Did everything from your video, took 3 months but it worked. Wonderful daughter dropped a $125.000.00 loan in my lap great kid.Loans started out at $1149.36 after 4 were consolidated into 2. then became 1 loan payment went to $852.00, then the loophole just like you said now ICB $148.52.Quite a bit of paperwork and a few phone calls after reclassification, but it works. Amazing information, followed your information to the T and it actually worked. Thank You, 4 loans into 1 and it's like magic. Thanks Again
Followed your instructions to the letter and just received my new payment amount from Aidvantage. Went from 4 loans to two to one. Making sure to use paper applications. Total loan balance 162k with a salary around 140k. Payment dropped from $1100 to $560. When I retire it should drop even further. So happy and thanks so much for your help! 🙏🙏🙏
I have just been approved for the SAVE plan after successfully completing the double consolidation process. I cannot say enough good things about the beautiful people on this site. Your calm, clear, concise and reassuring directions brought me through a very stressful time. You are helping so many and deserve high praise for your efforts. Thank you!! ❤
Hi can you tell me if you sent a paper plan and when and to who? EF is giving me the run around. Saying they can no longer process paper applications for repayment plans (the final step) as of March 1st. They say it can only be done online at student aid.
@@KMarieLaVigna I uploaded pictures of a paper application, including my 1040 tax form. I believe the loan servicers have that option, I did mine with Mohela.
@@chrislabish i just did the same yesterday, uploaded the paper app to mohela! And i included page 1 from my 1040 tax form. Fingers crossed mine goes as smoothly as yoursl!! How long did it take mohela to finalize it for you?
@@KMarieLaVigna It wasn't real smooth. It took over two months after submitting the application because they wouldn't approve SAVE at first, and put me on a traditional IDR plan with super high payments. I had to insist that I qualified for SAVE. After talking to a supervisor, who agreed I was eligible, it took another month and three more phone calls:( Bottom line: Don't give up, don't get discouraged, and advocate for yourself! Be polite but firm. Hope all goes well.
I just finished the consolidation of the two servicers!! Now I only have one loan servicer!! Honestly it didn't take long at all. Uploading the idr form today! Im already contemplating a win!! Will be back for an update but thank you to you and your team! Great help!!❤❤❤
Thank you for this how-to video! We dropped our payment $400.00/ month! Your step-by-step process was easy to follow. Thank you again for putting this out for those stuck with Parent Plus Loans!
Went through this process for my dad. Still waiting the final outcome of the IDR application but your instructions were so perfectly clear! I'm the one paying back the PP loans but will help me significantly when he retires in two years!!
I just finished the paper consolidations. I couldn’t find the links in the video but was able to find everything at the Student Loan website and I needed to go to the servers websites to get account numbers. I watched the video and then rewatched as I filled out each section. Give yourself an afternoon to complete the whole process. I appreciate the videos attention to detail. The process is easy once you start it.
Went through this tedious process and followed your directions word for word. It was so well worth it. I went from $279 a month to $25!!! Thank you so much for this priceless information. If you're thinking about doing this, do it. It took several months but it's done. I can't begin to tell you how happy I am and how this really made this affordable for me. Thank you!!
I have the same question I have 2 with nelnet. So can I pick say Mohela and aidvantage for the paper applications and then at the end can I choose Nelnet for the final online application?
@@coffeecrazy70from my understanding, no, your final loans have to end at a different services you never used before. Not a professional, just what I’ve gathered, Hope it helps!
Perfect timing. I was in the final step of this last night, doing the last online consolidation step, and noticed the new website was different, didn’t allow the SAVE plan.. was panicked 😱. Decided to pause my progress and check back with y’all. Glad to know you’re already aware & that we can continue to count on your team to teach us moving forward :) Thx again from Detroit
29:08 is the final step online. No I didn’t get to that one yet. What I did was really a bandaid, so criticize / improve as you see fit, but I paid a nelnet late fee to get in good standing, and then submitted request to them for ICR plan. I thought it already was ICR, and now it is. No payments (my parents are broke :/ ). The other servicer has one ICR consolidation loan as well. I figure for now, that gets me into good standing for the year, and then, since everything changes weekly, I have roughly 6-8 months to do the final step. No rush. If you are just starting out tho, be sure to give yourself six months! And good luck! Keep us posted
Update. I’m still waiting things out for now, haven’t done final consolidation yet (have one at aid and one at nelnet. Deadline end of year). Anyways My parents went from monthly payments of $750+ they cannot afford, possibly risking soc sec being garnished if no resolution, to now $0 / month because they qualified for income driven this whole time. Really appreciate you and your efforts and this community. If anyone’s reading this. I did a consultation and it was worth it. Cheers
@@phildittrich4361 Thank you for sharing this! I'm on the parent plus loan now but I thought it was not eligible for income driven payment plans? Can you share who you have your consultation with? Mohela's customer support is awful.
Great video and detailed instructions. I followed the instructions exactly and my payments went from $600 to $0!!!! It is definitely a process but well worth it!! I started the application process in December 2023 and got notice yesterday I was approved for SAVE. Thank you very much!
THANK YOU SO MUCH! This process took from October 2023 to now May 2024, went from 3 PPL’s with over 100 grand in debt, standard repayment told us $750 a month, just heard back from Mohela after FINAL FINAL step and we now only owe $300 a month. You guys saved me and my parents!
i have 2 parent plus loans: i did a loan consolidation for one using a paper app w/ Aidvantage--quick and painless. Now I am doing a paper consolidation for the other one w/Nelnet and that one is moving along quickly!! Cant wait until that is done to do the final one, combining both into one new consolidated!
Hi could you please share who your original servicer was? I have 2 parent plus loans under MOHELA. I want my final consolidation to be with NELNET. Do you think i can do the first consolidation with MOHELA and the second with AIDVANTAGE?
@@angelalauer3226 hello, my original servicer was nelnet. so i had 2 parent loans under nelnet. i consolidated one under aidvantage using a paper app. and then a diff paper app to nelnet to consolidate that one. so yes i think you can do one with mohela and the other one with aidvantage. the only thing that is strange in that is that they are both serviced through aidvantage. but everyone says it is okay and will go to 2 separate places in the end.
Great info! My question is regarding Administrative Forbearance. I had 5 parent loans with Mohela. I overnighted the 2 separate paper consolidation applications 11/6/23: one to Nelnet and one to ED Financial. Nelnet is fully completed as of 12/22/23 (next payment due to Nelnet by 2/5/24). Ed Financial is still in-process and those loans still show on Mohela's website and that I need to make a payment to them by 1/9/24. When does Administrative Forbearance take place? Is that only when I do the online consolidation? I plan to pay Mohela, but don't want that payment to potentially not count as I apply for PSLF. Shouldn't my consolidated loans be in Administrative Forbearance now?
