VMLRP Loan Document Tutorial

Loan documentation will be required when an applicant is recommended for an award. If recommended, the following loan documentation MUST be submitted within 14 calendar days of award recommendation combined into one master Loan Document in PDF uploaded to Box.com. If the documentation requested is not provided within the deadline, the application will not be considered for funding. NIFA may request additional information as needed during review.

1. Application Part 2: Financial Form
2. Loan Servicer Account Statement and Individual Loan Details
3. Federal Student Aid Loan Summary
4. Federal Student Aid Individual Loan Detail Report(s)
5. Master Promissory Note(s)/Consolidated Promissory Note(s) are only required for all private lender loans and consolidations not available in the Federal Student Aid documentation. 

Application Part 2: Financial Form

Complete this form for each student loan Servicer (i.e. Mohela, Nelnet, Aidvantage).

Lending Institution Account Statement Summary & Detail Report(s)

The lending institution account statement provides the status of your loan(s). While most lenders will send you an updated statement monthly, or following a payment, many lenders now have this information on their website. A lending institution 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)

All applicants must submit a lending institution account statement summary report and individual loan detail report(s) that is dated within 90 days of the award offer. 

Federal Student Aid Loan Summary & Individual Loan Detail Report(s)

Federal Student Aid provides a comprehensive collection of all federal student debt. To access this system, you need to visit the Federal Student Aid website and create a login account for access.

You will need to submit the following reports to us:

1. Aid Summary Report
2. Individual Loan Detail Report(s) for every loan listed in your aid summary report

An aid summary report shows a list of all educational loans that have been disbursed or paid off. An aid summary report will have detailed information on the number of loans, servicers, loan amounts, loan types (subsidized, unsubsidized, etc.), total balance, and a loan breakdown summary sheet of each loan. The loan breakdown has detailed information that includes each loan servicer with information on each loan type, date, status, repayment plan, interest rate, and total balance. The loan breakdown is NOT an individual loan detail report. Each page must be submitted as part of the aid summary report of your application. For example, if the document states 1 of 4 pages and page 4 is blank, please submit all pages within the report.

An individual loan detail report shows each individual educational loan in the aid summary report. The individual loan detail report can be obtained off the “view loan details” button for each loan listed on the loan breakdown aid summary report. Each loan will have individual loan detail report with the loan type, loan period, amount paid off, loan status, interest rate, total principal and interest, repayment details, disbursement date(s) with amount, and total amount disbursed. Each page must be submitted in the individual loan detail report of your application. For example, if the document states 1 of 4 pages and page 4 is blank, please submit all pages within the report.

The typed text version of the aid summary report will NOT be accepted in lieu of the aid summary report and individual loan detail report.  

Promissory Note(s)/Disclosure Statement or Equivalent

Note: Master Promissory Note(s)/Consolidated Promissory Note(s) are only required for all private lender loans and consolidations not available in the Federal Student Aid documentation.

A promissory note is a legal document you signed when you received your loans.  It states the terms of the loan and confirms your promise to repay. There are various types of promissory notes, such as Individual Promissory Note, Master Promissory Note, or a Consolidated Promissory Note. 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. Signature of borrower with date signed (digital signature accepted)
5. Original loan amount

A disclosure statement or the equivalent can be used in lieu of a promissory note. This document contains a listing of all the loans held by the lending institution, normally displayed in the form of a table. It contains the original loan amount, date(s) of loan issued, current balance, and type of loan(s).

If you do not have the necessary loan documentation prior to the beginning of your application, you are strongly urged to start contacting your lenders immediately.  Lenders may take weeks or months to process your request for promissory note(s)/disclosure statement or equivalent, especially loans that were received years ago or that have been sold from one financial institution to another.

Contact Information

For further information, contact: VMLRP.