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IDAPP’s Low Cost Borrower Benefits Program
Please note our new Borrower Benefits for Periods of Loan after 7/1/2008.
IDAPP will be participating in the lender liquidity program authorized by federal legislation through the U.S. Department of Education. In order to participate, IDAPP will abide by the terms and conditions established by ED. Under these terms IDAPP will be able to offer the 0.25% rate reduction for auto debit payments. IDAPP will continue to provide FFELP loans (excluding Consolidation loans) through lender code 826351. IDAPP will not be able to offer any other borrower benefits.
ISAC will serve as the Guarantor which means ISAC will be paying 0.25% of the federally mandated 1% default fee for loans guaranteed on or after July 15, 2008.
Stafford Loans
0.25% of the Default Fee will be paid by our guarantor, ISAC, on behalf of the borrower. IDAPP will provide a 0.25% reduction in interest rate during repayment when you enroll in IDAPP's automatic Direct Debit Program.
Parent Plus Loans
IDAPP will provide a 0.25% reduction in interest rate during repayment when you enroll in IDAPP's automatic Direct Debit Program.
Grad Plus Loans
0.25% of the Default Fee will be paid by our guarantor, ISAC, on behalf of the borrower. IDAPP will provide a 0.25% reduction in interest rate during repayment when you enroll in IDAPP's automatic Direct Debit Program.
Direct Debit Program (DDP)
Reduction schedule for Federal Stafford and PLUS loans
Sign up for IDAPP's automated payment feature. You can choose to have your loan paid directly from your checking or savings account. Selecting this feature will reduce your interest rate by .25%.
For IDAPP’s UnILoan consolidation Direct Debit Program.
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