Amazing video, thank you. So for my situation.. I have parent plus loans with both my mom and my dad. Along with my own federal personal loans. Would that make a difference in the double consolidation process? Also I put my personal loans into IDR payment already, will that affect this process you laid out? Really appreciate your help! Saving lives out here lol.
Great info on your UA-cam, by the way...thanks!!! I just did a Direct Consolidation of my FFELs, and I understand I can only do one consolidation every six months. If I ONLY have 2 PPLs with Nelnet, should I do a double consolidation by paper by sending each PPL to a different servicer, or should I combine the two and send them to one servicer by paper?
Megan, thank you so much!!! So helpful. For the 3rd example, do you have to consolidate the personal loans AND consolidate the parent plus loans before doing the double consolidation? Or do you just consolidate the Parent Plus loans then you can just consolidate all the loans together?
Hello, i just stumbled with your video and this is very helpful. Thank you! I have a 4 parent plus loan ( for my son) and 1 consolidated load ( for my daughter which is in ICR ) with Aidvantage already . Im in a process of consolidating the 4 parent plus loan with Ed Fed. Is this going to be Ok since I see that Aidvantage will be reviewing them?
We are on paper IDR step application, got 3 PP loans into 1 final servicer (Mohela) no issues so far besides being patient. We have been working on this since October 2023. Fingers crossed this final step works!
SLP. I and many other people here have found your assistance quite helpful. We know youre all very busy. If you could have a team possibly privide answers to some of us here online that would be a great step in your services
Great video, thank you so much! I'm the loan owner for multiple (more than 4 loans) parent plus loans. Can my references for the paper consolidation form, be my 2 adult children? They both live separately from me but are the ones i took out the loans for. They each have their own student loans also. Again, I'm so glad I found your page.
I am on the last consolidation so Im glad I saw this updated video! Quick question, my dad is the one with the parent plus loans, he has one for my brother (who is still in school) which I did not touch when going through this consolidation, when filling out the final IDR application, when it asks if he has multiple loan servicers, I believe we should answer yes, correct? From my understanding since I will only be submitting this to the final loan servicer (which differs from the servicer that has my brothers parent plus loan) this should not affect repayment on that loan. I just want to make sure I do not trigger my brothers repayments by submitting this for my consolidated loans
Hi! Did you ever get a response for your question? I have 2 children who are out of college and I am going to do the double consolidation and I have a son who is still in college. We have 2 PP loans on him and not sure if I should include those in the double consolidation process.
Great Info! I am submitting the application but am confused on which number they want for the loan number. I have the 10 digit number for all of the loans, or they each have a consumer account number that is a tad different for each loan. Which should I include on the application? Thank you!
Thank you for making this video. I have one question, I will be doing Example # 3, when doing the paper application do I list Stafford loans on the loans I do not want to consolidate?
Very helpful info. I consolidated all of my Parents Plus loans and received confirmation that they were consolidated. Do I have to have to now consolidate my remaining non Parent Plus loans (these were my own graduate school loans) or can I skip to the last step and add the new consolidated loan (from PP) to the non PP loans as my final step to consolidate? Do I have to first consolidate my non PP loans and then do a final consolidation of both consolidated loans? Thank you.
Great video Thank you so much. I have one question - what if we have 3 parent plus loans? Do we just do one paper app for 2 of them and leave the other? Then once the 2 are consolidated we consolidate the last? Does it matter which 2 to pick?
I started early April! Done w phase 1 as of today! Nelnet for one consolidation and Aidvantage for the other. But Aidvantage sent it to Mohela! So my next step is to review the video and see if going w Aidvantage is OK as I know the video said do not so step 2 with any of the first phase servicers.
@briyanc2138 not long for nelnet..a few weeks. Advantage set it ti Mohle so that took a couple weeks longer. I'm starting the second part now. Because the one was transferred from Advantage if thas how you spell it, to Mohela, I'm trying to confirm if submitting my final pn line consolidation can go w Advantage. Let me know if you heard anything. But you should be good. I wouldn't worry about how quick they did it..
They have a new IDR form with the January 31, 2024 update date and it is different than the one you used in the video. I am choosing the "income-driven repayment plan" (the first box. not the SAVE or IBR or PAYE or ICR....correct?
This was very helpful! Has anyone had a similar situation? I have parent plus loans from our first child from 2009-2013 and have parent plus loans from our last child who does not graduate until 2026. Should I just consolidate the old loans or include the new loans too? Thanks in advance!
How can I check if consolidation is worth doing it or not? I see that you have a calculator online but what if marrital status changes from single to MFJ during the payment?
Aside from not using paper method and filing with different servicers at each step. Are there other gotcha's we need to watch out for? I just want to audit myself before I submit applications! Thank you :)
I consolidated my daughters undergraduate loans right when Covid hit. So, I guess I'm not eligible for this loophole..with one Direct Consolidated Loan now. So, can I take 2-3 classes, take out small Federal loan..then use these two for loophole? Don't want to do this if it will not help 😭 thanks!!
Hey great video! I already did the double consolidation and when applying for final step i submitted icr repayment plan online since i didnt know about the paper income driven form.. hasnt finished yet..big deal? Didnt know if this would tip off Mohela that i wasnt. Eligible for save because they involved parent plus loans
Hello! Been following you guys for a while and always super helpful. I have one really important questions im hoping someone can help with. Im about to do the online 2nd consolidation. I plan on using Mohela for the PSLF servicer as my parent would apply. Im also trying to get on the SAVE program. Should I definetly still choose the "Standard Repayment" option, even though it says its not recommend for those seeking PSLF? Thank you so much!
Can you do these consolidations if your loans are in forbearance? Also if I currently have 2 loans with Nelnet and pick 2 new different servicers for the paper applications can I then choose Nelnet for the 3rd/final online consolidation?
I originally had 2 parent plus loans. I consolidated them 3 months ago. Now I have one loan. How would I be able to consolidate that one loan I have now so I can apply for the S A.V. E. PLAN? Thanks
What if I sent my only two parent plus loans to one servicer and now they are consolidated. Is there anything else I can do to qualify for SAVE still? I believe I’m over the reversing period. Would you suggest ICR as the next best option?
