 Welcome to the Lender Zone
At your fingertips, Lenders, Servicers, Guarantors, Secondary Markets and all other lending institution personnel will have access to a centralized source of marketing information and operational guidance concerning ISAC's programs, processes, and resources.
Lender Message Board
The Lender Message Board is updated each week. New messages for the week are identified by the  symbol. Items under the More section, located toward the bottom of the page, provide links to information on topics that were recently listed on this Message Board.
A State Legislative Update, which was last updated on July 2nd, contains the status of bills that pertain to programs administered by the Illinois Student Assistance Commission (ISAC) and higher education in general.
In observance of the Independence Day holiday, ISAC offices will be closed on Friday, July 3rd, reopening on Monday, July 6th. Access collegezone.com anytime, or send an e-mail message to a Lender Services Representative for questions or inquiries.
Information regarding schedules for Title IV processors and call centers for the Independence Day holiday is provided in a June 19th electronic announcement from the U.S. Department of Education (ED).
Make sure your student loan borrowers are aware that information regarding the new Income Based Repayment (IBR) plan for federal student loans, which takes effect on July 1, 2009, is provided at the Student Aid on the Web site. Included are details regarding eligibility requirements, the benefits of IBR, and an IBR payment calculator.
An Electronic Announcement from the U.S. Department of Education (ED) provides updated customer service contact information for purchased Federal Family Education Loan Program (FFELP) loans serviced by the Department of Education Student Loan Servicing Center. ED is providing toll-free phone service and Web site access for both borrowers and schools for those loans sold by FFELP lenders/holders to ED through the "PUT" process.
A June 8th electronic announcement from the U.S. Department of Education (ED) provides Federal Family Education Loan Program (FFELP) lenders with information regarding their options for determining Federal Consolidation Loan interest rates, as of July 1, 2009. ED is encouraging lenders to delay (until after July 1st) the funding of consolidation loans for applications received prior to July 1st, in order to allow borrowers to benefit from lower interest rates.
A May 27, 2009 electronic announcement from the U.S. Department of Education (ED) provides a summary of interest rates for Stafford and PLUS loans, effective
July 1, 2009. For loans first disbursed from July 1, 2009 through June 30, 2010, subsidized Stafford loans for undergraduate students will carry a lower interest rate (5.6%) than subsidized Stafford loans for graduate students and unsubsidized Stafford loans for all students (6.8%). PLUS loans for parent and graduate student borrowers continue to have a rate of 8.5%.
Charts providing information regarding Federal Family Education Loan Program (FFELP) interest rates, loan limits, and fees - effective July 1, 2009 through June 30, 2010 - are available via the e-Library's Federal Information page.
More
Outreach Calendar/Events
Dear Colleague Letter (DCL) GEN-08-12/FP-08-10 [Higher Education Opportunity Act (HEOA)]
FAFSA Completion Information
Most Recent ISAC Update:
June 2009
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