Soo ..Biden recently announced a $4 Billion federal forgiveness for ITT Tech students. I currently have 2 FFELP ITT Tech loans that are both owned and serviced by Navient. So because they're owned by Navient, they're considered "commercial" loans. I don't know whether I should consolidate into a Federal Direct loan or not. So I called the Borrower Defense hotline to find out, and I got conflicting answers from 2 separate operators. The first said to consolidate and apply for BD, while the second said I should just sit and do nothing and that the government will take care of it. What should I actually do? Currently I'm still required to make payments monthly to Navient.
if your school bill went to collections for dropping classes, can you combine consolidate your school loans and add the new bill from collections to that loan?
Hi, if the bill is a student loan then yes you are able to. This blog post may be helpful for you: www.studentloanplanner.com/how-to-consolidate-student-loans/
If you consolidate an unsubsidized student loan into a direct subsidized student loan, does the new direct consolidated loan becomes a subsidized or unsubsidized direct? Is it a good idea to consolidate during covid?
A consolidation will combine the existing subsidized loans together into 1, and the existing unsubsidized loans separately into 1 so sometimes a direct consolidation loan will still have 2 loans listed. It’s a good idea to consolidate during covid IF: you don’t already have credit forwards forgiveness (consolidation erases payment history); you have FFEL loans that don’t have IBR credit towards forgiveness; you just graduated and you want to forgo the grace period to get credit towards forgiveness sooner. We have an article on our website about pros and cons to consolidation too: www.studentloanplanner.com/should-i-consolidate-my-student-loans/ www.studentloanplanner.com/student-loan-consolidation-timeline/ www.studentloanplanner.com/should-i-consolidate-my-student-loans/ Archive on consolidation: www.studentloanplanner.com/?s=consolidation
Thank you for this video. I am currently having a hard time with my new student loan servicer, Aidvantage. Is that a good reason to consolidate? I was originally with fed loan servicing and had no problems with customer service or anything else. While with them, I payed off a few of my student loans. If I consolidate my loans and change to another servicer like Great Lakes, will my past payments on my loans not count? Also, will I no longer be eligible for student loan forgiveness programs?
It depends on your student loan situation, goals, career and more. I think a consultation would be the best option for you to get those questions answered. We’d be happy to help. Head to www.studentloanplanner.com/hire-student-loan-help/ for more info.
What do you want to know about student loan consolidation? Ask us in the comments!
Can you combine Grad Plus Loans and Direct Stafford Loans?
when I enter my AGI on the website, what do I put if I have never filed taxes before? I've always been a dependent under my parents for their taxes.
Your gross pay minus 401k contributions
can you choose your term (no of years) when you consolidate. I have a high balance but want to pay over a shorter time than 30 years
Yes you can
Soo ..Biden recently announced a $4 Billion federal forgiveness for ITT Tech students. I currently have 2 FFELP ITT Tech loans that are both owned and serviced by Navient. So because they're owned by Navient, they're considered "commercial" loans. I don't know whether I should consolidate into a Federal Direct loan or not. So I called the Borrower Defense hotline to find out, and I got conflicting answers from 2 separate operators. The first said to consolidate and apply for BD, while the second said I should just sit and do nothing and that the government will take care of it. What should I actually do? Currently I'm still required to make payments monthly to Navient.
if your school bill went to collections for dropping classes, can you combine consolidate your school loans and add the new bill from collections to that loan?
Hi, if the bill is a student loan then yes you are able to. This blog post may be helpful for you: www.studentloanplanner.com/how-to-consolidate-student-loans/
If you consolidate an unsubsidized student loan
into a direct subsidized student loan, does the new direct consolidated loan becomes a subsidized or unsubsidized direct?
Is it a good idea to consolidate during covid?
A consolidation will combine the existing subsidized loans together into 1, and the existing unsubsidized loans separately into 1 so sometimes a direct consolidation loan will still have 2 loans listed. It’s a good idea to consolidate during covid IF: you don’t already have credit forwards forgiveness (consolidation erases payment history); you have FFEL loans that don’t have IBR credit towards forgiveness; you just graduated and you want to forgo the grace period to get credit towards forgiveness sooner. We have an article on our website about pros and cons to consolidation too: www.studentloanplanner.com/should-i-consolidate-my-student-loans/
www.studentloanplanner.com/student-loan-consolidation-timeline/
www.studentloanplanner.com/should-i-consolidate-my-student-loans/
Archive on consolidation: www.studentloanplanner.com/?s=consolidation
Thank you for this video. I am currently having a hard time with my new student loan servicer, Aidvantage. Is that a good reason to consolidate? I was originally with fed loan servicing and had no problems with customer service or anything else. While with them, I payed off a few of my student loans. If I consolidate my loans and change to another servicer like Great Lakes, will my past payments on my loans not count? Also, will I no longer be eligible for student loan forgiveness programs?
When it asks for account number what exactly account number is it asking for ?
Your student loan servicer account number
Does applying for refinance with a new lender hurt your credit score?
It would be a "hard credit inquiry" but it will typically be only a few points.
Given the current climate, is it a good idea to consolidate at this point?
It depends on your student loan situation, goals, career and more. I think a consultation would be the best option for you to get those questions answered. We’d be happy to help. Head to www.studentloanplanner.com/hire-student-loan-help/ for more info.
All of this is giving me a headache. Long story short my kids aren't going to college unless they have a full ride lol.
It can be overwhelming, but we have content for every topic at www.studentloanplanner.com if it's not on here yet. Thanks for watching!