If you are doing this consolidation for 2 different kids (A has 3 parent plus loans, B has 6) - would the process be done separately for each (3 consolidations each) but each time would you list the others loans on the " I don't want to include these list?" ie-A has to list all Bs 6 loans on every application as do not consolidate?
Question: I am almost through this double consolidation process. I consolidated all my personal direct loans using Aidvantage (paper), then I consolidated all of my parent plus loans (paper) using Nelnet. I had planned to do the final consolidation with Mohela because I have PSLF. After consolidation, Aidvantage moved my loans to Mohela. I know I'm supposed to use a different servicer each time, but is it ok to go ahead and use Mohela since they didn't perform the consolidation even though they are my current servicer?
Is it too late to start this process to make the IDR waiver deadline? I did the double consolidation process once successfully but have new parent loans disbursed in January. I’m assuming I just consolidate the new loans together, then consolidate the all together online. Also, my last online app was submitted 10/26/23, so will have to wait until the last minute for the last step.
I double consolidated my loans with ED and Mohela but just received a notice that Ed will be transferring my loans to Mohela. For the last step can i still do the double consolidation event though my now 2 separate loans are at 1 servicer?
Great job! I started with 6 loans at Nelnet: 4 parent plus and my older undergrad direct consolidation loans (1 loan: 2 parts, sub & unsub). I consolidated the parent plus loans on paper and chose Aidvantage, which got consolidated 9/6/23. Then, for a final consolidation, I combined them with the undergrad direct consolidation loan, just submitted online 12/12/23. I chose Aidvantage again. Is this incorrect since you said it needs to be sent to a 3rd servicer bc of the 180-day rule? Uh, oh! Or does that rule only apply when doing two sets of parent plus loans only, like your example 1. Thanks!
I have already consolidated all my parent loans to. Direct federal loan through aid vantage. I’m trying to get in on this save program. My question is can I consolidate the loan I co signed for my son with my direct loans to get the loophole benefits
What do I put in Section 6 of the Repayment Plan Request? "SECTION 6: WHERE TO SEND THE COMPLETED FORM"? Leave it blank? Put the consolidating loan server or the present loan server?
Just wanting to confirm that the address for Nelnet that is stated in the video is where I need to send the loan consolidation form. Thank you in advance.
My brother and I have 9 parent plus loans under my dad. The final consolidation is almost complete. Is there any reason why you need to do a paper application for the save plan? I thought online was ok?
Help! Which loan servicer should I send my 3 total- 2 to one servicer, and 1 consolidation to another servicer considering I currently have Nelnet for all three?
My husband has 6 loans Parent Plus Loans with Nelnet and I have 3 Direct Parent PLus Loans. I watched your video and can't wait to apply to consolidate for a lower payment. How many paper applications and online applications? Do I need to change the already Direct Parent Plus loans. How would I incorporate them into one loan?
Great video and detailed instructions. Followed them exactly as given and my payments went from $600 to $0 🎉 I started this process in December 2023 and completed it today with notification that I was approved for SAVE It’s a process to say the least but well worth it in the long run
I have parent plus loans and my own loans. I know they have to be consolidated separately. For my own loans, can I consolidate my subsidized and my unsubsidized together?
Great Info! Question. I have 5 Parent Plus loans (used for my son) and 2 Direct Consolidated Loans (mine and my wife's education in the past) with Nelnet. Do I consolidate the 5 Parent Plus with another services and then once that is complete consolidate them all at Nelnet? Just making sure I understand correctly
I have a question I have 15 loans 3 of which are Parent plus loans. I just seen your video. 1. I filled out online form and submitted 8 loans which were not Parent plus loans. Should I cancel these and do paper copies instead ? I only have few days left until it’s permanent. 2. I notice there is only 9 lines on the application. Does that mean I need to do more than 3 paper copies?
Are there any scenarios under which the consolidation to the IDR plan would result in a higher monthly payment than my current Parent Plus Loans? Exactly what is meant by Paying 10% of your income rather than 20%?
So if you have one parent plus loan and one consolidated direct loan, you shouldn’t consolidate those together? There’s no way to get on a cheaper plan if you have one parent plus loan?
if the orginal 4 direct plus loans are with one servicer (say ed financial) can one the consolidations be with that same loan servicer? Say loan 1+2 consolidate with edfinancial and loans 3+4 with mohela. or should you make sure to use 2 different borrowers from your original loan servicer?
I have 3 parent plus loans so it sounds as if I won’t benefit from the loophole? Thank you for this great video, very helpful. Just not sure how to proceed.
I had 3 and did the double loophole. consolidate 1 to a servicer and consolidate the other 2 to another servicer. Once those are done. consolidate the 2 loans together as one.
I just consolidated all my PP loans (two of my three kids) into one as I did before I knew about double consolidation. My wife has our other child under a PP loan which we consolidated. We file taxes jointly and live in same household with one income from me. Is there a way we can consolidate both now consolidated loans into one under my name? I assume it would then be double consolidated. Thanks!!
So what is the difference between this and consolidating ALL loans that don’t qualify for SAVE via the studentaid website into direct loans? There is an option to do this on there so I was wondering what the benefit would be doing the paper method?
can i fax or email the servicers the consolidation applications? i have 2 kids in college now. one is graduating 6/2024. two is graduating 5/2026. should i double consolidate #2's PPLs with #1 now for SAVE now or wait?
Does anyone know what the Loan Type 'UNSB" stands for? That is what shows on the paperwork from my paper consolidation applications and now from my online application paperwork. Does that Loan Type still identify them as Parent Loans?
I printed out the Repayment Plan Request for FFEL consultation. Was it correct to check standard? I’ve been reading on Reddit SAVE should be the option. I hope my application is ok.
I have a direct subsidized and direct unsubsidized as well as one parent plus loan. Since there is only a short time before the deadline, should I proceed with the double cosolidation loophole process or will it mess up my count since the consolidation won't have time to process in full before the April 30th deadline? If so would I do a paper copy with the parent plus loan and one of the direct loans first through Mohela?
What is the recommended service provider choices if your Direct Parent Plus loans start with Aidvantage? Should the first, paper applications go to Aidvantage and Mohela so the final consolidation can be with Nelnet, or is there another formula that is more guaranteed?
I was told by Edfinancial that Aidvantage processes all the consolidations, but then the loan would be held by who I requested-Edfinancial. Now that they no longer follow the original request, I am concerned about sending both consolidations now held by Aidadvantage for double consolidation to MOHELA since Aidvantage processes all of them. Why would they follow my request when they didn’t a few weeks ago. I thought they needed to be held at different services to complete the consolidation. Will I need to wait 120 days to consolidate the second time?
