Student Loan consolidation Works Like This ...

FROM STUDENT LOAN CONSOLIDATOR

APPLICANTS NEED TO KNOW where they stand so this is the description or site plan, of the process for applying for student loan consolidation.

Things like Timing, Signing, Getting the info and Finding out about how your other loans are paid off and your credit rating altered for the better are so important. When you apply - be in control. So here it is in their words for you:

"We understand that the student loan consolidation process can be a confusing one. Here's a walkthrough that will help you understand how it works, and why consolidating now will work for you for years to come.

Apply. The first step in the consolidation process is to apply for a consolidation by using our free, no-obligation application request. When you apply, you'll have the choice of receiving an application packet and information via eSignature or via the postal mail. Your packet will contain a consolidation application, as well as information about discounts that apply to you and how your rates are computed.

Sign and mail. Once you've reviewed your application and discounts, sign it and return it to us - either with eSignature online or by taking the paper application, enclosing it in the postage-paid envelope, and dropping it in the mail.

Quality check. We make sure that your application is filled out with everything that the government requires in order to process your consolidation. Federal student loan consolidation requires compliance with the Higher Education Act, so we make sure that you've included everything we need to help you achieve lower monthly payments.

Payoff statements. After your application has been checked for accuracy, we request payoff statements (called loan verification certificates, or LVCs, in the student loan industry) from your existing loan holders. These statements tell us exactly how much you owe. Some payoff statements take up to 60 days to get back; that's why it's so important that you get your application to us as soon as possible, so we can get this part of the process moving. It's also important, if you are currently making payments, to continue making payments on your existing loans until you receive your new payment information from us.

New loan. Once we know how much, down to the penny, you owe, we open a new federal consolidation loan in your name for the exact dollar amount you currently owe.

Payoff. We take the loan proceeds from your new federal consolidation and pay off each of your existing loan holders. Your existing loans are paid in full. This is why consolidation is a smart idea for your credit rating - it shows that you have successfully paid off all your existing student loans, which reduces the number of loans you owe, and shows you successfully paid off a series of debts, both of which increase your credit score.

Documentation. After the payoff process is completed, we mail you your payment coupon booklet and consolidation loan information. You'll also receive your automatic checking account withdrawal enrollment form at this time - fill it out and send it back to receive your 0.25% interest rate reduction."

Thats it - We hope it's clearer now. Good luck with applying for your student consolidation and we hope it works well for you.

Source:
Studentloannetwork.com