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Each year the Illinois Student Assistance Commission (ISAC) is responsible for adopting an allocation formula for the Monetary Award Program (MAP). In January, the Commission acts on a "start-up' formula that is used to begin making award announcements for students applying for the upcoming fall term. Typically, once the Governor and General Assembly take final action on the budget, the Commission revisits the formula in June or July and takes action to approve a "recompute" formula.
On June 24, 2005, ISAC Commissioners approved the 2005-06 (FY2006) MAP recompute formula. The following changes to the start-up formula were made:
Incorporate FY2004 (2003-04) tuition and mandatory fees at 100%;
Use 80% of Federal Pell Grant eligibility, as determined by the 2003-04 Pell Grant Payment Schedule (which contains a $4,050 maximum); and
Replace the tiered reduction factors with a single reduction factor of 9% to all awards for applicants with an Expected Family Contribution (EFC) up to and including 8999 (no award is provided to applicants who have an EFC of 9000 or greater).
Details of the FY2006 MAP recompute formula can be found within this section of College Zone, as well as the June 24, 2005 Agenda Book (Item 10).
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