I had the same situation, 3 Loans. Just consolidate 2 of them one a single consolidation loan then consolidate the last loan as a new consolidation loan itself (with different servicers, obviously). It didn't make sense to me how you can "consolidate" a single loan, but it works.
Thanks so much for this video. I'm almost at the finish line! However, I have a quick question. I've recently seen horror stories about those who've completed the final consolidation process with Mohela -- something about being denied because Mohela's software won't allow selection of the SAVE plan following the final consolidation. Here's my question -- I originally started with all Nelnet loans. I successfully split and consolidated them into two separate loans with Aidvantage and Edfinancial. My plan was to do the final consolidation with Mohela but now I'm hesitant. Do I have to use Mohela or could I go back to Nelnet for the final consolidation?
This happened to me two weeks ago. I just called them after i seen my loan servicer was mohela on studentaid.gov (I didn’t get a email stating the consolidation was complete for some reason). Simply explain the situation and they will fix it and enroll you in the save plan. They explained that it’s just a glitch in the system. If the person you call seems to be new just ask to speak to a manager.
@studentloanplanner If my parent plus loans were already consolidated into a Direct Consolidated Loan years ago, would two consolidations still be required, or just one?
Hello - thank you for this very informative and helpful video! I am on my way to getting started with the whole process, I heard about it before and worried, but now feel so much better with your instructions! I have 12 parent plus loans and since more than 8, I went ahead with consolidating 8 of them on line with my current servicer. My question.... there is recent news about a growing number of Republicans working on blocking the SAVE program. So, if someone is already enrolled in SAVE, will it continue for those enrolled (grandfathered), or will it end for completely for everyone? I was going to wait a couple of more months to get started with the process, but began to worry about this whole block thing. Now I am hurrying to complete just in case it somehow is stopped. What are your thoughts on this?
Vote democrat in November:) By enrolling into SAVE, no matter what happens, there will still be benefits as opposed to staying with parent plus loans- in my understanding.
Make sure the box in the right hand corner of paper application is voided out with permanent marker. Send a letter if you want to stay with your current servicer particularly PSFL. I sent in the paper app. No one told me about the code with exp date in the right hand corner. My loan went to Edfinancial. I was at Mohela now has been a real problem getting this loan back to Mohela. Send a letter with your application who you want to stay with. Copy and send with return receipt. Please add a caveat if you are going for PSLF you must chose Mohela. They will not automatically place you back. I have now been required to resubmit my certified ECF to FSA. Definite headache things have changed
Question, we have one parent plus loan for our son and our son has 2 direct loans. Would I submit a 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? Thank you.
I have 4 current parent plus loans for my 2nd son and one direct consollidation loan from 2015 for my first son. Can I just consolidate the 4 plus loans and then reconsolidate that loan with the older consolidation loan to get into the save program? Would this be considered double consolidation? All the loans are with the same servicer. Should I consolidate with a different servicer for the new consolidation and then with a different services for the 2nd consolidation?
When I am applying for the IDR PLan Request - My quetion is CAn I still include my child (adult) that is living with me? He is working part time, He files his own taxes. What is the requirement for bing still part of dependent
Rare q here! At 48:00 she mentions something *no one* talks about but unfortunately does not go into it further. What do we do if our parent already consolidated every loan into the parent plus loan? Is there any chance or alternative route to the double consolidation still? Any guidance here is appreciated
I completely,eyed this process a few years ago. I recently consolidated another set of loans to take advantage of being able to have all of the (second set) loans brought up to the same PSLF count. So I currently have 2 direct loans Loan 1 with 45 qualifying payments that are on the Pay as you earn plan Loan 2 is in an online consolidation process to bring all loans to the 41 qualifying payments. This loan will only be eligible for ICR plan. Can I consolidate these together to take advantage of the loophole WITHOUT sacrificing my qualifying payment number? Also, can I do it online since I already have the second one in progress? I am already with MOHELA for all of this and the current consolidation is with Aidvantage?
Thank you for the information. I have three parent plus loans, is it possible to consolidate the first two into a direct consolidation loan #1, and then consolidate the 3rd plus loan into its own direct consolidation loan #2?
Aidvantage is currently processing loans for MOHELA and Edfinancial when I go to select third servicer for last consolidation. Since I already used Aidvantage for 2nd consolidation -should I wait before I go through with 3rd consolidation?
Hello, Thank you for this video. I have a question on page 9 of the paper form where you have to insert Servicer Address . Is that address for New Servicer I am choosing (Nelnet) or the address of the current servicer (Mohela)?
its for the current servicer. But send a letter with the app telling them who you want your new servicer to be. OR write it on the application and highlight it.
Did everything from your video, took 3 months but it worked. Wonderful daughter dropped a $125.000.00 loan in my lap great kid.Loans started out at $1149.36 after 4 were consolidated into 2. then became 1 loan payment went to $852.00, then the loophole just like you said now ICB $148.52.Quite a bit of paperwork and a few phone calls after reclassification, but it works. Amazing information, followed your information to the T and it actually worked. Thank You, 4 loans into 1 and it's like magic. Thanks Again
Followed your instructions to the letter and just received my new payment amount from Aidvantage. Went from 4 loans to two to one. Making sure to use paper applications. Total loan balance 162k with a salary around 140k. Payment dropped from $1100 to $560. When I retire it should drop even further. So happy and thanks so much for your help! 🙏🙏🙏
Thanks for sharing, Keith! Our team is happy to help.
Thanks for sharing! My payment is 1100. Will be ecstatic it goes to half that! On my third and last step now!
Did you have to fight for it?
@@denisesteinwachs6348 Good luck! 🙏🙏🙏
@@denisesteinwachs6348 Not at all. Never had to even talk to anyone.
I have just been approved for the SAVE plan after successfully completing the double consolidation process. I cannot say enough good things about the beautiful people on this site. Your calm, clear, concise and reassuring directions brought me through a very stressful time. You are helping so many and deserve high praise for your efforts. Thank you!! ❤
Hi can you tell me if you sent a paper plan and when and to who? EF is giving me the run around. Saying they can no longer process paper applications for repayment plans (the final step) as of March 1st. They say it can only be done online at student aid.
that is great! i just recd my final consolidation. getting ready to do the save app--how did you apply for save? paper app mailing in or faxing in?
@@KMarieLaVigna I uploaded pictures of a paper application, including my 1040 tax form. I believe the loan servicers have that option, I did mine with Mohela.
