Jargon Glossary | 02.09.07
Everyone uses jargon in the line of work that they do. We all use terms and abbreviations which are completely unfamiliar to anyone outside that industry. In the loan consolidation industry there is a lot of jargon and I know it is very confusing. Below is a list of some of the commonly used terms in the loan consolidation industry.
An LVC is a Loan Verification Certificate, which is a document that must be completed by the holder(s) of each loan in order to be consolidated. This form lists the information on the loans and its pay-off quote.
MPN- MPN stands for Master Promissory Note. This is the legal document signed by the borrower when obtaining a loan. It lists the conditions under which the loan is made and the terms under which the borrower agrees to repay the loan.
ESIG- An Esig is an electronic signature. Basically, itÃ¢â‚¬â„¢s an online consent and agreement that has the same validity as a written signature. You will hear this term often in the customer service area. We suggest the Esig option to borrowers who want to expedite their consolidation process.
ACH- The term ACH stands for Automatic Clearing House. This is when a borrower has their monthly payments automatically debited from a banking or savings account each month. Most of our consolidation borrowers prefer this method of payment because it avoids being late or missing a scheduled payment.
BENEFITS- Customers call in daily to the Student Loan Network asking what our Ã¢â‚¬Å“benefitsÃ¢â‚¬Â are if they consolidate with us. Basically, benefits are the discounts or incentives a company can give a borrower if they consolidate their loans with them.
APP- This word is commonly used by the customer service representatives and it is short for application.
PCON-Pcon in the loan consolidation industry is the slang that is used for a borrower who has already consolidated their student loans.
IA- IA is the status code in the National Student Loan Data Systems that means in attendance. You may hear a representative slip and ask if you are Ã¢â‚¬Å“IAÃ¢â‚¬Â right now. Really what they are trying to ask is if you are enrolled in school or not.
If you find it hard to understand the loan consolidation jargon when you are speaking to a customer service representative make sure to communicate your confusion. Do not be ashamed that it is something you don’t understand and ask for their help. You would be suprised how quick a represenative at the Student Loan Network will explain the process in laymen’s terms.
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