The student loan consolidation industry, like any other type of business has its own jargon, terms and lingo.  It is especially filled with acronyms, which can easily be confused with other terms. Before you sit down with a student loan consolidation expert you might want to get to know some of the jargon so you are not lost during a conversation about your loan.

ACH- the term ACH stands for Automatic Clearing House and it describes a type of money transfer process.  ACH enables a borrower to have monthly student loan payments automatically debited from a banking or savings account every month.  This helps avoid a missing a payment or making a late payment.

APP- this word is commonly used by the student loan customer service representatives and it is short for the word application as in “Please fill out our student consolidation loan APP and wee will get back to you.”

ESIG- this is short for the term “electronic signature.”  It is an online consent and agreement that is legally viable like a real life signature. It is used for those who want to expedite the process of signing contracts and borrowing student loans online.

IA – This is an acronym for the phrase “In Attendance” and it refers to whether or not the student loans applicant is in school or not. You will see this abbreviation used on many different kinds of student consolidation loan applications.

LVC – This is short for Loan Verification Certificate, which is a document that must be completed by holders of student loans before they can be consolidated. The LVC contains all of the information about the loan and the quote for paying it off.

MPN- this is an acronym for Master Promissory Note. This is the legal document signed by the borrower that cements the loan agre3ement. It lists the conditions and terms that apply to the repayment of the amount of the loan.

Parent Plus Student Loans – These are loans offered by the federal government that are taken out by the parents of a student to finance a college education and that the student is not liable for.

Private Student Loans – These are student loans that are financed by an independent lender.

PCON- this is slang for a borrower who has completed the process of processing their student loan consolidation application.

Stafford Loans – This is short for Stafford Federal Student Loans and refers to the federal loans that are given by the government for students to further their education.

Remember that if you do not understand anything that a student loan consolidation counselor or officer is saying to you then you really need to speak up and ask for clarification. As this is a specialized industry with terms that are quite numerous and confusing and because there are large amounts of money involved you really do have the right to have any confusing slang used during the process defined.