Special Direct Consolidation Loan

[D.D.S.]

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Has anyone consolidated their loans yet or been contacted by the US Department of Education regarding the new consolidation plan?

 

[GTFOOMICT]

Has anyone consolidated their loans yet or been contacted by the US Department of Education regarding the new consolidation plan?

IBR or is there a new scheme??

 

[D.D.S.]

http://studentaid.ed.gov/PORTALSWebApp/students/english/specialconsolidation.jsp

 

[NileBDS]

Yes, I did in fact try and consolidate all of my loans through that program. Seems like an OK idea.

I got their response a few days ago in the mail, but I changed my mind. I'm not going to do it. Do you have any questions about the process?

 

[Vapor1122]

but I changed my mind. I'm not going to do it. Do you have any questions about the process?

Well, what made you change your mind?

I've been meaning to give them a call to find out why it's only letting me choose 14 of my 20 loans to consolidate.

Does repayment start immediately after consolidation? What about a residency deferment?

 

[Sublimazing]

I didn't see an advantage to the consolidation as a resident.... I'd just assume defer til I'm done and then pay it off in two to three years

 

[NileBDS]

Well, what made you change your mind?

I've been meaning to give them a call to find out why it's only letting me choose 14 of my 20 loans to consolidate.

Does repayment start immediately after consolidation? What about a residency deferment?

My Stafford and GradPLUS interest rates are 6.8% and 8.5% respectively. The consolidation would put me at a flat rate of 7.625%. I figured I could do better on my own if I were to double down principal payments on the 8.5% loan, and when that's paid off, snowball that into the 6.8%.

Needless to say, the 7.625% they gave me, puts my payments exactly where they are at now.

 

[swimlover7]

My Stafford and GradPLUS interest rates are 6.8% and 8.5% respectively. The consolidation would put me at a flat rate of 7.625%. I figured I could do better on my own if I were to double down principal payments on the 8.5% loan, and when that's paid off, snowball that into the 6.8%.

Needless to say, the 7.625% they gave me, puts my payments exactly where they are at now.

How long after you submitted the application did you receive the loan terms? How long do you have after receiving the loan terms to decide whether to go through with the consolidation, or to cancel?