Consolidating with T.H.E...how long does it take?

[jjsmalls]

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Hi everyone.

I filled out the application for loan consolidation online with T.H.E. (www.northstar.org). The status says that they are waiting for loan payoff amounts from my creditors. Does anyone know how long this process takes, or when I should expect to hear anything?

Also, I am having a slight problem with consolidating. I have been told by various consolidation companies that I fall under the single lender rule (all of my loans originated with Dollar Bank, but some have been sold to Sallie Mae.) They have told me that I must consolidate with Sallie Mae, since they either own or service all of my loans. However, when I checked with Sallie Mae, they said that I do not fall under this rule, and that I can consolidate with anyone. How do I prove to the other companies that I want to consolidate with that I do not fall under the single lender rule?

Thanks in advance for any help you can provide.

 

[DOmaybe]

A friend of mine is thinking about doing the same. However they told her that IF she consolidates she will have to sign a paper that says she will start repayment now. 😕 But is there a way to defer repayment until she is out of school?

Sorry if this is a dumb question.

 

[trouta]

To consolidate you have to enter into "repayment" but that doesnt mean you wills start paying on your loans. As soon as they are consolidated they go back into in-school status and you dont have to pay on them.

 

[deuist]

To consolidate you have to enter into "repayment" but that doesnt mean you wills start paying on your loans. As soon as they are consolidated they go back into in-school status and you dont have to pay on them.

I'll add on to this comment.

You will, however, accrue interest during medical school.

 

[MadameLULU]

I'll add on to this comment.

You will, however, accrue interest during medical school.

only if they are unsubsidized loans. the gov't will continue to pay interest on the subsidized portion of your consolidated loan