Program lowers your rate
IDAPP now participates in a U.S. Department of Education lending liquidity program that lets borrowers reduce their loan rate by 0.25% when they enroll in our automatic Direct Debit Program. IDAPP will continue to provide FFELP loans (except for Consolidation loans) through lender code 826351, but we will not be able to offer any other borrower benefits.
With the new program, the Illinois Student Assistance Commission (ISAC) will serve as the Guarantor for your loans – and will be paying 0.25% of the federally mandated default fee 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)
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%.