We sent a letter last week to CFPB Assistant Director and Student Loan Ombudsman Rohit Chopra and Department of Education Chief Operating Officer James Runcie outlining our concerns about the new Direct Loan
Consolidation application system.
Based on the personal and banking information you provide us with in the bad credit debt
consolidation application form, we will try to connect you with the top company that will consolidate for you.
The consolidation servicer will be your point of contact for any questions you may have related to
your consolidation application.
Once the 10 business day period is over, no further adjustments can be made to
the consolidation application / promissory note — the loan will be pending disbursement for 3 days
Remember to keep making your loan payments in a timely and consistent manner until
your consolidation application is approved!
This section will cover the ins and outs of federal student loan consolidation, including
the consolidation application process, and the differences between federal student loan consolidation and student loan refinancing.
Log in, and fill out
the consolidation application.
The consolidation application can be submitted for free using the federal student loan website.
Normally, within a few weeks after submitting
your consolidation application, you will receive a letter that shows you all of the loans being paid - off (summary of loans that will be included in the consolidation).
Within 1 - 2 weeks after you submit
your consolidation application you can contact the loan service by phone and ask to speak to a supervisor.
After you submit
your consolidation application; Contact the creditor who is suing you and let them know you just consolidated.
To start
the consolidation application process you will need information regarding each loan you are looking to consolidate, including the information about the lender of that loan and the outstanding balance.
Our experience is that
the consolidation application is not particularly complex, but the process of getting the application approved and properly handled is extremely difficult.
Remember to keep making your loan payments in a timely and consistent manner until
your consolidation application is approved!
Log in, and fill out
the consolidation application.
This section will cover the ins and outs of federal student loan consolidation, including
the consolidation application process, and the differences between federal student loan consolidation and student loan refinancing.
Choosing the right cosigner can make a big difference in
consolidation applications, so make sure to thank yours if you actually have one.
If you'd like to apply for a private loan consolidation you can take advantage of Cedar Education Lending's
consolidation application.
Getting started on
a consolidation application online is simple, but borrowers sometimes face unforeseen challenges on their first attempt and get discouraged.
The consolidation servicer will be your point of contact for any questions you may have related to
your consolidation application.
The Department also says that it is continuing to process
consolidation applications.
However, the interest rate may be greater than 8.25 % if
your consolidation application was received on or after July 1, 2013.
As part of
her consolidation application, Ms. H selected IBR.
You will then log on to StudentLoans.gov and complete
the consolidation application.
With Law School Loans, you can even sign
your consolidation application online using our secure E-Signature process.
To include other student loan debt in the determination of the repayment period for your Direct Consolidation Loan, be sure to list those loans on
your consolidation application in the section for listing loans that you do not want to consolidate, but want considered in the determination of your repayment period.
Once the 10 business day period is over, no further adjustments can be made to
the consolidation application / promissory note — the loan will be pending disbursement for 3 days