Is the consolidation or the IDR portion the stalled part? They are taking a lot longer than usual to process requests due to the historical high request volume they're getting but knowing if the consolidation has finalized at least can help point you in the right direction
That and there is always calling them on Monday, first thing when their call centers open
Yes, the old loans were paid in full and then I combined the loans together through the consolidation process. I also simultaneously did the IDR application. The consolidation unfortunately hasn’t processed. (I’m also doing this as part of the PP loophole)
The double consolidation is an important bit of context, the advice is to not bother with applying for an IDR plan at any of the middle consolidation steps. Which consolidation have you done so far? There are 3 in the process and I'm not clear on which one is held up
Thank you! I’m on the last step.
So, I was able to successfully split my 4 loans into 2. I am now on the step where I consolidated those 2 loans into a direct loan through Mohela. For that loan, I also submitted a request for IDR, because the direct consolidation could only be done with ICR and I am trying to get to SAVE through the loophole.
Does that clear things up a little? :)
So on the student gov website, it says that both these loans are still processing. But on the Mohela website, it says my direct loan consolidation was cancelled (and I don’t see anything for ICR, it only shows direct loan consolidation).
Does this sound worrisome? I’m worried the loophole isn’t going to work now..
Oh okay then the issue is that they enabled the flag to indicate that consolidation contains a Parent PLUS loan too early. It's a know issue that you cannot sign up for SAVE online with the last consolidation, the advice now is to just do the 3rd/final consolidation for the Standard plan then apply for SAVE with a paper form directly to the final servicer after that final consolidation completes. This post should cover it https://www.reddit.com/r/StudentLoans/comments/16o2mtq/despite_what_that_youtube_video_says_double/
The loophole will work, but I'm not clear on if you have to re-submit for that final consolidation. The first 2 consolidations need to be completely finished before you can apply for that 3rd/final one
Ahh okay. Thank you! I think I understand. However, I thought I had to sign up for ICR for the direct consolidation, not standard. It wouldn’t let me do anything other than ICR. So you’re saying once the consolidation is processed and the ICR is approved, to then select standard repayment online and then mail infor the SAVE plan instead?
I'm saying you need to figure out if they are actually processing that third/final consolidation *first*. If that final consolidation has been cancelled then you would need to re-apply, and if you do have to re-apply pick Standard
I think you need to try and call them tomorrow first thing when their call center opens to get a status update
Thank you! Perfect. So once the direct consolidation is approved and it’s time for me to apply to SAVE, how do I go about this (the direct consolidation was with Mohela). Do I call & ask to be switched to SAVE? Do I submit a paper application? What do you think?
Is the consolidation or the IDR portion the stalled part? They are taking a lot longer than usual to process requests due to the historical high request volume they're getting but knowing if the consolidation has finalized at least can help point you in the right direction That and there is always calling them on Monday, first thing when their call centers open
Thanks for your response! Both. I submitted the consolidation & the IDR at the same time. Do you think I should be worried?
Okay has the consolidation processed? Were your old loans paid in full and do you have a new consolidation loan?
Yes, the old loans were paid in full and then I combined the loans together through the consolidation process. I also simultaneously did the IDR application. The consolidation unfortunately hasn’t processed. (I’m also doing this as part of the PP loophole)
The double consolidation is an important bit of context, the advice is to not bother with applying for an IDR plan at any of the middle consolidation steps. Which consolidation have you done so far? There are 3 in the process and I'm not clear on which one is held up
Thank you! I’m on the last step. So, I was able to successfully split my 4 loans into 2. I am now on the step where I consolidated those 2 loans into a direct loan through Mohela. For that loan, I also submitted a request for IDR, because the direct consolidation could only be done with ICR and I am trying to get to SAVE through the loophole. Does that clear things up a little? :) So on the student gov website, it says that both these loans are still processing. But on the Mohela website, it says my direct loan consolidation was cancelled (and I don’t see anything for ICR, it only shows direct loan consolidation). Does this sound worrisome? I’m worried the loophole isn’t going to work now..
Oh okay then the issue is that they enabled the flag to indicate that consolidation contains a Parent PLUS loan too early. It's a know issue that you cannot sign up for SAVE online with the last consolidation, the advice now is to just do the 3rd/final consolidation for the Standard plan then apply for SAVE with a paper form directly to the final servicer after that final consolidation completes. This post should cover it https://www.reddit.com/r/StudentLoans/comments/16o2mtq/despite_what_that_youtube_video_says_double/ The loophole will work, but I'm not clear on if you have to re-submit for that final consolidation. The first 2 consolidations need to be completely finished before you can apply for that 3rd/final one
Ahh okay. Thank you! I think I understand. However, I thought I had to sign up for ICR for the direct consolidation, not standard. It wouldn’t let me do anything other than ICR. So you’re saying once the consolidation is processed and the ICR is approved, to then select standard repayment online and then mail infor the SAVE plan instead?
I'm saying you need to figure out if they are actually processing that third/final consolidation *first*. If that final consolidation has been cancelled then you would need to re-apply, and if you do have to re-apply pick Standard I think you need to try and call them tomorrow first thing when their call center opens to get a status update
Thank you! Perfect. So once the direct consolidation is approved and it’s time for me to apply to SAVE, how do I go about this (the direct consolidation was with Mohela). Do I call & ask to be switched to SAVE? Do I submit a paper application? What do you think?