Revised Electronic Loan Verification Certificate for Use Beginning 03/01/2021
On 03/01/2021, federal loan servicers processing Direct Consolidation Loans will begin using a revised electronic loan verification certificate (eLVC) file transaction layout. The eLVC layout was revised to match the OMB No. 1845-0007 Exp. Date 07/31/2022 updated form.
Loan Holders and Guaranty Agencies must follow the directions contained within the data elements, as shown below and complete V02.0 of the eLVC as follows:
Loan Type Code
- The acceptable value was changed from "character" to "alpha-numeric",
If the loan type selected is "W - Education loans ineligible for consolidation" then the holder must:
- answer Y for Yes or N for No in the Joint Consolidation Indicator field,
- if Y because the loan is a Joint Consolidation loan the holder must also provide an explanation in the Comments Field.
Loan Status Field
- If the holder selects the "OT - Other" code an explanation must be provided in the Comments field.
To reiterate, the holder is required to provide comments when:
- W - Education loans ineligible for consolidation is selected for the Loan Type Code
- OT - Other is selected as the Loan Status Code
- Y - Yes is selected as the Joint Consolidation Indicator
- In addition, holders must provide an explanation in the comments field if a loan is ineligible for consolidation due to being uninsured.
Federal consolidation servicers will use and accept the old eLVC through 02/28/2021. Loan holders should be prepared to receive and return the revised eLVC beginning 03/01/2021.
The revised eLVC and the paper LVC can be accessed at the following URLs:
If you have questions about the revised eLVC, contact Great Lakes' Consolidation department by phone at (866) 348-0714.