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Once a loan has been guaranteed by ISAC, it may need to be revised if the borrower’s financial situation or financial aid award package has changed and the original loan amount needs to be adjusted. A loan revision can only be requested after the original loan request has been processed and guaranteed by ISAC.
A school can request a revision of the original loan amount electronically (using a common record format, such as CommonLine) or by contacting ISAC's School Services Department at schoolservices@isac.org or 866-247-2172.
Revising All Disbursements
Prior to delivery of the first disbursement of a loan to the borrower, the school can revise the following:
- first disbursement date;
- loan period;
- grade level;
- graduation date; and/or
- certified loan amount.
Revising 2nd and/or Subsequent Disbursements
The second and/or subsequent disbursement(s) may be revised to a higher or lower amount after the first disbursement of the loan has been delivered to the borrower by the school.
Helpful Hints for Revising Loans
Below is a list of hints to help schools avoid some of the most common errors that occur when requesting a loan revision.
- Schools cannot cancel a loan. Only lenders can actually cancel a loan.
Please note that when the first disbursement of a loan is cancelled, all subsequent disbursements are cancelled as well.
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Do not deliver the loan proceeds of a disbursement that is in the process of being revised or that will be revised in the near future.
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Revise a subsidized Federal Stafford loan before an unsubsidized Federal Stafford loan. The subsidized Federal Stafford loan must be revised first since it was certified first.
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The school may request a revision of the full loan amount if no disbursements have been delivered to the borrower. The 2nd and/or subsequent disbursement(s) can be revised after the 1st disbursement has been delivered to the borrower.
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An increase to the original loan amount cannot exceed the borrower’s annual loan limits.
- Keep the lender informed of any pending loan revision requests by:
- calling or e-mailing the lender; or
- returning loan proceeds that have already been disbursed and indicating that a revision is in process.
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