Student Loans

[DonGonzalo]

Hi all,

Does anyone know how long the Special Direct Loan Consolidation takes?  I submitted the application on April 27th.  My loans are being transferred from SallieMae to Fedloan Servicing.  Thanks!

[laz98]

I don't know, but I've heard it can take a while.  I'd actually like to transfer my FedLoan Servicing loans over to Sallie Mae.

[GST2008]

My Direct Loan Consolidation took a little over a month.  I remember having to make one payment during the processing time.  I helped a friend do hers and it was about the same.  I would guess 4-6 weeks depending how busy they are.  There should be a number you can call, on the webpage you got the application from, that allows you to check on the status.  Don't use the automated system b/c it isn't always the most accurate.  Choose to speak with a representative and she/he will be able to give you more accurate information and tell you exactly which stage your application is in.

[DonGonzalo]

Thanks for the responses.  I submitted my application on April 27th, so I guess it will be completed soon.  I had Sallie Mae to place my loans with them in forebearence for 3 months to give the consolidation time to complete. 

[thankfulheart]

I submitted mine on March 18th and I'm still waiting.  I was told that it was "processed" on May 18th and should have a letter "soon", but I still haven't heard a peep.  VERY frustrating.

[GST2008]

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thankfulheart wrote:

I submitted mine on March 18th and I'm still waiting.  I was told that it was "processed" on May 18th and should have a letter "soon", but I still haven't heard a peep.  VERY frustrating.

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Try logging in to your different loan accounts online.  My original loan accounts showed payments in full about a week before my Consolidated loan account showed any activity.

[DonGonzalo]

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GST2008 wrote:

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thankfulheart wrote:

I submitted mine on March 18th and I'm still waiting.  I was told that it was "processed" on May 18th and should have a letter "soon", but I still haven't heard a peep.  VERY frustrating.

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Try logging in to your different loan accounts online.  My original loan accounts showed payments in full about a week before my Consolidated loan account showed any activity.

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Today my consolidation loan showed up with Fedloan Servicing, but not showing paid in full with SM. 

[GST2008]

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DonGonzalo wrote:

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GST2008 wrote:

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thankfulheart wrote:

I submitted mine on March 18th and I'm still waiting.  I was told that it was "processed" on May 18th and should have a letter "soon", but I still haven't heard a peep.  VERY frustrating.

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Try logging in to your different loan accounts online.  My original loan accounts showed payments in full about a week before my Consolidated loan account showed any activity.

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Today my consolidation loan showed up with Fedloan Servicing, but not showing paid in full with SM. 

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If the amount is correct on your Fedloan servcing page, then I wouldn't worry about SM not reporting yet as the would have received payment.  They may just be slow in reporting it or only update periodically.  I would keep checking back in with the SM website just to make sure it shows closed out.

[thankfulheart]

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GST2008 wrote:

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thankfulheart wrote:

I submitted mine on March 18th and I'm still waiting.  I was told that it was "processed" on May 18th and should have a letter "soon", but I still haven't heard a peep.  VERY frustrating.

---

Try logging in to your different loan accounts online.  My original loan accounts showed payments in full about a week before my Consolidated loan account showed any activity.

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I've tried that, mine are still showing.  I finally broke down and called again and was told that "for some reason" they hadn't put in an "origination date" yet.  URG. I explained that I needed this D-O-N-E, like, yesterday and he said he would put a "rush on it", but it will likely be another 3 weeks.  I'm beginning to think that "3 weeks" is their standard response.

[DonGonzalo]

SM finally updated my account showing paid in full with $5.xx credit.  Also, I qualified for IBR and Loan Forgiveness with Fedloan Servicing.  My required payments for the next 12 months is $0.  Fantastic news!