 Welcome to the Lender Zone
At your fingertips, Lenders, Servicers, Guarantors, Secondary Markets and all other lending institution personnel will have access to a centralized source of marketing information and operational guidance concerning ISAC's programs, processes and resources.
Lender Message Board
The Lender Message Board is updated each week. New messages for the week are identified by the  symbol. Items under the More section, located toward the bottom of the page, provide links to information on topics that were recently listed on this Message Board.
The Commission Meeting Schedule page at collegeillinois.org reflects the projected meeting schedule through November 2012. A listing of specific agenda items will be available prior to each meeting via the 2012 Agenda Books page, which is located within the ISAC's Governing Board: The Commission area.
A January 2012 Dear Colleague Letter (DCL GEN-12-01) from the U.S. Department of Education (ED) provides information on changes made to Title IV federal student assistance programs by the Consolidated Appropriations Act, 2012 (Public Law 112-74). Among the topics covered are the grace period interest subsidy on Direct Subsidized Loans and the calculation of special allowance payments to lenders. Included in the electronic announcement are the effective dates for the new changes.
A January 18, 2012 TIME Moneyland article provides tips for student loan borrowers who are having difficulty repaying their loans. Among the suggestions given are communicating with the lender, considering all available options, and selecting a repayment plan that fits the borrower’s situation. The article also provides links to other sources of information.
A January 18 electronic announcement from the U.S. Department of Education (ED) announces implementation of the online application period for the Special Direct Consolidation Loan opportunity that is being offered through the Direct Loan Program. The four federal loan servicers will be contacting all potentially eligible borrowers about Special Direct Consolidation Loans, which will be available through June 30, 2012. In addition, a January 2012 Dear Colleague Letter (DCL FP-12-01) explains the Loan Verification Certificate (LVC) process being used with Special Direct Consolidation Loans, and provides Federal Family Education Loan Program (FFELP) lenders and lender servicers with guidance on completing the LVC. For further information regarding Special Direct Consolidation Loans, refer to earlier electronic announcements (dated January 13, 2012 and December 28, 2011), and follow the corresponding links under the “More” section at the bottom of this page.
The proposed omnibus rules and amendments for ISAC-administered programs for the 2012-13 academic year, as published in the January 13, 2012 Illinois Register, can be accessed from the e-Library's ISAC Administrative Rules page at collegeillinois.org. Also included are emergency rules for the John R. Justice Student Loan Repayment Program. In addition, a summary of the proposed omnibus rules and amendments may be accessed from the same page. Note that, while the Illinois Register cover and Table of Contents list proposed changes for other agencies, only information pertaining to ISAC-administered programs is included in the e-Library posting. Details regarding the public comment period (which ends on Monday,
February 27, 2012) are also included. The 2012-13 proposed omnibus rules and amendments have an anticipated effective date of July 1, 2012.
Let your customers know that the 2012-13 Free Application for Federal Student Aid (FAFSA) is available online, and should be completed as early as possible. Encourage college students and their families to check out the Outreach Activities Calendar, which lists FAFSA completion seminars and other events taking place across the State of Illinois.
More
Information for Lenders and Borrowers on Special Direct Consolidation Loans
2011-12 ISAC Administrative Rules
State Legislative Update
Outreach Calendar/Events
FAFSA Completion Information
Most Recent ISAC Update:
October - December 2011
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