Consolidating Loans - How To Approach

[Thirteen]

I called that number scarlett mentioned, and sure enough, I qualify for the special consolidation. They say I'm "slated" to receive a call, but it could be any time between now and June. Seriously? So every day my loans keep increasing in size, and I just have to wait until they get to me? I am very happy that I qualify, but still, I can't believe they have set up such an inefficient system. I was on the phone, ready and willing to do what it takes to consolidate!

I called BS and filled it out myself. I don't have time to wait for a call.


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[Finding Equanimity]

Thirteen- where did you find the form?

[Thirteen]

First, go to nslds.ed.gov to make sure all your federal debt is listed and accounted for. (Do *NOT* consolidate your federal Perkins loans with other federal loans, if you have any. It's better to keep them separate).
Then, go to studentloans.gov, click on "Special Loan Consolidation," and get started.
You will need all your lenders account numbers and addresses, as well as 2 character references.

[MarissaNicole]

So all DH's loans are Federal and Direct Loans at the standard 6.8%. We are doing IBR for now. I was undetermined the impression once you consolidate you must repay and cannot forbear/defer. Is that right?


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Wow, that is something I probably should have looked into before I filled out the form this week. I would also like to know the answer to that!

[scarlett09]

So all DH's loans are Federal and Direct Loans at the standard 6.8%. We are doing IBR for now. I was undetermined the impression once you consolidate you must repay and cannot forbear/defer. Is that right?


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Not sure if this is the case. I consolidated my undergrad Direct Loans immediately after graduation and I was able to defer when I went back to grad school. Obviously, that payment started up again right after graduation, while my grad school loans had the standard 6 month grace period. I'm new to IBR, just made my first payment on it this month, but maybe the condition that you mentioned is related to IBR?

So all DH's loans are Federal and Direct Loans at the standard 6.8%. We are doing IBR for now. I was undetermined the impression once you consolidate you must repay and cannot forbear/defer. Is that right?


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DH consolidated his in intern year and we didn't make any payments until this year. But with all the changes who knows if that would be the case now!