 |
VOL. 25, NO. 3IGSL, 3B
September 2007
Welcome to the September 2007 ISAC Update for financial aid administrators and business officers. This version of the electronic ISAC Update is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout September. This e-Messaging service has replaced ISAC’s use of printed newsletters, the ILASFAA ListServ, 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 FAA 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 School Services at 866.247.2172 or at schoolservices@isac.org. 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
Lender Participation in Default Fee Payment
Sent to Financial Aid Directors and FFELP Participants on September 28, 2007 As a follow-up to last Friday's action by the Illinois Student Assistance Commission revising the default fee payment policy, ISAC staff will be reaching out to our lender partners with the aim of learning their plans for participation in sharing the payment of the default fee. The revised policy is effective for loan guarantees on or after December 1, 2007 for the remainder of the 2007-08 academic year. The communication to lenders is scheduled for early next week.
Once lender responses are received and compiled, a comprehensive list of participating lender partners will be created. Recognizing the immediate need for this information on the part of students and schools, the list will be available in mid-October on the College Zone Web site. An announcement will be made via this e-Messaging service when the list is posted. From that point forward, the information will be updated on a daily basis, or as new lender commitments are received.
We will continue to keep you informed as operational details are finalized.
Important Information from Commission Meeting
Sent to Financial Aid Directors, Financial Aid Administrators and FFELP Participants on September 24, 2007
Note: There is an Executive Briefing Conference Call scheduled for Wednesday, September 26th at 10 a.m. for exclusive discussion on Commission action regarding the federal default fee. All FFELP partners (schools and lenders) are encouraged to take part. Please take note of the call-in procedures listed below.
At its September 21st meeting, the Illinois Student Assistance Commission took action on the following items as part of the agenda.
Revised Federal Default Fee Payment Policy for 2007-08 Academic Year Approved
The Commission approved a revised policy effective for Federal Family Education Loan Program (FFELP) loans guaranteed on or after December 1, 2007. ISAC will pay one-half of the 1% federally-mandated default fee on behalf of the borrower only if the lender agrees to pay the remaining 50% of the fee. (Previously, ISAC has paid the entire fee on behalf of the student.)
This action has become necessary as a result of the passage by Congress, and the expected signing by President Bush, of the College Cost Reduction and Access Act of 2007 (CCRA). The CCRA, once signed by the president, has an effective date of October 1, 2007, and reduces a number of fees and payments made by the federal government to the student loan community.
In keeping with our commitment to make college affordable for Illinois students, ISAC will be paying the fee on the student's behalf by teaming with our own student loan lender, the Illinois Designated Account Purchase Program (IDAPP). IDAPP will be sharing the cost of the 1% fee on loans made by IDAPP once the new policy becomes effective. ISAC lending partners are being asked to join in this commitment and team up with ISAC to pay one half of the default fee as a means to ensure that students are able to retain this valuable borrower benefit. Taking our commitment to students further, the Commission has authorized issuing guarantees only when the student receives the full loan amount, with no deductions for the default fee.
Because this revision in our policy impacts not only our operations, but those of our school and lender partners as well, we are hosting an Executive Briefing Conference Call to discuss the policy and will use this e-Messaging service to provide regular information updates as the operational details are finalized.
Executive Briefing Conference Call for FFELP Participants
Executive Director Andy Davis will lead a conference call discussion of the revised policy for payment of the federal default fee approved by the Commission at Friday's meeting. The conference call, for FFELP partners at lending institutions and FFELP schools, will be held at 10 a.m., Wednesday, September 26th. To participate, dial 888.767.9380 and enter the passcode 9767339#.
FY2008 MAP and IIA Payment Claim Deadline Dates Approved
The priority payment claim deadline dates for FY2008 for the Monetary Award Program (MAP) and the Silas Purnell Illinois Incentive for Access (IIA) Program were approved as follows:
January 10, 2008 - 1st semester or quarter
April 1, 2008 - 2nd semester or quarter
June 1, 2008 - 2nd semester starting after
February 15, 2008
June 1, 2008 - 3rd quarter
Next Meeting
The next regularly scheduled Commission meeting is set for Friday, November 16, 2007, at the University of Illinois at Chicago.
