I’m trying to consolidate my student loans and everyone is asking for my social security number. Why?
2007-01-04 06:31:47 · 5 answers · asked by Adrian C 1 in Education & Reference ➔ Financial Aid
In order to process your consolidation, lenders need to confirm your identity. It is a way that the Department of Education uses to make sure that none of your information is shared with anyone other than yourself.
The s.s. number is used to confirm your loan information located on a national loan database.
It is a security measure. If you find that any lender is not verifying the necessary information with you (which is illegal) you should beware.
Other information that is often used to confirm you identity is your bate of birth, name, and address.
***That is not to say that you should go around giving your social security number to just anyone. Make sure that the company you are dealing with is a legit company. Check their website. One way to get around verifying your social security number is to apply directly online.
Check out this website:
www.studentaidlending.com
It should answer most of you questions.
also check out my 360 page
2007-01-04 06:45:37 · answer #1 · answered by Student Loans 4 · 0⤊ 0⤋
Well I work at a bank and we ask because as some people may share your name and birthdate no one shares your social security number. It is a definite answer to simple identification questions.
2007-01-04 06:35:47 · answer #2 · answered by I feel pretty! Oh so pretty! 2 · 0⤊ 0⤋
as previously stated to verify your identity. Also student loan account numbers are your social. So, it is to also check your accounts.
2007-01-04 09:06:33 · answer #3 · answered by Bamabrat 6 · 0⤊ 0⤋
Maybe to verify identity and maybe to check your credit to make sure loans were being paid.
2007-01-04 06:34:52 · answer #4 · answered by Bmanpara 1 · 0⤊ 0⤋
1. So they can track you down if you default.
2. To verify your Idenity.
2007-01-04 06:34:47 · answer #5 · answered by blewmoon2 4 · 0⤊ 0⤋