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New Direct Loan Consolidation Process
April 15, 2015
On January 2, 2014 the Department of Education transitioned to a new Direct Consolidation Loan Process. Loan holders and servicers—Federal Perkins Loan schools and Federal Family Education Loan Program lenders and lender servicers—have the same role in the new Direct Consolidation Loan process as they have in the existing loan consolidation process. The difference is that loan holders and servicers now interact with multiple consolidation servicers instead of just one. The four consolidation servicers for the new Direct Consolidation Loan process are—FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services, Inc., Nelnet, and Navient. This session will walk through the high level process from the new consolidation application process on studentloans.gov, getting set-up with the new consolidation servicers, completing the Loan Verification Certificates and processing any adjustments thereafter.