Verifying the student's address

• Check the address on the loan application each time that a student applies for a loan.
  • The student should not use a temporary (dorm or local) address as the address on the loan application.
  • Students must provide addresses at which they will receive mail after leaving school. This is the address where the lender will be sending the bill for the loan payments!
  • If the student has an e-mail account, check that you have the address.
• At the end of the year, many schools contact the student using the Academic Year Completion Letter. Mail the letter to the loan application address of record with "address correction requested" stamped on the envelope.
  • This letter helps to verify that the student's address is valid and reminds the student of the school contact to answer questions.
  • If the letter is returned unopened, the financial-aid administrator should attempt to contact the student or references to provide correct permanent address information.
• Financial-aid staff should meet with any student who has an address change to complete the Lender Notification of Borrower Status Change. Emphasize to the student the importance of staying in touch with the lender and keeping accurate address records with the lender.
• Notify lenders of address change.

Subsequent loan applications

• Financial-aid staff should provide ongoing loan counseling to all students who are applying for subsequent loans.
• Verify the student's address on each application.
• Have students update the Supplemental Data Sheet if necessary.
• Send reference verification letters or postcards to any new references.
• Write to students who are not seen in person when they apply for subsequent loans to advise them how much they have borrowed so far and how much they could expect to borrow by the time they complete their program.

If you have any feedback or would like to add your best practices to this manual, please contact the Debt-Management Team consultant for your state.