This morning, I received a notification that my loans were fully paid off due to consolidation. The remaining loans all have zero balances on Mohela, leaving only one outstanding loan. I was thrilled at first, but I stopped myself because I wasn’t sure if they had been formally merged or paid. I really don’t want to get too excited! Is there anyone else experiencing this?
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I went through a similar situation with my student loans, where I was initially thrilled to see the zero balances on my account, only to worry about whether they were truly consolidated or just paid off. I found that it’s crucial to confirm the status with your loan servicer, in your case, Mohela. Sometimes notifications can be misleading or delayed in updating the actual status. I contacted my servicer directly to get written confirmation and ensure that the consolidation was completed properly. It gave me peace of mind and helped me avoid any potential surprises down the line. Checking with Mohela to verify your loan status would be a wise step before celebrating too soon.
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It will return after the consolidation is completed.
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Your loan balance does not decrease when you consolidate. The initial loans have been settled. There will soon be a new combination loan.
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