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On Friday March 17, the Department of Education announced that it will be prohibiting hundreds of thousands of other law students and attorneys from consolidating with Law School Loans, EFFECTIVE NEXT WEEK! You must act immediately to avoid spending thousands of dollars on unnecessary interest payments over the course of your loan repayment. This change takes effect next week and you cannot afford to delay!
What's this all about? I thought the deadline was July 1.
On March 17, the Department of Education announced:
Any FFEL Consolidation Loan made after March 31, 2006, that does not comply with the single holder rule by including at least one FFEL loan is not eligible for reinsurance and other program benefits unless the consolidating lender submitted all applicable Loan Verification Certificates (LVCs) to the holder(s) of the underlying loans on or before March 31, 2006.
Based on changes included in section 8009 of the Higher Education Reconciliation Act of 2005 (Pub. L. 109-171), a FFEL or Direct Consolidation Loan may not be made on or after July 1, 2006, to any borrower who has a Consolidation Loan in either program unless the borrower includes additional eligible loans in the new Consolidation Loan. In administering the Direct Loan Program, the Department will continue to process LVCs received from FFEL lenders through June 30, 2006, if the Direct Consolidation Loan that is the subject of the LVC resulted from a Direct Consolidation Loan application received by the Department on or before March 31, 2006. The resulting FFEL Consolidation Loan would be eligible for reinsurance and other program benefits.
For borrowers with a combination of Perkins, Direct, and/or FFELP loans, the government requires that Law School Loans file certain documents on your behalf by March 31, 2006. In order to ensure timely processing of your application, Law School Loans must have your completed application before that date—by March 27, 2006 at the latest. If not, you will no longer be able to consolidate with us!
For borrowers with a single FFELP lender, the government requires that your application be processed by March 31, 2006. That means Law School Loans must have your completed application by March 30, 2006. If not, you will no longer be able to consolidate with us!
If you are unsure about what types of student loans you have, call 800-659-8344 right now to speak to an expert loan advisor. You cannot afford to delay.
How does this affect my loans?
If you do not submit your application to Law School Loans before the upcoming deadline, you will no longer be able consolidate your loans, and your interest rate IS GUARANTEED TO INCREASE in the near future.
What do I need to do?
To ensure you meet this just-announced upcoming deadline, call 800-659-8344 or apply online by March 27, 2006 at the latest! Any delay on your part will result in a higher interest rate and thousands of dollars of unnecessary interest payments over the life of your loans!
I'm still confused. Can you answer my questions?
Absolutely! Call 800-659-8344 right now and speak to one of our expert loan advisors, who can answer any questions you may have about consolidation, or chat live with a loan advisor on this site. You cannot afford to hesitate!
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