It looks like you have connected most of the dots Greg. Right now is an ideal time for borrowers with FFELP loans to consolidate. The program you will want to check out is the IDR payment count update.

By consolidating, you can get your FFELP loans eligible for REPAYE/SAVE, and maximize progress toward forgiveness under the IDR Count Update. For further reading, studentaid.gov also has a pretty good FAQ on the program and how it will impact you.

I asked you some questions around benefits of payment reduction (15% to 10%), interest reduction (100% of non interest payment), and one-time IDR payment count towards adjustment.

So I have realized that of my $238k in loans I have 5 types – Consolidation, Graduate plus, Perkins, Subsidized, and Unsubsidized. Of those 5 types, I have some FFELP loans (Graduate, Stafford Subsidized, Stafford Unsubsidized). I’ve read that my FFELP loans aren’t able to be shifted from IBR to IDR.

In order get all my loans under the IDR umbrella by shifting to REPAYE (and eventually SAVE) to take advantage of the benefits of 100% monthly unpaid interest forgiveness do I need to consolidate these three FFELP loans into a Federal Direct Loan which is eligible under IDR? I’ve read about some deadlines for consolidation around some forgiveness programs (idk if that is just PSLF though). If there is a deadline is that deadline just when I submit my application for consolidation?

And if I consolidate do the payments that have been made on those FFELP loans carry over towards my 25-year loan forgiveness? I just want to make sure that the two separate actions of consolidating my FFELP loans and then switching to REPAYE won’t mess up my long-term forgiveness plans. Thanks for your help again!

FFEL Loans need to be consolidated to be eligible for Public Service Loan Forgiveness. You are on a really tight deadline because the Limited Waiver on PSLF ends on 10/31. This is the program that allows you to cosnolidate the FFEL loans without starting from scratch like you fear.

I’d encourage you to read up on the Limited Waiver on PSLF and call your servicer to get whatever assurances you are looking for.

It’s not an easy decision and I’m absolutely exhausted and tired.

With that, I will say that I am in the process of consolidation as the servicer acknowledged the receipt of said application yesterday (after submitting late Thursday MST).

I feel that fortune favors the bold and thus did not want to make the same mistakes of a). not paying attention to your blog and b). waiting. It’s a narrow window but I’m going to trust that although late, I’m still on time. You see, I, like some others, are very very close to IDR forgiveness.

Even so, I still have ten days to accept or decline the consolidation. I’m doing my best to stay and remain calm.