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Anybody gone through the Direct loan consolidation process? My loans, FFEL, are currently administered under MOHELA. With the talk about loan forgiveness ramping up again, I looked at the consolidation process. On the Federal Aid site, when it imports my loans, it says they're all a 0% interest currently and then applies a 6.875% interest rate to the consolidated amount. Which is a whole heap of gently caress no. My actual interest rate is either .320% or 2.070% (there's several small loans and they're all either of those two specific amounts. Nothing inbetween). So my actual weighted interested should be something in there. Error on the site or is the current moratorium (which doesn't apply to my FFEL loans) affecting that value when it gets ingested into the federal aid site?
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Apr 28, 2022 01:51
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| # ¿ Apr 29, 2024 07:45 |
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The Slack Lagoon posted:Yeah I have copies of everything. A Facebook group said this is a known thing and MOHELA has said info will be available mid-August. What the gently caress. I'm sure you're fine. There is probably just a massive lag with all the info getting into the system ever since they moved to the Fedloan servicer.
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Jul 21, 2022 23:17
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mastershakeman posted:Will consolidated loans qualify if you consolidated after the July cutoff date? I think the July cutoff date was for when you received the loans. I don't think it effects the consolidation. Or at least I loving hope not because that's what I'm doing. Consolidating my FFEL loans from 20 years ago this week.
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Aug 25, 2022 14:09
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SourKraut posted:I have several Federal Direct Subsidized and Unsubsidized loans, at different interest rates. Does it make sense to consolidate them all into a single loan via StudentAid.gov? As long as they are federal direct loans, they should be ok for forgiveness. Consolidation is not needed there (just if they were private loans you wanted to switch over to Direct Federal loans - then consolidation is your only path to forgiveness).
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Sep 29, 2022 22:02
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edit: whoops just totally hosed over myself by not realizing that consolidation was going to capitalize TEN THOUSAND DOLLARS of interest. Love my life. It was a $5k original unsubsidized loan that capitalized over $10K in interest. Love capitalism! BonoMan fucked around with this message at 18:53 on Oct 31, 2023 |
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Oct 31, 2023 15:08
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| # ¿ Apr 29, 2024 07:45 |
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So I guess "staff up to insure you can handle it" was not a requirement from the government when they made them the official servicer?
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Nov 18, 2023 19:55
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