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When loan information is submitted to a guarantor, it will either be approved or denied based on the information provided. Once the loan is guaranteed, disclosure information is transmitted to the school and the lender by ISAC via CommonLine. It is the lender's responsibility to send each borrower's loan disclosure information.
Depending upon the processing flow used by the school, loan information comes to ISAC for guarantee from either the school or lender (i.e., guarantor flow or lender flow). Prior to issuing a loan guarantee, ISAC reviews the applicant’s eligibility to ensure he/she meets the federal eligibility requirements, as well as ISAC-specific requirements.
If the applicant meets all requirements, loan disclosure information is made available to the school and lender. The disclosure information details all pertinent information about the loan including:
- demographic information – borrower’s address and Social Security Number (SSN);
- loan detail – interest rate, period of loan, academic level, enrollment status, and the borrower’s estimated graduation date;
- itemization of the loan amount – loan amount, origination and guarantee fees, amount of each disbursement, and the scheduled disbursement dates; and
- student loan history – date of guarantee and the amount of loans guaranteed by ISAC for the borrower, for both the current academic level and aggregate total.
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