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  • Will consolidation void SLRP?

    SLRP is in my contract. If I consolidate my loans now, will that mess up the SLRP for some reason? To be clear, no new loans would be added. I can't seem to find an answer on this from anyone! Thanks.

  • #2
    Re: Will consolidation void SLRP?

    I am wondering the same thing.

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    • #3
      Re: Will consolidation void SLRP?

      Originally posted by dolly llama View Post
      SLRP is in my contract. If I consolidate my loans now, will that mess up the SLRP for some reason? To be clear, no new loans would be added. I can't seem to find an answer on this from anyone! Thanks.
      Most likely yes. Generally speaking they only repay federal loans. If you consolidate with another company, it would become a private loan. You ned to be VERY specific with your questions to your incentive state manager before you do anything. Try to do it via email so there is a paper trail of the answers you get,....but it probably isn't going to fly.

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      • #4
        Re: Will consolidation void SLRP?

        Originally posted by ParalegalNCO1 View Post
        Most likely yes. Generally speaking they only repay federal loans. If you consolidate with another company, it would become a private loan. You ned to be VERY specific with your questions to your incentive state manager before you do anything. Try to do it via email so there is a paper trail of the answers you get,....but it probably isn't going to fly.

        Gotcha, thanks. I was going to consolidate via Federal Direct Loans. I'm not sure if that consolidation loan would be considered federal. But...if there's a chance it will mess up my SLRP, I won't. Will keep bugging my recruiter for a solid answer.

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        • #5
          Re: Will consolidation void SLRP?

          Originally posted by dolly llama View Post
          Gotcha, thanks. I was going to consolidate via Federal Direct Loans. I'm not sure if that consolidation loan would be considered federal. But...if there's a chance it will mess up my SLRP, I won't. Will keep bugging my recruiter for a solid answer.
          Accept no answer as accurate except for one directly received from the state incentives manager. It's not that they would lie, the rules just change so rapidly there is no way they can keep up.

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          • #6
            Re: Will consolidation void SLRP?

            Got an answer from the incentives manager. As long as I don't include any private loans, I can consolidate all my fed loans and my SLRP will be fine.

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