Do Double Consolidations Work for Parents Plus Loans?
You may have heard that Aidvantage is now processing all consolidation requests. The online system has been completely frozen. The system is completely frozen. Just last week, when the Department of Ed requested clarification of an injunction order from a court, it was told that clarification would not be forthcoming. We wait. It’s important that we move forward. You want to have all your Parent Plus loans ready to go into SAVE if SAVE survives court challenges. If SAVE fails, maybe one of the IDR plans will be better than ICR. How do you move forward with the online system stuck, and only one servicer processing paper consolidation applications?
The key is to use snail mail – send half to Aidvantage, wait 45 days until the consolidation is done. Send the second half via snail mail to Aidvantage for consolidation. Wait 45 days. You can then combine all of the Parent Plus loans into a final consolidation request and send it to – you’ve guessed it – Aidvantage.
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