How long for special consolidation?

[thankfulheart]

I applied for a special consolidation the beginning of March, but am wondering if anyone's done it and what the timeline seems to be. They gave me the "60-90 days" spiel, but I was hoping it was closer to 60.

 

Also, I already had some loans consolidated w/ Direct Loans that are in forbearance. One person told me the new consolidation will knock them out of forbearance, then they will automatically apply the IBR to it, since that's what I applied for, but someone else told me it was a separate process. Anyone have experience with any of that? I have to have all this wrapped up by the end of June.

[disnugaswagg]

I applied for a special consolidation the beginning of March, but am wondering if anyone's done it and what the timeline seems to be. They gave me the "60-90 days" spiel, but I was hoping it was closer to 60.

 

Also, I already had some loans consolidated w/ Direct Loans that are in forbearance. One person told me the new consolidation will knock them out of forbearance, then they will automatically apply the IBR to it, since that's what I applied for, but someone else told me it was a separate process. Anyone have experience with any of that? I have to have all this wrapped up by the end of June.

 

I am still waiting to be contact for the program. How did they contact you? When I called and spoke with Direct Loans, they told me that it will happen all at once, because if you accepted the program it was a requirement.

[thankfulheart]

I applied for a special consolidation the beginning of March, but am wondering if anyone's done it and what the timeline seems to be. They gave me the "60-90 days" spiel, but I was hoping it was closer to 60.

 

Also, I already had some loans consolidated w/ Direct Loans that are in forbearance. One person told me the new consolidation will knock them out of forbearance, then they will automatically apply the IBR to it, since that's what I applied for, but someone else told me it was a separate process. Anyone have experience with any of that? I have to have all this wrapped up by the end of June.

 

I am still waiting to be contact for the program. How did they contact you? When I called and spoke with Direct Loans, they told me that it will happen all at once, because if you accepted the program it was a requirement.

 

I received an email (finally). I was beginning to worry.

[lilyflower]

I just applied last week - waiting to hear. For me it's going to be a major win since the only thing I can consolidate under the program is my already consolidated undergrad loans. I locked in 3.35% interest on them back in 2004 so just for moving them over I get the rate lowered to 3.1% if I don't do ACH and 2.85% if I go ACH (which I will once they come out of deferment since I'm in grad school right now).

[whoathere]

I will apologize for typos as I'm using my phone, but here is my experience....

 

I had 3 loans services through edfinancial and a loan services through great lakes. Wanted to consolidate them all together and was told special consolidation was the way to go. I filed on Jan 22. On march 5, two of the loans serviced through edfinancial were closed and brought over to great lakes under a new consolidation loan. For whatever reason, the 3rd loan at edfinancial stayed. Great lakes shows a status of "payoff amount received from servicer, awaiting transfer of funds". It has been at this status for 5 weeks. Nobody can tell me what is going on and why this final loan ($1700) hasn't been consolidated. I keep getting the same response from everyone " it should be complete by the end of the week". It's extremely frustratin because the special consolidation was not what I wanted to do and I need to file a traditional consolidation once the special is complete. It's a complete joke, nobody from anywhere has any clue what they are talking about. It has been 80 days since I filed for special consolidation, and 36 days since my other two loans were consolidated and my consolidation still hasn't completed. I have to have these consolidated to get my house. /rant

[AKAGeorgiaGirl]

I applied - I think - in early February. I just got notice that it was completed as of 4/6/12.

[road2freedom]

Did you guys/gals have to reach out to the lenders?

[thankfulheart]

Did you guys/gals have to reach out to the lenders?

 

I did not, I received an email telling me I was eligible. I had already called and asked only to be told to wait for the lender to contact me.

 

BTW, I went ahead and pulled the loans that had already consolidated out of forbearance to get the IBR applied to them, so it would have time to catch up on the reporting for my June mortgage app. Still no word on the last one to consolidate in, but I'm hoping in a few weeks, I can put all of this drama behind me and just start paying on the dang thing.

[road2freedom]

Knowing my wife... she deleted the email. I guess I really do need to have her call.

[Killi]

Did you guys/gals have to reach out to the lenders?

 

I did not, I received an email telling me I was eligible. I had already called and asked only to be told to wait for the lender to contact me.

 

BTW, I went ahead and pulled the loans that had already consolidated out of forbearance to get the IBR applied to them, so it would have time to catch up on the reporting for my June mortgage app. Still no word on the last one to consolidate in, but I'm hoping in a few weeks, I can put all of this drama behind me and just start paying on the dang thing.

 

Did you just a special consolidation or both a special and a regular? I applied mid-March for special consolidation for my FFEL loan consolidated back in 2002. I am still waiting on that to come back. I also just finished grad school and am thinking about consolidating all the individual loans via regular consolidation to clear up the 15 trade lines that make my report look poor.