@@chrislabish i just did the same yesterday, uploaded the paper app to mohela! And i included page 1 from my 1040 tax form. Fingers crossed mine goes as smoothly as yoursl!! How long did it take mohela to finalize it for you?
@@KMarieLaVigna It wasn't real smooth. It took over two months after submitting the application because they wouldn't approve SAVE at first, and put me on a traditional IDR plan with super high payments. I had to insist that I qualified for SAVE. After talking to a supervisor, who agreed I was eligible, it took another month and three more phone calls:( Bottom line: Don't give up, don't get discouraged, and advocate for yourself! Be polite but firm. Hope all goes well.
I just finished the consolidation of the two servicers!! Now I only have one loan servicer!! Honestly it didn't take long at all. Uploading the idr form today! Im already contemplating a win!! Will be back for an update but thank you to you and your team! Great help!!❤❤❤
This has been an excruciating process, but you made it a little better and have made it clearer
Thank you so much. Your instructions really helped me immensely. Thanks again!
Thank you Meagan McGuire for the awesome explanation of Parent Plus Loan Consolidation process. Well explained and easy to understand and follow!
Thank you for this how-to video! We dropped our payment $400.00/ month! Your step-by-step process was easy to follow. Thank you again for putting this out for those stuck with Parent Plus Loans!
Thank you great explanation and happy new year !
Thanks for the information!! Getting ready to put in my second consolidation!
Went through this process for my dad. Still waiting the final outcome of the IDR application but your instructions were so perfectly clear! I'm the one paying back the PP loans but will help me significantly when he retires in two years!!
I just finished the paper consolidations. I couldn’t find the links in the video but was able to find everything at the
Student Loan website and I needed to go to the servers websites to get account numbers. I watched the video and then rewatched as I filled out each section. Give yourself an afternoon to complete the whole process.
I appreciate the videos attention to detail.
The process is easy once you start it.
I hope that helps.
Went through this tedious process and followed your directions word for word. It was so well worth it. I went from $279 a month to $25!!! Thank you so much for this priceless information. If you're thinking about doing this, do it. It took several months but it's done. I can't begin to tell you how happy I am and how this really made this affordable for me. Thank you!!
congrats! i have one consolidation done w advantage. And waiting on nelnet. who did you choose as your final one?
Who was your original service? If my original servicer is NELNET can I consolidate with them?
I have the same question I have 2 with nelnet. So can I pick say Mohela and aidvantage for the paper applications and then at the end can I choose Nelnet for the final online application?
@@coffeecrazy70from my understanding, no, your final loans have to end at a different services you never used before. Not a professional, just what I’ve gathered,
Hope it helps!
@@lalalatwiluverlalala thank you!
Perfect timing. I was in the final step of this last night, doing the last online consolidation step, and noticed the new website was different, didn’t allow the SAVE plan.. was panicked 😱. Decided to pause my progress and check back with y’all. Glad to know you’re already aware & that we can continue to count on your team to teach us moving forward :)
Thx again from Detroit
did you figure it out? it still doesn't let me choose SAVE
She's saying send the paper one for repayment plan
29:08 is the final step online. No I didn’t get to that one yet. What I did was really a bandaid, so criticize / improve as you see fit, but I paid a nelnet late fee to get in good standing, and then submitted request to them for ICR plan. I thought it already was ICR, and now it is. No payments (my parents are broke :/ ). The other servicer has one ICR consolidation loan as well.
I figure for now, that gets me into good standing for the year, and then, since everything changes weekly, I have roughly 6-8 months to do the final step. No rush.
If you are just starting out tho, be sure to give yourself six months! And good luck! Keep us posted
Update. I’m still waiting things out for now, haven’t done final consolidation yet (have one at aid and one at nelnet. Deadline end of year). Anyways My parents went from monthly payments of $750+ they cannot afford, possibly risking soc sec being garnished if no resolution, to now $0 / month because they qualified for income driven this whole time.
Really appreciate you and your efforts and this community. If anyone’s reading this. I did a consultation and it was worth it. Cheers
@@phildittrich4361 Thank you for sharing this! I'm on the parent plus loan now but I thought it was not eligible for income driven payment plans? Can you share who you have your consultation with? Mohela's customer support is awful.
Great video and detailed instructions. I followed the instructions exactly and my payments went from $600 to $0!!!! It is definitely a process but well worth it!! I started the application process in December 2023 and got notice yesterday I was approved for SAVE. Thank you very much!
Who do you send the SAVE application form to after both consolidations are done?
THANK YOU SO MUCH! This process took from October 2023 to now May 2024, went from 3 PPL’s with over 100 grand in debt, standard repayment told us $750 a month, just heard back from Mohela after FINAL FINAL step and we now only owe $300 a month. You guys saved me and my parents!
How were you able to consolidate 3 loans?
i have 2 parent plus loans: i did a loan consolidation for one using a paper app w/ Aidvantage--quick and painless. Now I am doing a paper consolidation for the other one w/Nelnet and that one is moving along quickly!! Cant wait until that is done to do the final one, combining both into one new consolidated!
Hi could you please share who your original servicer was? I have 2 parent plus loans under MOHELA. I want my final consolidation to be with NELNET. Do you think i can do the first consolidation with MOHELA and the second with AIDVANTAGE?
@@angelalauer3226 hello, my original servicer was nelnet. so i had 2 parent loans under nelnet. i consolidated one under aidvantage using a paper app. and then a diff paper app to nelnet to consolidate that one. so yes i think you can do one with mohela and the other one with aidvantage. the only thing that is strange in that is that they are both serviced through aidvantage. but everyone says it is okay and will go to 2 separate places in the end.
@@angelalauer3226 my original servicer was nelnet. and i did my first 2 consolidations with Aidvantage and Nelnet.
Great info! My question is regarding Administrative Forbearance. I had 5 parent loans with Mohela. I overnighted the 2 separate paper consolidation applications 11/6/23: one to Nelnet and one to ED Financial. Nelnet is fully completed as of 12/22/23 (next payment due to Nelnet by 2/5/24). Ed Financial is still in-process and those loans still show on Mohela's website and that I need to make a payment to them by 1/9/24. When does Administrative Forbearance take place? Is that only when I do the online consolidation? I plan to pay Mohela, but don't want that payment to potentially not count as I apply for PSLF. Shouldn't my consolidated loans be in Administrative Forbearance now?
Amazing video, thank you.
So for my situation.. I have parent plus loans with both my mom and my dad. Along with my own federal personal loans.
Would that make a difference in the double consolidation process?
Also I put my personal loans into IDR payment already, will that affect this process you laid out?
Really appreciate your help! Saving lives out here lol.
