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At or before the first disbursement of a Federal Stafford or PLUS loan, the lender must provide the borrower (at no cost to the borrower) with disclosure information in a written or electronic format. The lender must also provide the borrower, in a written or electronic format, the initial disclosure information on the availability of income-sensitive repayment.The Common Manual provides detailed information concerning Initial Disclosure requirements.
If the applicant meets all requirements, loan disclosure information is made available to the school and lender via CommonLine. The disclosure information details all pertinent information about the loan including:
- demographic information – borrower’s address and Social Security Number (SSN);
- loan detail – interest rate, period of loan, academic level, enrollment status, and the borrower’s estimated graduation date;
- itemization of the loan amount – loan amount, origination and guarantee fees, amount of each disbursement, and the scheduled disbursement dates; and
- student loan history – date of guarantee and the amount of loans guaranteed by ISAC for the borrower, and for the current aggregate total.
If the loan amount, interest rate, or fee amount changes, the lender must provide the corrected information to the borrower. If the lender finds that information to be used in the disclosure is not accurate, ISAC’s Lender Services Department should be contacted at 800-899-4722 or at lenderservices@isac.org to correct the information.
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