Summary: Approved Federal Consolidation Loan application forms for use within the Federal Family Education Loan Program (FFELP)
Subject: Approved Federal Consolidation Loan application forms for use within the Federal Family Education Loan Program (FFELP)
Dear Guaranty Agency Director:
On behalf of the Department of Education (the Department), I am pleased to announce the approval of the common Consolidation Loan forms for use within the Federal Family Education Loan Program. These forms will replace all previously approved FFELP Consolidation Loan forms, effective for applications signed by borrowers on or after January 1, 2002.
Through this letter, we approve the following forms:
Attachment A Federal Consolidation Loan Application and Promissory Note and Related Instructions (standard is A-1 and lender-specific is A-2)
Attachment B Additional Loan Listing Sheet
Attachment C Federal Consolidation Loan Verification Certificate and Related Instructions.
Attachment D Request to Add Loans to a Federal Consolidation Loan and Related Instructions
Copies of these forms are available from the Department's Student Financial Assistance web site at www.ifap.ed.gov. As stated above, two versions of the Federal Consolidation Loan Application and Promissory Note are approved. Attachment A-1 is the standard form and includes information in section E of the application and instructions about the four mandated repayment plans standard repayment, graduated repayment, income-sensitive repayment, and extended repayment. Additionally, the Department has approved a lender-specific form, allowing lenders to revise section E of the application and instructions to include information on additional repayment plans offered by the lender, in addition to the mandated repayment plans.
To assist lenders and guaranty agencies in implementing the forms, I am also providing implementation guidance. This guidance is included as attachment E.
The common Federal Consolidation Loan forms were developed through the Ad hoc Standardization Committee, chaired by Dr. Dallas Martin. We appreciate the Committee's leadership in developing these and other forms. If you have any questions on the common Consolidation Loan forms or implementation guidance, please contact Pamela Moran or Patricia Newcombe at (202) 708-8242.
Jeff Baker, Director
Program Development Division
Student Financial Assistance