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5/28/2008
Increased Loan Limits for Unsubsidized Stafford Loans
The Ensuring Continued Access to Student Loans Act of 2008, which was signed into law on May 7th, increases loan limits for unsubsidized Stafford loans first disbursed on or after July 1, 2008.
ISAC's systems will be ready to accept and process requests for guaranty with these higher limits as of
June 9, 2008. Loan requests for the new higher amounts submitted prior to June 9th will be held until the new limits are implemented on ISAC's system. Upon implementation of the new limits, held records will be processed and the results of the guaranty forwarded to partners via CommonLine.
Details regarding the Ensuring Continued Access to Student Loans Act of 2008 may be accessed via a
May 7, 2008 update, located on the Federal Information page at collegezone.com.
Extended Period of Enrollment
As a result of the U.S. Department of Education's 2007 Negotiated Rulemaking process, loan periods (once limited to a maximum of 12 months) may now exceed 12 months.
ISAC's system will be ready to accommodate this change for any requests for guaranty received on or after
June 5, 2008. Partners submitting requests for guaranty on loans with loan periods of more than 12 months prior to ISAC's system being ready will see those loans rejected, and will need to resubmit the loan request after June 5th.
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