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New Consolidation Loan Process To Begin In January

6 January 2014 1 views No Comment

Due to the end of its contract with ACS Education Services, the Department of Education (ED) will bring closure to the existing loan consolidation system and transition to a new Direct Consolidation Loan process using a phased approach, according to an Electronic Announcement. The most significant change for applicants is the ability to choose one of several servicers to complete the consolidation. Rather than having one loan servicer handle all consolidation loans, there will be four consolidation servicers—FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services, Inc., Nelnet, and Sallie Mae—from which applicants may choose.

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