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Nobody likes to see a student fail. When student borrowers become delinquent or default on the repayment of their loans, that’s exactly what happens. Helping students honor their Federal Family Education Loan Program (FFELP) student loan obligation(s) has always been a primary concern of the Illinois Student Assistance Commission (ISAC).
To assist student borrowers from defaulting on a student loan, there are a variety of tools that may be used:
- ISAC's Notification of Student Borrower DAAR Status Report provides schools with a list of students for whom ISAC has received a Default Aversion Assistance Request (DAAR) during the reporting time period. The term DAAR has become an industry standard for accounts that are 60-120 days delinquent and have been filed for default aversion assistance by the lender.
This report provides the school information to assist in contacting the students to counsel them on the importance of repaying their loans. It also provides contact information for the corresponding lender/servicer. Use this report as a cohort default rate reduction tool. Please be aware that a school must notify ISAC if they no longer desire to have the report made available. Conversely, a school must notify ISAC if they'd like the report to be made available.
- The Financial Aid History Report, available through the National Student Loan Data System, provides a comprehensive list of loans from all schools, guaranty agencies and the U.S. Department of Education (ED). This report can also be used by the school as part of the exit counseling process.
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