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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 by ISAC and a notice of guarantee (disclosure information) has been provided to the school and the lender.
The school is the party responsible for revising a loan. This is done by the school requesting 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.
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