New Awards Announced for 2007-08 Teacher Education Scholarship Programs
Sent to Financial Aid Directors and Financial Aid Administrators on September 21, 2007
A third round of 2007-08 Teacher Education Scholarship Programs (TESP)* awarding took place on September 20, 2007. This round of awarding included all applicants who were not included in the previous two awarding runs. You will be notified if future rounds of TESP awarding take place.
Award notifications have been mailed to eligible students and new eligible award information, including funded or unfunded status, is available to colleges online at My Zone. Award announcement categories for eligible students include:
Eligible - Funded - students who are eligible for an award;
Eligible - Unavailable Funds - students who are eligible for the award, but for whom funds are not available; and
Eligible - Unavailable Funds (IFTC Teachers Only): students who are eligible for an award based on enrollment in a teacher education program, but for whom funds are not available.
* TESP includes the Illinois Future Teacher Corps (IFTC) and Minority Teachers of Illinois (MTI) Scholarship programs.
Accessing Award Information at My Zone
Now that TESP awards have been made on multiple dates (08/16/2007, 08/24/2007 and 09/20/07), the filter functionality and pre-defined report that sort by "Status Date" (available within the Teacher Education Scholarship Programs (TESP) area at My Zone) may be used to help identify students that have recently been found eligible for an award.
The following resources may be accessed from within the Teacher Education Scholarship Programs (TESP) Notifications area at My Zone. The "Status Date" listed on TESP reports generated via My Zone matches the date on the student's award letter.
How to Access a Report
Search All Views
TESP Notifications: Filter Screen
TESP Notifications: Sort Function
Access to My Zone
If your college has not yet signed up to participate in My Zone, which provides online access to student-specific data in a secure environment, access the FAA Zone front page, select the My Zone Quick Link and follow the instructions provided. Or if there's been a change in staff needing to access TESP, the My Zone Administrator for your campus should update access to TESP so staff will be able to view eligible student award notification data online.
Commission Meeting to be Held Friday, September 21, 2007
Sent to Financial Aid Directors and Financial Aid Administrators on September 12, 2007 The next regular meeting of the Illinois Student Assistance Commission is scheduled for 9 a.m. on Friday,
September 21st at College of DuPage in Glen Ellyn.
The tentative agenda for the meeting includes:
- 2007-08 Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program Payment Claim Deadline Dates
- 2007-08 Federal Default Fee
- College Illinois! Prepaid Tuition Plan Investment Report
- College Illinois! Prepaid Tuition Plan 2007-08 Contract Prices and Fees
- Supplement to the 2002 Indenture
- Amendment to Medium Term Credit Facility
- Illinois Designated Account Purchase Program (IDAPP) Quarterly Investment Report
- College Illinois! Capstone Loan Program
The results for items requiring action from the Commission, as well as a full description of each agenda item, will be available following the meeting via the 2007 Agenda Books page (which is located within 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 September Commission Meeting.
New State Legislative Update Posted - Federal Updates Also Available
Sent to Financial Aid Directors and Financial Aid Administrators on September 11, 2007 A new State Legislative Update has been posted for your reference at collegezone.com. This Update, dated
September 10, 2007, contains information regarding the impact of the recently finalized fiscal year 2008 State of Illinois operating budget (HB 3866) on ISAC's programs. Also included is the most recent status of the education bills which ISAC staff have been tracking throughout the legislative session.
The following are items of particular interest in this Update.
- The Governor used his total veto power to eliminate a $500,000 appropriation from the General Revenue Fund (GRF) for forensic science grants. He also used his reduction veto power to cut in half the appropriation from the state's GRF for the Bonus Incentive Grant (BIG) Program, reducing the appropriation from $650,000 to $325,000. These are the only two aspects of the ISAC budget that were vetoed.
- For all other ISAC programs, appropriations are generally at FY07 levels, with two significant exceptions:
- an additional $26.8 million have been appropriated from the state's GRF for the Monetary Award Program (MAP), to take the place of the FY07 contribution to MAP that was funded with proceeds from the sale of a portion of ISAC's student loan portfolio; and
- the MAP Plus Program has been eliminated.
- While ISAC received level funding for the Illinois Veteran Grant (IVG) Program, an additional $7.2 million have been appropriated to the Illinois Community College Board for community colleges for reimbursement for the IVG Program.
The State Legislative Update can be accessed through College Zone's e-Library, #13, ISAC Announcements, Press Releases & State Legislative Updates. We will notify you when a new Update is posted.
