cancel
Showing results for 
Search instead for 
Did you mean: 

Anyone do the SAVE/IDR consolidation? What's being reported on CRs?

tag
BuckyB
New Contributor

Anyone do the SAVE/IDR consolidation? What's being reported on CRs?

I just completed a federal consolidation from 4 Nelnet privately held loans into 1 federally held loan to take advantage of the (eventual) potential SAVE/IDR repayment forgiveness stuff.

 

Curious about what this will look like on my credit report and especially how it will affect my scores.

 

I had four reported loans from 2006 that were with Access until 2018, when they were transferred to Nelnet.  I have some 120+ lates on each because I thought repayments had stopped during the pandemic and apparently they hadn't.  I disputed them and Nelnet confirmed them.  So I have serious lates on all four loan tradelines in 2021.  Those are the only derogs on my CRs.

 

Each of the loans actually has a higher balance than originally, meaning the interest has accrued faster than I've paid them off LOL.  Now that those four have been Paid in Full by the single federal consolidation loan as of a few days ago, I wonder how this will all shake out on my credit report.  Anyone go through this yet?

 

Also curious as to when all this will hit my CRs and whether or not the PIFs will hit prior to the new account showing as open.

Message 1 of 4
3 REPLIES 3
Thorin809
Established Member

Re: Anyone do the SAVE/IDR consolidation? What's being reported on CRs?

I can't speak to how it will appear on your CR, but I would be surprised if the PIF hits before the new accounts. 

 

I am currently dealing with them not reporting a payoff (technically a transfer to another lender, so similar situation) from June 2023.  The last time they reported was a month prior in May 2023.

 

So if they don't update by February, I would recommend giving them a call.

 

Active

Recurring Only

Sock drawer

Message 2 of 4
ALLgoodABQ
Contributor

Re: Anyone do the SAVE/IDR consolidation? What's being reported on CRs?

I’ve also been considering the SAVE plan consolidation. I’ve got 6 federal loans at Aidvantage and a private one, both between 15-17 years old. No late’s reported however on either.
I’m wondering if consolidation will hit my credit bad due to their age?
Message 3 of 4
Momof5
Frequent Contributor

Re: Anyone do the SAVE/IDR consolidation? What's being reported on CRs?

I applied for the PSLF. As a result, my loans were transferred from nelnet to Mohela.  Until last month, nelnet's balance was reporting in addition to the Mohela TLs.  I disputed the nelnet accts and they were corrected to closed/$0 balance. I then consolidated my Parent Plus loans and applied for IDR. Although the consolidated PP loan initially stated that it was in the SAVE plan, after my other 10 SLs posted with SAVE plan, the PP loan consolidation shows Standard repayment with a loan date of 5/24.  I called Mohela and the rep requested a reconsideration of the consolidated loan to be SAVE.  I'll have to wait and see what happens next. 

 

I understand the PP loans don't get PSLF credit.  The current "trick" is to first consolidate the PP loans.  After those are consolidated, consolidate that loan with a qualifying loan.  Once that is done, that new consolidated loan is eligible for PSFL and the counts are updated to reflect the current count of all PSLF loans.  I'll keep everyone updated on that second step.  I am currently on hold to get that done because although Mohela shows that the consolidation is completed and that I have made the first payment on that loan, the feds still show the consolidation as in-progress.  I cant re-consolidate until that is done.

Starting Score: 472
Current Score: EQ:703 TU: 729 EX:737
Goal Score: 750


Take the myFICO Fitness Challenge
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.