combine that new loan with an existing older direct consolidation undergrad loan, will combining those two loans qualify for SAVE? Thanks for the info!
Yes, it should. You'd want to apply to combine them before 4/30 for the best result under the IDR audit which may shave off some years, and then physically mail an IDR application asking for SAVE under #2 to your servicer after the final consolidation is done. The SAVE option won't appear online (and phone calls to your servicer did work, but since the end of Feb appear not to work). So mail it - with tracking info. You'll fit under the deadline of July 2025 to do this and the double consolidation should get you into SAVE. Good luck!
@ArkovichLaw Thank you so much for your reply and for providing all the necessary steps to get it done right.
@@ArkovichLaw I have one loan on my account that is a Direct Consolidated Subsidized loan dated 2011. Can that be consolidated in this way? I have an embarrassing number of other loans (grad and parent plus included) too--I'm confused if I should consolidate everything but the 2011 loan and then consolidate that with the new consolidated loan or if I should include the 2011 loan in a new consolidation application.
@@ArkovichLaw I'm glad to report it worked! I got into SAVE with a paper application. I followed your instructions but uploaded it to my servicer Aidvantage. Uploaded it on Saturday, April 13. It was approved on Friday, April 19, in 6 days! The best part, I have a $0 payment! AMAZING! Thank you, again!
I have 4 PPL , I want to try double consolidation. I have been paying for 2 years, I am a public school teacher closing in on retirement. From video I understand I should consolidate 2 and 2. Who do I use? How do I get started? Thx in advance
I have 4 PPL , I want to try double consolidation. I have been paying for 2 years, I am a public school teacher closing in on retirement. From video I understand I should consolidate 2 and 2. Who do I use? How do I get started? Thx in advance