Summary: Beginning on February 28, 2000, the Direct Consolidation Loan Center will accept only the new "Federal Direct Consolidation Loan Application and Promissory Note"
January 28, 2000
Beginning on February 28, 2000, the Direct Consolidation Loan Center will accept only the new Federal Direct Consolidation Loan Application and Promissory Note (OMB Form No. 1840-0693, expiration date 1/31/2002).
Can Borrowers Still Use the Old Application?
No. We will no longer accept the old Federal Direct Consolidation Loan Application, which requires a separate promissory note, on or after February 28, 2000. The old application has the same OMB number (1840-0693) as the combined application and promissory note but has an expiration date of 1/31/99.
How Does The New Application Differ From The Old?
One signature validates the application and the promissory note (Web applicants need to download or request the signature page, then sign and return it by mail. Express applicants will automatically be sent the signature page the same day their application is taken).
Borrowers who complete the paper combined application and promissory note no longer need to worry about returning a separate promissory note.
Prior to booking, borrowers verify which loans will be included in the consolidation using a loan statement that we send them. The loans are automatically consolidated after 10 days unless he or she reports corrections or changes.
The new combined application and promissory note reduces the amount of time it takes to consolidate a borrower's loans.
How Can I Obtain New Application Packages Or Get Help?
To request new application packages or if you have any other questions:
Phone 1-800-557-7392 (1-800-557-7395 TDD) 8AM to 8PM (EST), Monday through Friday
- have your school code handy so we can expedite your request.
- borrowers can apply on-line - it's fast, easy, and reduces errors!
Thank you for your help.