I sent in a request for loan consolidation last month, but I never heard back. Today I logged into the federal loan website, Nelnet (my old loan servicer), and Aidvantage, and all three say I have a zero balance. Where did my loans go? None of these websites are helping me understand what’s going on.
When you consolidate, it means you get a new loan that pays off your old loans. During the transition, there’s a short time when it looks like you don’t have any loans. Don’t worry—it’s just part of the process.
Marin said:
@Rylan
Okay, that makes sense. How long did it take for your new loan to show up?
It took a couple of weeks for mine to show up.
@Rylan
Yeah, sometimes the new loan pops up first, and people panic because they think their debt doubled overnight.
This is normal when you consolidate loans. It’s just a step in the process. Either people see $0 and think their loans disappeared, or they see a huge balance and think they’re in double the debt.
Jordy said:
This is normal when you consolidate loans. It’s just a step in the process. Either people see $0 and think their loans disappeared, or they see a huge balance and think they’re in double the debt.
Haha, I was definitely hoping for some magic loan forgiveness there for a second.