How long does student loan consolidation or refinancing take?
The biggest variable in both the refinance and consolidation timeline is usually the borrower.
Did you know?
Consolidation can cause your debt to temporarily double on your credit report.
This happens when the new loan is reported to the credit bureaus, but the old loans are not yet removed.
Servicer Selection
Federal consolidation is one of the few times that borrowers get to pick their loan servicer.
Borrowers considering PSLF should select MOHELA as they handle all of the PSLF applicants.
The biggest variable in both the refinance and consolidation timeline is usually the borrower.
Consolidation of AidVantage loans may be a smart move in your quest to eliminate student debt. Learn how it works and the mistakes to avoid.
Federal direct consolidation is an essential move for some student loan borrowers and a huge mistake for others.
If you manage your Parent PLUS loans wrong, it could result in permanent double payments for all of your federal student loans.
Some consolidation mistakes limit repayment plan and forgiveness options. Borrowers who got bad advice from servicers deserve help.
Federal direct consolidation can have a huge influence on the IBR and PSLF loan forgiveness clocks.
Between lawsuits and changing rules, its become very difficult for FFELP borrowers to figure out a plan for their student loans.
Consolidating and refinancing are both options to streamline repayment and quickly eliminate Aidvantage student loans, but it is critical to make the right selection.
New rules mean borrowers with FFEL loans can qualify for Public Service Student Loan Forgiveness, but consolidation is a required first step.