I'm in the process of direct consolidation, and the "destination" account, MyFedLoan, shows that consolidation is complete. However, when I look at the origin accounts, they still show the old loans open and requiring payment as usual.
Basically, what's up with that? Since MyFedLoan shows the full balance, I imagine that means the origin loans have been paid off and moved already, but why don't they report that yet? How much longer should I wait?
Thanks!
Gardening since May 2015
@SCF wrote:Are you looking at your credit report? Or at the statement/online account management for the origin accounts? Your credit report can take a few months to update depending on how often and when exactly they report to the CRAs.
If you're looking at the accounts online - consolidation loans can take 4-6 weeks to go through. They may have disbursed the money, hence the balance on your consolidation loan, but it may not have reached the original lender yet, or been applied to your account. You can always make some calls to check on the progress - but I wouldn't worry unless a week or two passes with no movement.
Thanks for the response! I'm looking at the online accounts. That's what I assumed, too; that the payment is somewhere in the mail. I'm just very eager to start the foregiveness process, especially since along with consolidating, I'm enrolling in IBR. It'll be a huge help.