Parent PLUS Double Consolidation: The final stretch | July 2025 Deadline
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- Опубліковано 3 жов 2024
- Don't miss this last-chance opportunity to access more affordable repayment options! Parent Plus loan borrowers have just one year left to access SAVE via the double consolidation loophole. Join us for a step-by-step guide, including how to avoid crucial mistakes and how to deal with loan servicers: www.studentloa...
Other links mentioned in this video:
studentaid.gov...
studentaid.gov...
Get professional financial help: www.slpwealth....
Get a student loan plan from the experts: www.studentloa...
Disclaimer: Investment advisory services offered by SLP Wealth LLC. This video is for general educational purposes only and should not be construed as any investment, financial planning, tax, or other professional advice.
Legal: Student Loan Planner is a financial coaching company and does not claim to provide financial advice on investment products. Refinancing federal loans causes the borrower to lose access to income-based repayment plans as well as the PSLF program. We may earn compensation from advertising partners when you click on links on our site. Student Loan Planner is not a debt settlement or debt relief company. We do not provide tax or legal advice.
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We consulted with Student Loan planner in late July 2023. Our double consolidation process was completed in March 2024 and we are on SAVE now. We could have completed the double consolidation sooner but we wanted to figure out our tax situation first. The process is time consuming and detailed but our payments on SAVE are 1/3 of what they would have been.
I also want to say your help was invaluable as I was able to successfully get the double consolidation completed and reduced my payment by more than half. It’s well worth the one hour session to get yourself started in the right direction!
Final stretch double consolidation can no longer be completed online. Is there a video or other information showing how to fill out paper application fort final consolidation? Can't find.
Can someone please reply to this comment ^ I’m in the same situation
@@akgoesbang5437 It's open now for online application. I'm in the same step, my parent plus loans show up on the dashboard with zero balance but not on the online application. I don't know whether to do the final step or wait. I hate to get this far and mess it up:(.
Thank you for a valuable tutorial on this step by step Parents Plus Double loop consolidation into a SAVE IDR plan. I did all what suggested processes up to the tee, got notification yesterday that my payments will be as exactly as the same as before double loop consolidation been done. What went wrong? It surely raises my anxiety and distress level up to the roof instantly. Please help!!
I should apply this method, as my financials fall under this criteria. Nonetheless.....What are the possible downsides of the Save Plan?
Ive already done one round of consolidations via Mail. I was going to do the second round online but the button to apply on the student aid website is greyed out. Can I just submit an application via mail?
Is there chance SAVE could be eliminated or changed with Republican President?
Absolutely and the Donald will have a pen of vengeance.
Do payments have to be made to the two servicers while your doing the last step to the consolidation process? Im doing the last step this week.
did you get an answer? I have the same question
@milalanfranco1884 it worked by just going w Aidvantage. All are w them now. It's in process. However now I have to figure out which plan to choose later because the Save plan is not available! Ugh! Lol
@@milalanfranco1884 I think we can do a forbearance for a while
@milalanfranco1884 oh sorry. No. I heard from both servicers that previously had the laons that I was no longer w them so no payment had to be made. I apologize
I need help. I sent in 2 separate applications, one to Edfinancial & one to Mohela to start the double consolidation process. I just received mail from aidvantage for the 2 separate applications I sent. Do I need to reach out to aidvantage to cancel the consolidations? Because I picked mohela & Edfinancial as my servicers for the first step. Now im really worried this is wrong.
I just did the same thing and advantage did the consolidations for both of the servicers I chose. As soon as the consolidations were done, advantage sent the consolidated loans back to the servers I chose. You should be fine.
@@summerbeauts Thank you for the information. I really appreciate it.
I submitted my final consolidation on a paper application to MOHELA and somehow they ended up sending it to nelnet, so I had to cancel and now I'm starting the final consolidation over again. Not sure how that happened
Both my husband and i make a total of $177,000. We have 3 kids (1 college graduate and 2 in elementary and support my mother in law). We file taxes married filing jointly. We live in california. My loan is a total of $149,000. Do i qualify for SAVE? I have already done my final consolidation and qaiting for 10 days of correction time to pass but have not submitted IDR form. Do i qualify for SAVE?
