Borrower Experience: Special Direct Consolidation Loan Opportunity
We are happy to provide an update on the progress of Nelnet’s participation in the Department of Education’s new Special Direct Consolidation Loan opportunity.
The consolidation opportunity has been available to eligible borrowers since January 17, 2012, and Nelnet’s call center has been staffed to take calls about eligibility and the details of the opportunity since that time.
Nelnet began sending e-mails to qualified borrowers on January 18. The second e-mail will be sent on January 31 to all eligible borrowers who haven’t yet applied. Our communication efforts, which include a series of six e-mails, as well as a series of three direct mail postcards, will continue through June. Nelnet’s internally developed website (www.specialdirectconsolidationloan.org), which helps borrowers learn more about Special Direct Consolidation Loans and how to apply, is also live.
As we have moved through the first week of availability, we have seen an increase in phone calls and open rates for our e-mail campaigns. We are aware that there has been some confusion regarding how to apply. We have updated our communications and our website by including more explicit application instructions before the borrower is redirected to www.studentloans.gov.
We are excited to be able to serve eligible borrowers with this new option to help them better manage their student loans. We continue to develop a program that will allow schools to request a copy of their students who have been contacted by Nelnet regarding the Special Direct Consolidation Loan Opportunity, and we will send you additional information as it becomes available.
Please let us know if you have questions.