Hi, thank you for this info! Any idea of what credit rating is needed for the student to consolidate?
Great info on your UA-cam, by the way...thanks!!!
I just did a Direct Consolidation of my FFELs, and I understand I can only do one consolidation every six months.
If I ONLY have 2 PPLs with Nelnet, should I do a double consolidation by paper by sending each PPL to a different servicer, or should I combine the two and send them to one servicer by paper?
Megan, thank you so much!!! So helpful. For the 3rd example, do you have to consolidate the personal loans AND consolidate the parent plus loans before doing the double consolidation? Or do you just consolidate the Parent Plus loans then you can just consolidate all the loans together?
Hello, i just stumbled with your video and this is very helpful. Thank you!
I have a 4 parent plus loan ( for my son) and 1 consolidated load ( for my daughter which is in ICR ) with Aidvantage already . Im in a process of consolidating the 4 parent plus loan with Ed Fed. Is this going to be Ok since I see that Aidvantage will be reviewing them?
We are on paper IDR step application, got 3 PP loans into 1 final servicer (Mohela) no issues so far besides being patient. We have been working on this since October 2023. Fingers crossed this final step works!
How do you bundle the loans when there are 3?
SLP. I and many other people here have found your assistance quite helpful. We know youre all very busy. If you could have a team possibly privide answers to some of us here online that would be a great step in your services
Thank you so much. Done
Great video, thank you so much! I'm the loan owner for multiple (more than 4 loans) parent plus loans. Can my references for the paper consolidation form, be my 2 adult children? They both live separately from me but are the ones i took out the loans for. They each have their own student loans also.
Again, I'm so glad I found your page.
I am on the last consolidation so Im glad I saw this updated video! Quick question, my dad is the one with the parent plus loans, he has one for my brother (who is still in school) which I did not touch when going through this consolidation, when filling out the final IDR application, when it asks if he has multiple loan servicers, I believe we should answer yes, correct? From my understanding since I will only be submitting this to the final loan servicer (which differs from the servicer that has my brothers parent plus loan) this should not affect repayment on that loan. I just want to make sure I do not trigger my brothers repayments by submitting this for my consolidated loans
Hi! Did you ever get a response for your question? I have 2 children who are out of college and I am going to do the double consolidation and I have a son who is still in college. We have 2 PP loans on him and not sure if I should include those in the double consolidation process.
@@lynnburkhardt5509 Did you get the answer to this?
Great Info! I am submitting the application but am confused on which number they want for the loan number. I have the 10 digit number for all of the loans, or they each have a consumer account number that is a tad different for each loan. Which should I include on the application? Thank you!
Thank you for making this video. I have one question, I will be doing Example # 3, when doing the paper application do I list Stafford loans on the loans I do not want to consolidate?
Very helpful info. I consolidated all of my Parents Plus loans and received confirmation that they were consolidated. Do I have to have to now consolidate my remaining non Parent Plus loans (these were my own graduate school loans) or can I skip to the last step and add the new consolidated loan (from PP) to the non PP loans as my final step to consolidate? Do I have to first consolidate my non PP loans and then do a final consolidation of both consolidated loans? Thank you.
Great video Thank you so much. I have one question - what if we have 3 parent plus loans? Do we just do one paper app for 2 of them and leave the other? Then once the 2 are consolidated we consolidate the last? Does it matter which 2 to pick?
I started early April! Done w phase 1 as of today! Nelnet for one consolidation and Aidvantage for the other. But Aidvantage sent it to Mohela! So my next step is to review the video and see if going w Aidvantage is OK as I know the video said do not so step 2 with any of the first phase servicers.
@briyanc2138 not long for nelnet..a few weeks. Advantage set it ti Mohle so that took a couple weeks longer. I'm starting the second part now. Because the one was transferred from Advantage if thas how you spell it, to Mohela, I'm trying to confirm if submitting my final pn line consolidation can go w Advantage. Let me know if you heard anything. But you should be good. I wouldn't worry about how quick they did it..
They have a new IDR form with the January 31, 2024 update date and it is different than the one you used in the video. I am choosing the "income-driven repayment plan" (the first box. not the SAVE or IBR or PAYE or ICR....correct?
I have two parent plus loans, what steps do I need to take?
This was very helpful! Has anyone had a similar situation? I have parent plus loans from our first child from 2009-2013 and have parent plus loans from our last child who does not graduate until 2026. Should I just consolidate the old loans or include the new loans too? Thanks in advance!
How can I check if consolidation is worth doing it or not? I see that you have a calculator online but what if marrital status changes from single to MFJ during the payment?
Aside from not using paper method and filing with different servicers at each step. Are there other gotcha's we need to watch out for? I just want to audit myself before I submit applications! Thank you :)
I consolidated my daughters undergraduate loans right when Covid hit. So, I guess I'm not eligible for this loophole..with one Direct Consolidated Loan now. So, can I take 2-3 classes, take out small Federal loan..then use these two for loophole? Don't want to do this if it will not help 😭 thanks!!
Hey great video! I already did the double consolidation and when applying for final step i submitted icr repayment plan online since i didnt know about the paper income driven form.. hasnt finished yet..big deal? Didnt know if this would tip off Mohela that i wasnt. Eligible for save because they involved parent plus loans
What happened?😊
Thank you.
How do I do the consolidation if I have 3 parent plus loans?
I’ll appreciate if you can explain.
Hello! Been following you guys for a while and always super helpful. I have one really important questions im hoping someone can help with.
Im about to do the online 2nd consolidation. I plan on using Mohela for the PSLF servicer as my parent would apply. Im also trying to get on the SAVE program. Should I definetly still choose the "Standard Repayment" option, even though it says its not recommend for those seeking PSLF?
Thank you so much!
I don't think it matters initially
are you adding the entire loan account number of just the first for digits of your social then the remaining number?
Can I do this if I have overdue payments?
Can you do these consolidations if your loans are in forbearance? Also if I currently have 2 loans with Nelnet and pick 2 new different servicers for the paper applications can I then choose Nelnet for the 3rd/final online consolidation?
Hi - If you have 2 Plus Loan and the remaining unsub, could you not consolidate the unsub and do the double consolidation for each Plus loan?
I originally had 2 parent plus loans. I consolidated them 3 months ago. Now I have one loan. How would I be able to consolidate that one loan I have now so I can apply for the S A.V. E. PLAN?
Thanks
What if I sent my only two parent plus loans to one servicer and now they are consolidated. Is there anything else I can do to qualify for SAVE still? I believe I’m over the reversing period. Would you suggest ICR as the next best option?