My question revolves around only having 3 consolidation loan servicers to deal with. I currently have 3 parent loans with Mohela, but since I am taking a Fall 2024 parent loan I decided to start the consolidation process with only 2 of the loans because I wanted to use my 3rd loan with Mohela and combine that with the Fall 2024 parent loan I'm about to take so I would end up with 2 separate double consolidations. The first step of my first consolidation has been completed (with Aidvantage and EdFinancial), but as I am about the do the double consolidation I wondered since I still have one loan with Mohela and Mohela is my only choice to do the double consolidation with, will this double consolidation be approved for my 2 already consolidated loans? Or will Mohela see I currently have a Parent Loan with them and potentially revert them back to Parent Plus Loans?
so we mail the consolidation forms to the Servicer we want to be under (the one that's different from what you currently have) and not to the servicer you are currently under? right?! hope this isn't a dumb question
Daughter 1 just graduated. We had 4 years of parent plus loans. I have consolidated 2 years together and the other 2 years together. Now I have two consolidation loans and no parent loans. The payments are now coming due. I plan to do the loop hole consolidation to bring them together and to ultimately transition to the SAVE plan. I was planning on doing that now.
Daughter 2 starts college this fall. We plan to take out more parent plus loans for her time in college.
Question: Can I take out parent plus loan in July or August 2024 for the first semester. Apply for a second parent plus loan in November or December 2024 for second semester. Then in early 2025 consolidate those two........followed by taking this consolidation loan and combining them with the loans taken for daughter 1 and having all 5 years of loans under the SAVE plan by July 2025?
I will be receiving social security income as well as job income for a full year before I retire. I assume my SAVE payment will increase for a year or until I’m receiving social security income only for a year?
What can you do with one Parent Plus loan that I owe $43,000. Can you move it into a different type of loan twice to get to the SAVE plan?
hello and thank you! do we have to do anything for the IDR account adjustment? Or does this happen automatically?
How do I log in for your next podcast so I can ask questions live?
Hello, after I summited the application, should I called the loan service to request loan forbearance in order to get the payment pause?
I wasn’t able to watch the livestream. I have a question. I am one of those who is taking out my sons last PPL this year. I understand that I should start the paper applications for the loans we have including the fall 2024 loan. If I begin it in the Fall it will take 3ish months. The spring semester loan will be disbursed in January. What do I do with that one? Can I wait until it is disbursed to do the online application and include that one with the 2 consolidated ones from the paper applications? Please advise
i had consolidated my parent loan a long time ao , so if I take that consolidate loan and consolidate this loan now with anothe rone of my direct loan that wasnt consolidate so would that be the same as desin video ?
what if my salary is higher than my loan right now with 3kids dependent and 2 other dependents?
Look at the calculators, AGI AND household size are part of the calculation. You can also lower your AGI by contributions to 401k, 403b, IRAs.
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?
@@briyanc2138 thank you for your reply. Aidvantage already set up my second loan under their website and emailed me that it was complete. I have messages in to them to explain how they can be the servicer instead of Edfinancial. If Aidvantage also processes consolidations for MOHELA, how will my final step be handled for completed the double consolidation with MOHELA?
@@briyanc2138 I received a letter from Aidvantage that it was finalized and they were the servicer. So both my consolidations are now serviced by Aidvantage separately even though I requested the split between Edfinancial and Aidvantage. Can I start processing the next step right away or do I need to wait since Aidvantage processes for MOHELA and Nelnet??
Hello, I was wondering if the double consolidation worked for you. I sent 2 separate applications. One to edfinancial & one to mohela, but got paperwork from advantage from both applications
I did the consolidation with ED financial and Aidvantage. I'm now trying to consolidate the two. The loan servicer that is left for me to consolidate with is Mohela. When I chose Mohela it says that ultimately they will be my servicer but Aidvantage will do the initial processing. Is this going to mess me up since I already did a consolidation with Aidvantage?
No. We have done this twice already exactly how you are and it works fine.
Did you do the paper application with ED financial and advantage? I’m about to do the same thing. ED Financial is my current servicer.
@@summerbeauts I put the wrong servicer down. Ed financial was my original servicer too. I did paper applications with Nelnet and Aidvantage.
same. I sent my 2 paper consolidations: one to nelnet and one to aidadvantage. They consolidated my 2 consolidated loans seperately. Then I went and chose to consolidate those 2 and chose Mohela as my servicer for my final consolidation (double consolidation), this app was done on Feb. 23 and it hasn't been finalized yet. I am getting weird info: studentaid.gov says it was consolidated on July 17 with Aid advantage, but they need to give it to Mohela bc Mohela isn't able to consolidate at all, so they say that aidadvantage is getting all the consolidations then passing them back to the servicer you requested. I will keep you posted if my double consol goes through.
You haven't seen it all until you've seen my mess😂😂