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IDAPP’s Low Cost Borrower Benefits Program
How the Program Works:
IDAPP’s Borrower Benefit Programs provide you with financial incentives resulting from timely repayment of your federal educational loans.
IDAPP has developed features to save you money on the repayment of your loans! These savings programs provide you with financial incentives resulting from timely repayment of your federal educational loans. Additionally, certain incentives are offered to encourage borrowers to work in Illinois, and especially to assist those pursuing careers in lower-paying jobs (e.g., teachers, social workers) that are crucial to the welfare of the citizens of Illinois.
With our Low Cost Borrower Benefits Program you can reduce your interest rate by as much as 2.25%.
Review the Borrower Benefit program options below, the savings add up over the life of your loan!
Loans eligible for the Low Cost Borrower Benefits Program
- Federal Stafford Subsidized / Unsubsidized
- Federal PLUS Parent / Grad
- Federal Consolidation Loan (UnILoan)
Additional Information on Loan Limits
Benefit Programs For Loans Disbursed on or after Dec 1, 2007
Benefit Programs For Loans Disbursed on or after July 1, 2003
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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