How difficult is it to get approved for Federal student loan consolidation?
I completed an application already and am told it takes 30-45 days to hear back. As I’m waiting, I’m getting anxious as to whether or not I will be approved b/c I def cant afford the payments on the loans now. They are all federal stafford loans and in grace period. Is credit history a factor for approval? My credit isnt that good either. Thanks!
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I had mine consolidated earlier this year. It took about 3 months for the final papers to come through but I got. They have a website where you can track your progress. They have to submit forms to your educational creditors and that takes time.
Be patient.
https://loanconsolidation.ed.gov/AppEntry/apply-online/asaved.jsp
If the consolidation doesn’t happen, look into the income-based repayment plan. Your monthly payments are based on your income and household size. Good luck to you.