If you are doing this consolidation for 2 different kids (A has 3 parent plus loans, B has 6) - would the process be done separately for each (3 consolidations each) but each time would you list the others loans on the " I don't want to include these list?" ie-A has to list all Bs 6 loans on every application as do not consolidate?
Question: I am almost through this double consolidation process. I consolidated all my personal direct loans using Aidvantage (paper), then I consolidated all of my parent plus loans (paper) using Nelnet. I had planned to do the final consolidation with Mohela because I have PSLF. After consolidation, Aidvantage moved my loans to Mohela. I know I'm supposed to use a different servicer each time, but is it ok to go ahead and use Mohela since they didn't perform the consolidation even though they are my current servicer?
Is it too late to start this process to make the IDR waiver deadline? I did the double consolidation process once successfully but have new parent loans disbursed in January. I’m assuming I just consolidate the new loans together, then consolidate the all together online. Also, my last online app was submitted 10/26/23, so will have to wait until the last minute for the last step.
I double consolidated my loans with ED and Mohela but just received a notice that Ed will be transferring my loans to Mohela. For the last step can i still do the double consolidation event though my now 2 separate loans are at 1 servicer?
I'm still being denied to be put on Save even after the double consolidation. I've uploaded the IDR Save payment plan and was denied
Great job! I started with 6 loans at Nelnet: 4 parent plus and my older undergrad direct consolidation loans (1 loan: 2 parts, sub & unsub). I consolidated the parent plus loans on paper and chose Aidvantage, which got consolidated 9/6/23. Then, for a final consolidation, I combined them with the undergrad direct consolidation loan, just submitted online 12/12/23. I chose Aidvantage again. Is this incorrect since you said it needs to be sent to a 3rd servicer bc of the 180-day rule? Uh, oh! Or does that rule only apply when doing two sets of parent plus loans only, like your example 1. Thanks!
Shouldn't matter the law says they have to allow it
I have already consolidated all my parent loans to. Direct federal loan through aid vantage. I’m trying to get in on this save program. My question is can I consolidate the loan I co signed for my son with my direct loans to get the loophole benefits
What do I put in Section 6 of the Repayment Plan Request? "SECTION 6: WHERE TO SEND THE COMPLETED FORM"? Leave it blank? Put the consolidating loan server or the present loan server?
Just wanting to confirm that the address for Nelnet that is stated in the video is where I need to send the loan consolidation form.
Thank you in advance.
My brother and I have 9 parent plus loans under my dad. The final consolidation is almost complete. Is there any reason why you need to do a paper application for the save plan? I thought online was ok?
Help! Which loan servicer should I send my 3 total- 2 to one servicer, and 1 consolidation to another servicer considering I currently have Nelnet for all three?
My husband has 6 loans Parent Plus Loans with Nelnet and I have 3 Direct Parent PLus Loans. I watched your video and can't wait to apply to consolidate for a lower payment. How many paper applications and online applications? Do I need to change the already Direct Parent Plus loans. How would I incorporate them into one loan?
Great video and detailed instructions. Followed them exactly as given and my payments went from $600 to $0 🎉
I started this process in December 2023 and completed it today with notification that I was approved for SAVE
It’s a process to say the least but well worth it in the long run
I have parent plus loans and my own loans. I know they have to be consolidated separately. For my own loans, can I consolidate my subsidized and my unsubsidized together?
Great Info! Question. I have 5 Parent Plus loans (used for my son) and 2 Direct Consolidated Loans (mine and my wife's education in the past) with Nelnet. Do I consolidate the 5 Parent Plus with another services and then once that is complete consolidate them all at Nelnet? Just making sure I understand correctly
Did you get the answer for this?
I have a question I have 15 loans 3 of which are Parent plus loans. I just seen your video.
1. I filled out online form and submitted 8 loans which were not Parent plus loans. Should I cancel these and do paper copies instead ? I only have few days left until it’s permanent.
2. I notice there is only 9 lines on the application. Does that mean I need to do more than 3 paper copies?
Are there any scenarios under which the consolidation to the IDR plan would result in a higher monthly payment than my current Parent Plus Loans? Exactly what is meant by Paying 10% of your income rather than 20%?
So if you have one parent plus loan and one consolidated direct loan, you shouldn’t consolidate those together? There’s no way to get on a cheaper plan if you have one parent plus loan?
what about if your a business owner/scorp? how do they calculate your income for repayment?
Just stumbled across your video. I have four parent plus loans. Today is April 30. Is it too late for me at this point?
if the orginal 4 direct plus loans are with one servicer (say ed financial) can one the consolidations be with that same loan servicer? Say loan 1+2 consolidate with edfinancial and loans 3+4 with mohela. or should you make sure to use 2 different borrowers from your original loan servicer?
I have 3 parent plus loans so it sounds as if I won’t benefit from the loophole? Thank you for this great video, very helpful. Just not sure how to proceed.
I had 3 and did the double loophole. consolidate 1 to a servicer and consolidate the other 2 to another servicer. Once those are done. consolidate the 2 loans together as one.
I just consolidated all my PP loans (two of my three kids) into one as I did before I knew about double consolidation. My wife has our other child under a PP loan which we consolidated. We file taxes jointly and live in same household with one income from me. Is there a way we can consolidate both now consolidated loans into one under my name? I assume it would then be double consolidated. Thanks!!
So what is the difference between this and consolidating ALL loans that don’t qualify for SAVE via the studentaid website into direct loans? There is an option to do this on there so I was wondering what the benefit would be doing the paper method?
can i fax or email the servicers the consolidation applications?
i have 2 kids in college now. one is graduating 6/2024. two is graduating 5/2026. should i double consolidate #2's PPLs with #1 now for SAVE now or wait?
How do I get the repayment form to include
Does anyone know what the Loan Type 'UNSB" stands for? That is what shows on the paperwork from my paper consolidation applications and now from my online application paperwork. Does that Loan Type still identify them as Parent Loans?
I printed out the Repayment Plan Request for FFEL consultation. Was it correct to check standard? I’ve been reading on Reddit SAVE should be the option. I hope my application is ok.
I have a direct subsidized and direct unsubsidized as well as one parent plus loan. Since there is only a short time before the deadline, should I proceed with the double cosolidation loophole process or will it mess up my count since the consolidation won't have time to process in full before the April 30th deadline? If so would I do a paper copy with the parent plus loan and one of the direct loans first through Mohela?
What is the recommended service provider choices if your Direct Parent Plus loans start with Aidvantage? Should the first, paper applications go to Aidvantage and Mohela so the final consolidation can be with Nelnet, or is there another formula that is more guaranteed?
