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Education

Loan Document Tutorial

You are required to send in three types of loan documents for each loan listed in your application:

1. Promissory Note(s)

2. Account Statement(s)

3. National Student Loan Data System (NSLDS) reports

A promissory note and an account statement are required to document every educational loan included in your VMLRP application.  NSLDS reports are also necessary to provide us with an overall view of your federal student loan portfolio.

Promissory Note

The promissory note is the legal document you signed when you received your loans.  It states the terms of the loan and confirms your promise to repay.  For our purposes, the promissory note must include the following elements:

1. Name of borrower

2. Type of loan (Stafford, Perkins, etc.)

3. Date of note

4. Original loan amount*

*Federal consolidation promissory notes and Master Promissory Notes (MPN) might not display all loan amounts, thus they must be accompanied by NSLDS reports.

If you do not have the necessary loan documentation, you are strongly urged to start contacting your lenders immediately.  Lenders may take weeks or months to process your request for promissory notes, especially for older loans.

Account Statement

The account statement provides the current status of your loan.  While most lenders will send you an updated statement on a monthly basis, or following a payment, many lenders now have this information on their web site.  An account statement must include the following elements:

1. Your name

2. Current payoff balance

3. Date through which the payoff balance is valid

4. Loan Type (Stafford, Perkins, etc.)

5. Current interest rate

6. Repayment status (deferment, forbearance, or in repayment)

Account statements must be less than 90 days old.  We will accept a statement printed from your lender’s website as long as it contains your name.

NSLDS Reports

NSLDS provides a comprehensive collection of all federal student debt.  To access this system you need to obtain a PIN with the NSLDS at their website:  http://nslds.ed.gov/nslds_SA/.
You will need to submit the following reports to us:

1. Loan Summary Report

2. Loan Detail Report (for every loan listed in your application)

Contact Information

For further information, contact: VMLRP.

 

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