ST. Petersburg, Fla. (PRWEB) April 20, 2007
Despite the U.S. Department of Education's shutdown of the National Student Loan Data System (NSLDS) Tuesday, Student Lending & Consolidations, LLC (SLC), a federally-approved student loan lender, continues to serve customers seeking to save money with their existing student loans.
"The shutdown of the NSLDS is merely a technical glitch for us," said Jeffrey J. Crilley, SLC's chief executive officer. "We're lenders, not just marketers of lending opportunities, so we are very comfortable with traditional loan processing procedures without the advantages of the NSLDS."
The NSLDS was made available to the student lending industry to help determine eligibility of an applicant for federal student loans. Loan specialists with approved access to the system may access only one borrower's record at a time and only with that borrower's permission. The NSLDS may not be used to "mine" data for marketing purposes.
"We do believe this industry needs some policing and we are appreciative of the Department of Education's efforts to protect students from predatory practices," said Crilley. "But frankly SLC is unaffected. We are proud of our record of service and we welcome the Department's initiatives as well as those such as the New York Attorney General's proposal of a code of conduct."
New York Attorney General Andrew Cuomo recently announced new legislation that establishes restrictions on colleges and the companies that make tuition loans to their students.
Vice President of Operations Mark Blonski added that while SLC can continue to provide valuable service to borrowers without direct visibility of the information in the NSLDS, they still must verify eligibility through documents provided by the borrowers themselves. He explains that not having access to NSLDS is akin to another type of lender not having access to a borrower's credit report. The information on a credit report, or in this case the NSLDS report, is essential to serving the borrower in the most prudent, effective manner possible.
"Regardless of NSLDS access, SLC will continue to advocate savings on student loans for borrowers," Blonski said. "We have spent more than $750,000 since 2003 on physical and information security to include intensive background checks and ongoing training for our loan specialists. Because of these efforts we are highly confident of our access to and use of the NSLDS for the benefit of our customers."
For more information about Student Lending & Consolidations, LLC, visit http://www.slclending.com or