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Important for Borrowers with FFEL Loans

Pam Marron • Apr 24, 2024

If you have FFEL Student Loans, Take Action Before April 30th!

The Education Department has set April 30, 2024, as the deadline to consolidate certain types of federal loans and enroll in an IDR plan to maximize the benefits of this adjustment. Borrowers who miss this deadline may still receive partial credit for past payments but will not fully benefit from the forgiveness available by meeting the April 30 consolidation requirement.

 

Specifically, borrowers with commercially-held FFEL, Perkins, or HEAL loans, as well as those with a mix of loan types, will need to consolidate into a new Direct Consolidation Loan by the deadline. This ensures that repayment history on the oldest underlying loans is fully counted toward forgiveness.

 

Consumers with Federal Student Loans who would like to view the benefits of this one-time account readjustment should log in to Student Debt Solutions. New users can register or existing users will pick up where they left off. SDS offers a range of tools and expert staff to assist you in navigating the consolidation process and paperwork. Remember, it is always free to see repayment options and select a specific plan that is best to help achieve their financial goals.

 

If you have a client who might need to get this message, encourage them to login to the SDS Borrower portal at SDS Borrower Login

 

If you have any other questions please reach out to our support team at support@myresolvent.com 


By Pam Marron 24 Apr, 2024
Down Payment Connect is already being used by MLOs and Realtors. Now it's available to HUD Counselors through HomePrep! Down payment assistance is quickly rising to the top need for clients wishing to purchase a home. Down Payment Connect , the back-end data provider for the parent Downpaymentresource.com , houses every down payment assistance program in the US and provides extremely detailed information laid out in a consistent format for each DPA program in their system. Throughout the last two years, Downpaymentresource.com administrators have worked with MLO’s and the HomePrep developers to add nearly all wholesale down payment assistance programs to their platform and they didn't stop there! Extensive filters that allow for selection of specific client needs such as type (ie. SFR, manufactured homes, condos, multi-family, ADU’s), uses like renovation, above AMI income levels, non-1st time homebuyers are just a few of the filters you will find along with stand alone 2nd mortgages, combined 1st and 2nd mortgages and grants. DownpaymentResource.com is also in many MLS systems across the US and provides limited directory information and a free landing page for realtors to promote that they use DPA. Both MLO’s and realtors can subscribe to Down Payment Connect to get more of the extensive directory and back-end tools. Now, through HomePrep, HUD counselors can also use the Down Payment Connect system to filter trhough DPA programs that clients are qualified for, and can even provide wholesale programs when working with an independent loan originator (often called a mortgage broker)! Through HomePrep, HUD counselors are now able to provide MLO’s and clients with the DPA programs that they have found the client is eligible for.
By Pam Marron 09 Apr, 2024
Three great tools that mortgage loan originators (MLO) can use to assist clients who need help with credit, down payment assistance and student loan repayment services have been used, fine-tuned and are already in use with individual MLO’s. These tools combined with the Freddie Mac HomeCoach automated system along with budgeting help and Homebuyer Education are all integrated in the HomePrep online platform that connects MLO’s with clients who have challenges to HUD counselors that get them mortgage ready.
By Pam Marron 09 Jan, 2024
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