10.15.09 | Federal Loan Consolidation is Confusing, Help!
If I had a nickel for every time I head someone tell me that federal loan consolidation was confusing I’d be able to buy the Chicago Cubs by now.
Here is a breakdown of how consolidation works in layman’s terms. By the way I’m presenting this blog in layman’s terms because I myself am a layman.
Step 1: Gather all of your loan details. If you are unsure who your lenders are call the DOE at 800-433-3243 and ask to speak with the borrower tracking department.
Step 2: Complete the application but keep making the monthly payment on your loans until the consolidation is complete (it usually takes about 60 days). The reason it takes so long is because the new lender needs to request payout statements from your existing lenders.
Step 3: You’ll receive your new, hopefully lower, monthly payment from your new lender that you should begin paying each month.
That’s it. It really is as simple as 1-2-3. Questions? Leave them below in the comment field and I’ll get back to you.
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