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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.
  • 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.

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