Federal Updates Available
Two new Federal Updates have also been posted to collegezone.com. The first "The Latest Word from ISAC on...", dated September 7, 2007, is an update on the budget reconciliation process, as well as a summary of the final budget reconciliation bill - the College Cost Reduction and Access Act - that was passed by Congress on September 7, 2007. This bill increases college aid by nearly $20 million over the next five years (funded by cuts to the student loan programs) and includes $750 million in budget deficit reduction required by the budget reconciliation instruction passed earlier this year. This bill will now go to President Bush for signature.
The second "The Latest Word from ISAC on...", dated September 5, 2007, provides an update on the FFY08 Budget (annual appropriations) for the Department of Education. President Bush released his FFY08 Budget Request back in February, and the House and Senate have since introduced their respective spending bills for the Departments of Labor-Health and Human Services and Education (Labor-HHS-Ed). This update provides a summary and a side-by-side comparison of the higher education provisions included in the President's budget request and the House and Senate bills. The full House passed its Labor-HHS-Ed appropriations bill prior to adjourning for summer recess, but the Senate did not, and is not expected to begin work on its bill until some time in October. With the current fiscal year ending on September 30th, there is a strong possibility that Congress will have to pass a Continuing Resolution (CR) to these departments past that date.
These updates can be accessed through College Zone's
e-Library, #11, Federal Information.
Financial Aid 101: Building a Solid Foundation - September 2007 Workshops
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users, Business Officers and FFELP Participants on September 5, 2007 The Illinois Student Assistance Commission will offer its Financial Aid 101: Building a Solid Foundation workshop twice in September. The dates and locations are:
- Thursday, September 20 in ISAC's Springfield Office, 3rd Floor, and
- Tuesday, September 25 in ISAC's Deerfield Office, Room 3030.
This free, full-day (9 a.m. to 4 p.m.) workshop is designed to introduce new financial aid professionals to financial aid concepts, programs and processes and help them develop a solid foundation on which to build their careers. The workshop will provide an overview of the following topics:
- basic financial aid principles;
- the Free Application for Federal Student Aid (FAFSA);
- need analysis and the Expected Family Contribution (EFC);
- federal financial aid programs;
- student loan basics; and
- ISAC's scholarship and grant programs.
For more details, visit the Partner Training section of the
e-Library at collegezone.com.
If you are interested in attending one of these Financial Aid 101 Workshops, please send an e-mail to Kim Eck, Training Coordinator, at keck@isac.org indicating which session you would like to attend. Seating at each site is limited, so please register early.
Details regarding directions, parking and lunch will be provided to registered participants via e-mail a few days prior to the workshop.
Return to Top
FINANCIAL AID ADMINISTRATOR
Enhancements to TESP Certification at My Zone - Certification Temporarily Unavailable on October 1st
Sent on September 28, 2007 On Monday, October 1, 2007, the second phase of Teacher Education Scholarship Programs (TESP) Certification - used to certify student eligibility for the Illinois Future Teacher Corps (IFTC) and Minority Teachers of Illinois (MTI) Scholarship programs - will be implemented at My Zone. In order to perform the system updates and testing that are necessary to ensure a successful implementation, the TESP Certification function at My Zone will be temporarily unavailable on October 1st, beginning at 12 p.m. (noon) and continuing until approximately 1 p.m.
Once the TESP Certification function again becomes available (around 1 p.m. on October 1st), it will include the following enhancements:
- Additional status codes, which vary dependent upon whether the record has completed the Qualification process
- Name fields separated [Last Name (LN), First Name (FN), Middle Initial (MI)], with the ability to sort on Last Name
- "Name" Filter option revised to "Last Name"
- Edit logic revised in Student Detail screen, so that only the Ineligible Reason is required when the "Eligible" question is set to "No"
Specific details are provided within the My Zone Teacher Education Scholarship Programs (TESP) Certification area.
"The FAFSA Made Easy" & "Planning a Successful Financial Aid Event" Sessions - Register Now
Sent on September 11, 2007 The Illinois Student Assistance Commission (ISAC) will once again host a series of professional development opportunities designed to help high school counselors, community organization members, financial aid administrators and other professionals involved in assisting Illinois students and their families along the path to college. Counselor Professional Development Units can be earned at each session. All events are free and require online registration through collegezone.com.
