VOL. 24, NO. 12L
June 2007
Welcome to the June 2007 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout June. This e-Messaging service has replaced ISAC's use of printed newsletters and special e-mail lists as our primary means of communicating information to you.
The articles in this Update have been organized according to the Lender Zone subscription groups to which the messages were distributed via College Zone’s e-Messaging service.
Questions?
Questions regarding information in this ISAC Update can be directed to Lender Services by sending an e-mail message to lenderservices@isac.org or calling 800.477.4411 and speaking with one of the following staff members:
- Sharon Bankston, extension 2826
- David Barinholtz, extension 2822
- Julie Henschel, extension 2823
On occasion, you may be directed to a specific contact person or area; when this occurs, we will provide the appropriate information in the individual article or message.
MULTIPLE SUBSCRIPTION GROUPS
Reminders for Loan Processing
Sent to Marketing News, Announcements and Operational Updates, Announcements on June 18, 2007 New Student Loan Interest Rates Effective July 1st
The U.S. Department of Education (ED) has released information regarding the administration of Federal Family Education Loan Program (FFELP) loans, beginning on
July 1, 2007.
A May 2007 electronic announcement itemizes the interest rates for fixed rate and variable rate Federal Stafford and PLUS loans.
- Loans with first disbursements on or after
July 1, 2007:
- 6.80% (fixed rate) for Federal Stafford subsidized and unsubsidized loans during in-school, grace, repayment, deferment and forbearance periods
- 8.50% (fixed rate) for Federal PLUS loans
- Loans with first disbursements between
July 1, 1998 and June 30, 2006:
- 6.62% (variable rate through June 30, 2008) for Federal Stafford subsidized and unsubsidized loans during in-school, grace and deferment periods
- 7.22% (variable rate through June 30, 2008) for Federal Stafford subsidized and unsubsidized loans during repayment and forbearance periods
- 8.02% (variable rate through June 30, 2008) for Federal PLUS loans
For information about rates for loans disbursed prior to July 1, 1998, refer to the electronic announcement, or to the Interest Rates page at collegezone.com.
Use NSLDS Lender Manifest Reporting Process for Full Loan Cancellations
Lenders requesting a full loan cancellation (all disbursements) can utilize the Lender Manifest reporting process for these transactions. This is the preferred method of notifying ISAC of full loan cancellations. Reporting full loan cancellations through the regular lender manifest process replaces submission of these transactions via rosters or other manual methods, thereby eliminating duplication.
File Transfer Protocol (FTP) is currently the most efficient and secure method of exchanging NSLDS-Lender Manifest data. If you are not using FTP to exchange NSLDS-Lender Manifest data, please contact our Lender Services Department at 800.477.4411 or lenderservices@isac.org to begin using the process.
Commission Meeting to be Held Friday, June 22, 2007
Sent to Marketing News, Announcements and Operational Updates, Announcements on June 15, 2007 The next regular meeting of the Illinois Student Assistance Commission is scheduled for 9 a.m. on Friday, June 22nd at Robert Morris College in Chicago. A buffet breakfast, which is open to the public, will be available beginning at 7:30 a.m.
The tentative agenda for the meeting includes:
- 2007-08 (FY2008) Monetary Award Program (MAP) Recompute Formula
- FY2008 MAP and Silas Purnell Illinois Incentive for Access (IIA) Program Application Volume Update - Request for Authority to Suspend
- Illinois Designated Account Purchase Program (IDAPP) Quarterly Investment Report
- College Illinois! 529 Fixed Rate Tuition Plan FY2008 Budget Request
- College Illinois! 529 Fixed Rate Tuition Plan Investment Policy
- College Illinois! 529 Fixed Rate Tuition Plan Investment Manager Selection
- Adopted Rules and Amendments
The Agenda Book, providing a final agenda and a full description of each agenda item, will be available four to seven days prior to the meeting via the ISAC's Governing Board: The Commission section of the e-Library at collegezone.com.
There will be no Executive Briefing Conference Call following the June Commission Meeting.
Return to Top
ISAC UPDATE
Electronic ISAC Update for May 2007 Available at College Zone
Sent on June 1, 2007 The May 2007 edition of the ISAC Update is now available for your review within the ISAC Publications section of College Zone's e-Library. This version of the monthly electronic ISAC Update is a compilation of e-Messages sent to lenders and servicers in May via College Zone's e-Messaging service.
Topics covered in the May 2007 ISAC Update include:
- Mark Your Calendar for Upcoming Important Dates
(sent May 10, 2007)
- Electronic ISAC Update for April 2007 Available at College Zone
(sent May 1, 2007)
Return to Top
|
