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Direct Loans

Has anyone gotten a Consolidation loan from Direct loans to pay off your student loans & return to school? If so, how long did it take to get it? I just finished my application & signed my promisary note, I'm eager to know how long before I can go back to school!

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Anonymous

Asked by Anonymous at 9:03 PM on Mar. 28, 2011 in Money & Work

Answers (5)
  • You have to be on them, and your old loan company. It took about 6 months here for the consolidation to go from Sallie Mae to Direct Loan . . . and ALOT of e-mailing and calling. Sallie doesn't like to be too quick lettin' 'em go.

    ImaginationMama

    Answer by ImaginationMama at 9:21 PM on Mar. 28, 2011

  • How do you find out the status of it?
    Anonymous

    Comment by Anonymous (original poster) at 9:35 PM on Mar. 28, 2011

  • Call Direct Loans and talk to a customer service agent there. They can tell you where they are in the process. For us, they were able to tell us that they were still waiting for Sallie Mae to finish the approval . . . so we knew where the hold-up was. They had to re-request to get it back going.

    As long as you call during business hours, you will easily get through to an agent.

    Good luck!

    Also, if you work for a non-profit or are a public servant, you can be eligible for some loan forgiveness after 10 years with Direct Loan . . . check it out if it applies to you!
    ImaginationMama

    Answer by ImaginationMama at 12:52 PM on Mar. 29, 2011

  • Thank you so much for the help!
    Anonymous

    Comment by Anonymous (original poster) at 1:04 PM on Mar. 29, 2011

  • :)
    ImaginationMama

    Answer by ImaginationMama at 1:05 PM on Mar. 29, 2011

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