Consolidation NOW Until 12/31/23 Will Not Cause You to Lose Your Prior Federal Student Loan Payments

Christie discusses a window to consolidate without losing prior payment history.
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Email: [e-mail]
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Our two attorneys, Christie Arkovich and Barbara Leon, help to reduce student loan debt, file bankruptcy, avoid garnishment and foreclosure and other problems that too much debt can create.
Barbara Leon is a Florida licensed attorney for nearly 20 years in the areas of bankruptcy, foreclosure and student loans. Her practice and experience is well diversified, having gained experience through an internship with the U.S. Attorney’s office, a clerkship with a Federal Magistrate Judge, and both creditor and debtor private practice. This insight helps her to see all sides and find a solution quickly that works for everyone.
As founder of the firm, Christie Arkovich has practiced law for over 25 years. She is a frequent speaker at various consumer-oriented continuing legal education seminars for other attorneys before the American Bankruptcy Institute, the National Association of Consumer Advocates and the Tampa Bay Bankruptcy Bar Association. The firm maintains an AV Preeminent rating and enjoys excellent client reviews and we welcome you to see what we can do for you!
Our channel Student Loan Sidebar is a continuation of a quarterly column that we write for our local bankruptcy attorney bar organization helping people get a handle on their student loan debt. Whenever possible, Christie shares her knowledge about student loans gained working as trial counsel for Sallie Mae, ECMC, and other student loan servicers or guarantors, and her current law practice of over 25 years.
We’re a nationally known law firm who has helped thousands of student loan borrowers obtain a sustainable, affordable payment with an end in sight. Please sit back, check out our awesome client reviews, watch a few videos and see if we can help you!
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Christie D Arkovich, PA
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Tampa, FL 33606
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𝗖𝗮𝗹𝗹: (𝟴𝟭𝟯) 𝟮𝟱𝟴-𝟮𝟴𝟬𝟴 or
Email: [e-mail]
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[@TurtleSalad]

As a student who dropped out and defaulted in 2017, this program just opened the door back up for me and allowed me to receive federal aid again. As long as you went to college and defaulted BEFORE the pandemic you qualify. All you guys need to do is literally call your financial lender which is listed in your student aid dashboard. 10 minute phone call is all it took. It’s too simple you guys asking for help just need to login to your dashboard. Also, if you have zero income then you qualify for even more student aid and your previous loans payments will be 0.00. Hurry tf up and apply guys and gals

[@tauruslife2878]

Hello, if I have ffelp Stanford subsidized and Unsubsidized (15k) and ffelp consoldation(63k) origins loans from 1996. All in forberance/deferment/ and income based repayment since then. Are there any reasons I shouldn’t consolidate to direct loan for forgiveness? I contacted my services and they didn’t seem knowledgeable on how to forgiveness works and sets. Any information you can provide would be greatly appreciated. Thanks

[@ArkovichLaw]

If these are your loans (not parent plus loans) consolidation now from FFEL to Direct will put them in line for the IDR audit occurring next Spring, and make them eligible for SAVE if you have any time left. Once the loans are at 20 years of repayment for undergrad they are forgiven. 25 for grad. The thing about the IDR audit is that it will give you credit for most time in forbearance and deferment and give you credit for extended, graduated payments. The credit applies toward forgiveness. FFEL loans don't do that. The reason you want to do this before April 30, 2024 (the Dec 31 deadline was just extended) is so that you get that credit AND don't lose any credit toward forgiveness that you already have. We have some specific info on all of this in other videos and also provided as part of our strategy sessions. Please contact us at [phone]. We are off this week, back after the holidays!!

[@kristinas998]

Can you please provide clarification on loans that were consolidated several years ago? I've read the press release you referred to and it doesn't explicitly say how those payments before consolidation will be handled in that situation. Thank you!

[@ArkovichLaw]

A new consolidation now to take advantage of the IDR account adjustment will NOT cause you to lose any IDR time previously accumulated. Normally it would. You would retain the IDR credit. If you paid on the loans, the balances would be smaller and you don't lose that of course. Pay particular attention to the ability to redate your IDR start point by including all loans in a new consolidation. You might want to consider a strategy session with us. 813-258-2808.

[@amityvanhoose182]

Would it make sense to do the final consolidation of parent plus loans by paper so you can manually check the IDR of choice since the online consolidation doesn't allow anything other than picking ICR? Has anyone had success with doing the final step by paper vs online?

[@ArkovichLaw]

You’ll likely have to call your final servicer and ask for SAVE.

[@amityvanhoose182]

@@ArkovichLaw my original loans were through ED financial, I used Nelnet and Aidvantage for the first round of consolidations. is my only option now Mohela for the final consolidation since thats the only servicer i havent used yet?

[@Nomadic.A]

One document says years of payments would count, but when i go to consolidate, they won't count... so I've been terrified to consolidate!! I cant get clarification.

[@ArkovichLaw]

They will count if your consolidation app is sent in before 4/30. Usually you would lose credit towards forgiveness and a consolidation would reset. What you are reading is likely that. 4/30 is a very important deadline.

[@Nomadic.A]

@@ArkovichLaw sent in my app 12/31

[@vanessabayar4489]

If, after consolidating and the one time adjustment, you have not reached the 20/25 year mark, will you still be able to apply for IDR/IBR for the remaining years ?

[@ArkovichLaw]

Yes! It's not all or nothing like public service. I do have a short video on that here.kzbin.info/www/bejne/aoqahIeXpqeilck

[@JonHulett]

Except the PoS USoE refuses to create a separation application for injured spouse has on joint student loans into 2024. I can't consolidate thanks Biden

[@ArkovichLaw]

The good news is that they have announced that the IDR account adjustment will occur retroactively for anyone who separates their loans in 2024 when the spousal separation app comes out. My worry is now with a lawsuit filed Monday against the IDR waiver is that the barn doors are closing. My suggestion, make sure the ombudsman office knows of your intent to separate and that you're waiting for this. That could be helpful for a reliance argument. Submit online, keep a screenshot. Create a record, don't do by phone. The Department of Education ombudsman office was created to help borrowers with difficult problems. Borrowers can submit problems online.Website: studentaid.gov/feedback-center/ (best used to initiate a case). The toll-free phone number is 877-557-2575 and the fax number is 606-396-4821; the mail address is U.S. Department of Education, FSA Ombudsman Group, P.O. Box 1843, Monticello, KY 42633.

[@shairylannlisonbee6970]

I consolidated back in Oct of 2022 into a federal loan and out of Navient, hoping for the $20,000 forgiveness. I didn't have any qualifying public service work (toward the 10 year forgiveness program) but I have been paying on my loans on and off since 2005 and I am approaching the 20 year mark. Because of my lack of qualifying public work history, there appeared to be nothing to submit regarding normal payments and so I just requested the consolidation, with no further paperwork. Now I cannot see any record of my past payments at any current site, except when I log in to my old account at Navient. I am concerned that my payment history didn't transfer. How can I know if my history has transferred appropriately or if I need to do something more before the deadline of 12/31/23?