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4/6/2007
Due to the funding structure for the 2006-07 Monetary Award Program (MAP), we are anticipating a delay in funds reaching institutions for MAP payments processed on or after March 28th. ISAC will continue to accept and process claims, so schools are urged to submit payment requests and/or adjustment transactions "business as usual." Payment results information will arrive as normal.
This situation is due to the fact that unlike in past years when MAP was funded through state-appropriated General Revenue Funds (GRF), this fiscal year, ISAC is legislatively mandated to provide a portion of the funding - $26.8 million - necessary to pay MAP grants. At this stage in the payment process, the available appropriation is depleted, necessitating future payments to be made from ISAC-provided funds. These funds will be generated through a second sale of a portion of ISAC/IDAPP's student loan portfolio, scheduled for later this spring. (The first sale of student loans provided the funding for the Monetary Award Program Plus [MAP Plus]).
Depending on when the upcoming sale is completed, a delay in MAP funds reaching the school is a very likely result. In addition, ISAC will continue to hold claims received after the payment claim deadline dates for each term (i.e., late claims). An assessment will be made once the loan sale is complete as to whether they can be released for payment.
As a reminder, make sure your institution is performing necessary and required reconciliation of MAP payments. Adjustments to students' awards must be reported to ISAC via MAPnet.
Please continue to watch e-Messages and the FAA Message Board at collegezone.com for updated information.
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