Opt Out of the IDR Audit if You Are Consolidating Your Student Loans!

[@YouthTeacher]

I'm confused about the Dec 31 deadline. Does the consolidation deadline apply to all consolidations? For example, must you complete the whole process of the parent plus double consolidation application then wrap it with an undergrad loan before Dec 31 to get the full IDR back date count? What happens if you send in the Parent Plus app for consolidation before Dec 31, but the servicers don't process it before the deadline? I started the paper double consolidation process Aug 3 and I'm still waiting for the second servicer. Are you still only allowed 1 online consolidation every 6 months? Thanks!

[@ArkovichLaw]

Just keep a record that you "apply" for the consolidation. The consolidation doesn't have to be funded or finalized by 12/31/23 for the IDR audit. I recommend sending any paper application with a tracking number to show date sent -- if the last consolidation is done online, there should be a record, but I'd still suggest a computer or phone screenshot of the completion date when you send it in. We've seen servicers take approximately 45 days to process. You can waive the 10 days to change your mind when you get that email. And as far as I know, you are still only allowed one online consolidation every 6 months. I think that's it -- good luck!!

[@YouthTeacher]

@@ArkovichLaw Thanks for the info! That's such good news! Aidvantage had completed my first set of parent plus loans and Mohela was the second servicer, even though Aidvantage processes for Mohela, which is confusing in itself. Nonetheless, since neither they nor Mohela could find my loans, Aidvantange asked me to submit an Add Loan Form to add the additional parent plus loans that couldn't be found. So, I submitted it yesterday, and as you said, they told me, it doesn't have to be finalized before 12/31. They said submitting it as an add-on was quicker bc I wouldn't have to wait for the processing or something like that. I hope they're right. Then, I'll do the final consolidation online and wrap them together with my undergrad loans at Nelnet. I'll be sure to take screenshots! I didn't think to do that. Thanks for the tip! I hope it all works out, too. You're so kind and such a blessing to answer so many folks, like me. Thanks a bunch for all you do! Best wishes in your law practice!

[@katealiac788]

Hello, do you have to be opt'ed back into the IDR audit prior to the IDR recount deadline of December 31, 2023? My consolidation will not be complete prior to December 31, 2023. Thanks

[@ArkovichLaw]

Nope, you just have to have the consolidation application submitted before 12/31. Then opt back in for the IDR audit, and call to enroll in whatever IDR you choose.

[@YouthTeacher]

Hi. If you consolidate an old 2000 undergrad loan with a 2017 double consoldiated parent plus loan, will the undergrad loan back date the parent plus loan in years AND also convert the forgiveness payment time for both loans to 20 years, instead of 25? Yes or no? Thanks!

[@ArkovichLaw]

It will back date for all loans (minus time of on school deferment) and should be 20 years if the parent plus loans were also for undergrad loans.

[@YouthTeacher]

Thank you, Christie, for clarifying that. The parent plus loans are undergrad loans, but I've been hearing others say combining them would make them all extend to 25 years bc of the parent plus loan. Plus, I thought all parent plus loans were an automatic 25 years. This is great news! Your channel is quite helpful. Thank you!

[@JavaScriptJolt]

What if your loan consolidation is completed, but still being reviewed? Also, my Nelnet SL stopped accruing interest as of 10/15. Could that mean it is in the process of being forgiven? Thanks in advance for answering these questions.

[@JavaScriptJolt]

@@-aimee- My loan gap is from the early 90s (I think '93 or '94) to 2023.

[@JavaScriptJolt]

@@-aimee- Yes, I believe so.

[@ArkovichLaw]

Yes!

[@ArkovichLaw]

I don’t know the answer sorry.