|
Rejections
If the loan information provided to ISAC by either the school or lender (depending upon the processing flow used by the school) is incomplete, illegible, or in conflict with ISAC’s records, a loan rejection will result. Most rejections are corrected over the phone, with very few requiring a written response from the school or applicant. Contact ISAC’s School Services Department at schoolservices@isac.org or 866-247-2172 to provide information to correct a loan rejection.
Denials
A loan denial occurs when the applicant does not meet the basic federal eligibility requirements for the loan program or ISAC-specific requirements. Program ineligibility, such as a prior default, will result in a loan denial. Applicants have 60 days to appeal a loan denial and are furnished with a Federal Stafford Loan Notice of Denial instructing them of the appropriate steps to take to resolve the denial.
|
