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Wednesday, June 20, 2007
On Friday, June 22, 9:00 a.m., the Illinois Student Assistance Commission (ISAC) will convene its Board meeting at Robert Morris College, 401 S. State, Chicago.
The ISAC Board meeting is open to the public.
The Commission members will be briefed on the upcoming partial sale of its student loan portfolio. The sale will fund ISAC’s flagship need-based Monetary Award Program (MAP). The sale will also make the agency more “Illinois-centric” by selling more of the existing portfolio’s loans issued to students from other states, and ensuring that sale proceeds are directed to grants to benefit Illinois students attending Illinois schools.
The Commission will consider a staff recommendation about the Monetary Award Program (MAP) formula that will determine MAP award levels for the upcoming year.
The agenda also includes an update on the new College Illinois! Capstone Loan, to be launched as a pilot program later this summer. The new loan product will help college seniors “cross the finish line” with low-interest loans which offer incentives for students to remain in Illinois and a “salary-sensitive” interest rate component.
The agency is observing its 50th anniversary this summer.
Created in 1957, ISAC is the state’s central provider of college aid. The agency oversees the successful Monetary Award Program (MAP), MAP Plus program, Illinois Veteran Grant program, and service-related programs to encourage more students to pursue careers in teaching or nursing. Last year, ISAC issued 202,000 grants totaling $392 million and guaranteed $1.18 billion in loans to 222,988 students. Its 529 prepaid tuition program – College Illinois! – has allowed Illinois families to prepay more than $1 billion in tuition and fees.
Contact
Illinois Student Assistance Commission (ISAC)
100 W. Randolph Street, Ste. 3-200
Chicago, IL 60601
312-814-3679
About ISAC
The Illinois Student Assistance Commission is the State’s centralized provider of financial assistance aimed at helping students and families access postsecondary education and/or training. Each year, the Commission awards an estimated $400 million in scholarship and grant aid to nearly 185,000 qualified students, and also provides an additional $740 million to borrowers through its student loan programs. The agency offers credit-based alternative loans, a 529 prepaid tuition program known as College Illinois!, and a broad array of outreach and informational services to ensure that families have access to the information they need to pay for a college education. More information is available by calling toll-free 800.899.ISAC (4722) or visiting the agency’s Web site at www.collegezone.com.
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