Click here to access the Federal Direct Consolidation Loan Verification Certificate for step by step instructions for filling out paper loan verification certificates (LVC).
Showing posts with label loan consolidation student loans. Show all posts
Showing posts with label loan consolidation student loans. Show all posts
Tuesday, October 27, 2009
What is the Consolidation process
When a borrower consolidates loans in the Direct Consolidation Loan Program, the U.S. Department of Education (Department) pays off the original Federal education loans and originates a new loan for the total amount of the loan(s) consolidated. Here's how that works:
Step 1: Application Review
We review the borrower's application and enter it into our system. If there is missing or incorrect information, we attempt to contact the borrower directly and/or send a letter identifying the needed information. If a borrower applied for the loan by phone or through the web, the Loan Consolidation Department sends a promissory note to be signed and returned by the borrower. The borrower has 14 days to provide the information to us or the application is cancelled.
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