Uh-Oh....Consolidation shenanigans

It looks like that over at NextStudent, they’re making waves about LVC request turnaround times. When you consolidate your individual FFELP loans into a single FFELP Consolidation Loan, the lender with whom you submitted an application has to obtain an LVC (Loan Verification Certificate), or a payoff request, for each individual loan. The Department of Education, the government regulator for the FFELP program, mandates that lenders have 10 days to respond to an LVC request. NextStudent is claiming that certain lenders are dragging their feet. This ultimately increases the time it takes to close a FFELP Consolidation loan.