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All approved holders must execute an ISAC Holder Agreement prior to participating in the Federal Family Education Loan Program (FFELP) through ISAC [ISAC Rules, Section 2720.35]. Holders must have also received approval from the U.S. Department of Education prior to executing a Holder Agreement with ISAC.
Holders and ISAC must electronically exchange loan guarantee data. ISAC conducts compliance reviews to determine if approved holders are complying with federal regulations, statutes and rules. A lender must also adhere to ISAC’s One-Holder Rules [ISAC Rules, Section 2720.42] for ISAC-guaranteed loans.
Complete and sign two copies of the Holder Agreement. When the approval is complete, one signed original copy will be returned with a letter of approval from ISAC. In addition, when you click on and open the ISAC Holder Agreement, you’ll find complete instructions, as well as the Holder Information Sheet and the Required Financial History Information Form that should be returned to ISAC with the Holder Agreement.
If you have any questions about this process, contact ISAC at lenderservices@isac.org.
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