Good article on student loan re-print rules, and the changing industry of student loans. Great video of a guy trying to pay off some of his student loan using You Tube.
Allot is changing in the student loan market this past year, and college lending companies are having restrictions put upon them. This piece regards pre-printing rules of student loan applications.
Story…
Borrowers looking to take advantage of the Student Loan Consolidation Program are finding it more difficult to complete the application as lenders no longer have the ability to pre-print the loan information.
Cut your monthly student loan payment by up to 60%
The National Student Loan Data System (NSLDS) is the US Department of Education's central database for student aid. It houses data received from schools, guaranty agencies, the Direct Loan program, the Pell Grant program, and others. Due to some recent policy changes, access to the system has been suspended for all lenders and NSLDS can no longer be used to determine the eligibility of a consolidation loan borrower.
Therefore, unless you already know all of your loan information, lenders can no longer check on your behalf. Fortunately, there is another option.
By using the FAFSA pin number assigned by the Department of Education, you can create an account in NSLDS, where you will have viewing rights of your own Title IV Federal loans. This information will help you complete the loan section on the application and affirm your eligibility for the Federal Consolidation Program.
The process has become more in depth for the borrower, but the benefits far outweigh the additional work involved. The Federal Consolidation Program offers a low, fixed interest rate, with additional interest rate reductions available.
Click here if you forgot your FAFSA pin number.
Click here to retrieve your loan information in NSLDS.
Student Lending Corporation is available to answer any questions you may have pertaining to this free, federal program. Our highly trained loan counselors are available to assist you from 10 am to 9 PM Eastern Time, Monday thru Friday and can be reached toll free at (800) 982-3588 for your convenience.
Student Lending Corporation site http://www.studentlendingcorp.com |
Note: Loanspoke is, in no way, related to this young student.
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