I'm concerned. My oldest graduates in May of 2025. Can I do this double consolidation with her loans before then? I have to take one more year out.
I was told by Edfinancial that Aidvantage processes all the consolidations, but then the loan would be held by who I requested-Edfinancial. Now that they no longer follow the original request, I am concerned about sending both consolidations now held by Aidadvantage for double consolidation to MOHELA since Aidvantage processes all of them. Why would they follow my request when they didn’t a few weeks ago. I thought they needed to be held at different services to complete the consolidation. Will I need to wait 120 days to consolidate the second time?
Why can you do if you only have 3 PPDL?
Thank you so much for the information! If I only have 3 Parent Plus loans how does that work?
I had the same situation, 3 Loans. Just consolidate 2 of them one a single consolidation loan then consolidate the last loan as a new consolidation loan itself (with different servicers, obviously). It didn't make sense to me how you can "consolidate" a single loan, but it works.
you have to do online application or paper for the last one?. thank you@@brainspout3447
@@brainspout3447 Thank you so much!
Can I ask how long it took for you to hear back after mailing your paper consolidations?
@@alexcavegn7063 I heard back from EdFinancial in about 4 weeks, it took NelNet a little over 6 weeks.
Thanks so much for this video. I'm almost at the finish line! However, I have a quick question. I've recently seen horror stories about those who've completed the final consolidation process with Mohela -- something about being denied because Mohela's software won't allow selection of the SAVE plan following the final consolidation. Here's my question -- I originally started with all Nelnet loans. I successfully split and consolidated them into two separate loans with Aidvantage and Edfinancial. My plan was to do the final consolidation with Mohela but now I'm hesitant. Do I have to use Mohela or could I go back to Nelnet for the final consolidation?
I'd go with different one.. they have to do it..
Mohela
This happened to me two weeks ago. I just called them after i seen my loan servicer was mohela on studentaid.gov (I didn’t get a email stating the consolidation was complete for some reason). Simply explain the situation and they will fix it and enroll you in the save plan. They explained that it’s just a glitch in the system. If the person you call seems to be new just ask to speak to a manager.
@@rickmooney5931 What happens if you choose Mohela and the loan is being processed by another loan servicer that you used before?
That doesn't matter.. aidvantage services most
@studentloanplanner If my parent plus loans were already consolidated into a Direct Consolidated Loan years ago, would two consolidations still be required, or just one?
What if I have PPL for my children and my husband has PPL for his children. We had these loans before we got married so do we do them separately?
Hello - thank you for this very informative and helpful video! I am on my way to getting started with the whole process, I heard about it before and worried, but now feel so much better with your instructions! I have 12 parent plus loans and since more than 8, I went ahead with consolidating 8 of them on line with my current servicer. My question.... there is recent news about a growing number of Republicans working on blocking the SAVE program. So, if someone is already enrolled in SAVE, will it continue for those enrolled (grandfathered), or will it end for completely for everyone? I was going to wait a couple of more months to get started with the process, but began to worry about this whole block thing. Now I am hurrying to complete just in case it somehow is stopped. What are your thoughts on this?
Vote democrat in November:) By enrolling into SAVE, no matter what happens, there will still be benefits as opposed to staying with parent plus loans- in my understanding.
Make sure the box in the right hand corner of paper application is voided out with permanent marker. Send a letter if you want to stay with your current servicer particularly PSFL. I sent in the paper app. No one told me about the code with exp date in the right hand corner. My loan went to Edfinancial. I was at Mohela now has been a real problem getting this loan back to Mohela. Send a letter with your application who you want to stay with. Copy and send with return receipt. Please add a caveat if you are going for PSLF you must chose Mohela. They will not automatically place you back. I have now been required to resubmit my certified ECF to FSA. Definite headache things have changed
she addresses at the 30 min mark FYI!
Would you be able to open a loan and consolidate that into the parent loan to get the loophole to work o does it matter how new the loan is
Question, we have one parent plus loan for our son and our son has 2 direct loans. Would I submit a 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? Thank you.
I have 4 current parent plus loans for my 2nd son and one direct consollidation loan from 2015 for my first son. Can I just consolidate the 4 plus loans and then reconsolidate that loan with the older consolidation loan to get into the save program? Would this be considered double consolidation? All the loans are with the same servicer. Should I consolidate with a different servicer for the new consolidation and then with a different services for the 2nd consolidation?
Mohela transferred my new loan to nelnet. Now both of my new direct consolidation loans are with nelnet is that a problem.
My daughter is still in school, we haven't made any payments yet. will I have to start paying before she graduates if I consolidate?
When I am applying for the IDR PLan Request - My quetion is CAn I still include my child (adult) that is living with me? He is working part time,
He files his own taxes. What is the requirement for bing still part of dependent
Rare q here! At 48:00 she mentions something *no one* talks about but unfortunately does not go into it further. What do we do if our parent already consolidated every loan into the parent plus loan? Is there any chance or alternative route to the double consolidation still? Any guidance here is appreciated
I completely,eyed this process a few years ago. I recently consolidated another set of loans to take advantage of being able to have all of the (second set) loans brought up to the same PSLF count. So I currently have 2 direct loans
Loan 1 with 45 qualifying payments that are on the Pay as you earn plan
Loan 2 is in an online consolidation process to bring all loans to the 41 qualifying payments. This loan will only be eligible for ICR plan.
Can I consolidate these together to take advantage of the loophole WITHOUT sacrificing my qualifying payment number?
Also, can I do it online since I already have the second one in progress? I am already with MOHELA for all of this and the current consolidation is with Aidvantage?
If my daughter is still in college and i have 2 parent plus loans she is in her jr year do i wait to consolidate or do i do it now??? Help please
Thank you for the information. I have three parent plus loans, is it possible to consolidate the first two into a direct consolidation loan #1, and then consolidate the 3rd plus loan into its own direct consolidation loan #2?
i believe so. i only have 2 and i am consolidating each one separately.
Aidvantage is currently processing loans for MOHELA and Edfinancial when I go to select third servicer for last consolidation. Since I already used Aidvantage for 2nd consolidation -should I wait before I go through with 3rd consolidation?
No
Hello, Thank you for this video. I have a question on page 9 of the paper form where you have to insert Servicer Address . Is that address for New Servicer I am choosing (Nelnet) or the address of the current servicer (Mohela)?
its for the current servicer. But send a letter with the app telling them who you want your new servicer to be. OR write it on the application and highlight it.