We begin our series with "The FAFSA Made Easy" focusing on the intricacies of the 2008-09 Free Application for Federal Student Aid (FAFSA), student eligibility, and common mistakes. Developed as an intensive line-by-line review of the FAFSA, this training will place special emphasis on the dependency questions, financial aid worksheets, and eligible non-citizens. Several case studies, including the completion of a FAFSA, have been incorporated into this year's session.
In addition, based on feedback from high school counselors and community organization members, a second training opportunity, "Planning a Successful Financial Aid Event" has been added to "The FAFSA Made Easy." Participants may now attend an afternoon session designed to help with the planning, promotion, and execution of successful financial aid presentations or other college outreach events. Those new to outreach event planning will be provided with tips, tools, and techniques for everything from cost to marketing to logistics. Experienced counselors are also highly encouraged to attend to share ideas, advice and best practices.
These free sessions (9 a.m. – 3 p.m.) will be offered this fall at locations throughout the state. A list of locations is available in the Partner Training section within the e-Library at collegezone.com. Continental breakfast will be provided and onsite registration begins at 8:30 a.m.
Register online today.
We look forward to seeing you soon.
Return to Top
FFELP PARTICIPANTS
Latest School DAAR Report Available
Sent on September 4, 2007 and September 18, 2007
The Notification of Student Loan Borrower DAAR Status report (School DAAR Report) for your school is now available on College Zone's My Zone. This online version has replaced the paper rosters ISAC sent in the past.
The School DAAR Report is non-cumulative and is available twice a month to those institutions with students for whom ISAC, as the guarantor, has received a Default Aversion Assistance Request (DAAR) during the reporting time period. Each time a new School DAAR Report is made available online, an e-Message will be sent to the "FFELP Participants" e-Messaging subscription group.
Accessing School DAAR Reports at My Zone
My Zone is a portal available in the FAA Zone at collegezone.com that allows postsecondary schools online access to student-specific data in a secure environment. If you have not yet signed up to participate in My Zone, proceed to the FAA Zone front page and select the My Zone Quick Link.
For complete information and instructions to access your school's DAAR Report, proceed to the FAA Zone front page and select the My Zone Quick Link in the right margin of the page.
Return to Top
ISAC UPDATE GROUP
Electronic ISAC Update for August 2007 Available at College Zone
Sent on September 4, 2007 The August 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 financial aid administrators and business officers in August via College Zone's e-Messaging service.
Topics covered in the August 2007 ISAC Update include:
- 2007-08 MAP and IIA Payment Processing Available
(sent on August 31, 2007)
- 2007-08 MAP/IIA Payment Processing Anticipated for August 31st - MAPnet To Be Temporarily Unavailable
(sent August 29, 2007)
- New Awards Announced for 2007-08 Teacher Education Scholarship Programs
(sent August 28, 2007)
- ISAC Kicks Off 2007 Hispanic Heritage Month: Conducting a Financial Aid Presentation - in Spanish
(sent August 28, 2007)
- 2007-08 Professional Development Opportunities Offered by the Illinois Student Assistance Commission
(sent August 28, 2007)
- State Legislative Update Posted (August 23, 2007)
(sent August 23, 2007)
- IVG Payment Online Now Available - ISAC Accepting Summer Term Payment Requests
(sent August 22, 2007)
- 2007-08 ING Grant Announcement Roster Cycle Begins - Data Available at My Zone
(sent August 17, 2007)
- Awards Announced for 2007-08 Teacher Education Scholarship Programs
(sent August 17, 2007)
- 2007-08 MAP Suspension Status Available in MAPnet
(sent August 17, 2007)
- Mark Your Calendar for Upcoming Important Dates
(sent August 14, 2007)
- 2007-08 TESP Awarding to Occur on August 16th
(sent August 14, 2007)
- Suspension of 2007-08 MAP Award Announcements
(sent August 10, 2007)
- Returning Amounts Owed for 2006-07 Monetary Award Program (MAP)
(sent August 10, 2007)
- 2007-08 IIA Program Suspension Status Available
in MAPnet
(sent August 8, 2007)
- Latest School DAAR Report Available
(sent August 3, 2007 and August 20, 2007)
- ISAC Business As Usual Despite Budget Impasse - Held FY07 MAP Payments Being Released
(sent August 1, 2007)
- Electronic ISAC Update for July 2007 Available at College Zone
(sent August 1, 2007)
Return to Top
|
|
|
|
