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The following are lenders that participate in the Federal Family Education Loan Program (FFELP), listed in descending order of loan volume guaranteed through the Illinois Student Assistance Commission (ISAC). Student loan borrowers are encouraged to select lenders - whether from the below list or another source - based on which one(s) best meet their individual needs. It's important to note that loans are made at the lender's discretion. Some lenders may choose to limit their participation in the loan programs to a particular group(s) of students (e.g., students enrolled in certain colleges and/or programs, and/or students residing in a specific area). Additionally, lenders may opt to suspend or de-activate their participation at any given time. Potential borrowers are encouraged to contact the lender directly with questions about lending policies or check with the financial aid office of the college. Lenders Designated with an Asterisk (*)It is the Illinois Student Assistance Commission's policy to pay half of the federally-mandated 1% Default Fee on behalf of the borrower. Each lender designated with an asterisk (*) has agreed to pay the other half of the default fee on behalf of the borrower. Paying the Default Fee is just one of the many ways lenders and other Federal Family Education Loan Program (FFELP) participants can defray the costs to a borrower. A borrower and the school should examine the entire loan product to identify which product or lender offers the most desirable loan package to the borrower. Disclaimer
** The Illinois Designated Account Purchase Program (IDAPP) is an affiliate of the Illinois Student Assistance Commission's guarantor program as follows: The Illinois Student Assistance Commission (ISAC) is created by the Higher Education Student Assistance Act (110 ILCS 947, et. seq.). ISAC is a ten member Commission that is responsible for administering guarantor and secondary market functions of the Federal Family Education Loan Program (FFELP) for the State of Illinois, among other higher education financial aid programs. Each of these FFELP functions is administered by staff as a distinct division of ISAC. The FFELP secondary market does business as the Illinois Designated Account Purchase Program (IDAPP) and the FFELP guarantor is commonly referred to as "ISAC." Disclaimer This is not a recommendation of lenders. The Illinois Student Assistance Commission (ISAC) provides this list as a public service to those interested in choosing ISAC as its guarantor. The list contains the names of lenders that have applied to participate in ISAC's guaranty program and have been determined to be qualified to participate in the program pursuant to federal regulations. ISAC was not offered by, and did not solicit or receive from, the lenders included on this list, financial or other benefits in exchange for inclusion on this list. Schools are not required to recommend these lenders or ISAC as guarantor to students, and students remain free to choose the lender and/or guarantor of their choice. No adverse action, including the assessment of additional costs or the denial of benefits, will be taken against a school that chooses to recommend lenders other than those listed here. Nor will any adverse action be taken against students who choose lenders other than those listed here. Please note, however, that ISAC would not be able to guarantee the loans in that case. |
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© 2003-2007 Illinois Student Assistance Commission