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To be reimbursed for loss on a loan due to the borrower’s default, death, disability, bankruptcy filing, ineligibility for the loan, or situations involving school closure, false certification, or unpaid refunds, the lender must submit a claim or discharge request. A claim may be filed with ISAC by a lender for the following reasons:
Default
Death
Total and Permanent Disability
Bankruptcy
Closed School
False Certification
Unpaid Refund Claims
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