 |
VOL. 25, NO. 4L
October 2007
Welcome to the October 2007 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout October. 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
Important Update - Default Fee Policy
Sent to Marketing News, Announcements and Operational Updates, Announcements on October 30, 2007 The Illinois Student Assistance Commission (ISAC) is revising the recently announced default fee policy for ISAC-guaranteed Federal Stafford and PLUS loans for the remainder of the 2007-08 academic year. As many of you have been made aware, due to a decision by the U.S. Department of Education (ED), communicated to ISAC on October 29, 2007, ISAC will no longer require lenders to pay one-half of the 1% federally-mandated default fee.
Effective December 1, 2007, ISAC will, as announced earlier this fall, pay one-half of the default fee on behalf of borrowers. However, we have revised the requirement that the lender pay the remaining half of the fee, and will continue to guarantee loans for lenders currently participating in our guaranty program. The Commission will consider the revised policy at its November 16th meeting.
Mark Your Calendar for Upcoming Important Dates
Sent to Marketing News, Announcements and Operational Updates, Announcements on October 15, 2007 The Illinois Student Assistance Commission (ISAC) would like to make you aware of the following information, which may be of interest to your student loan borrowers.
Reminder: Submit Default Fee Data Sheets to ISAC
In early October, Default Fee Data Sheets (confirming lenders' plans to participate in sharing the payment of the default fee) were sent via direct e-mail to the individual listed as the "ISAC contact" for each lending institution. In order to provide students and colleges with a list of lenders participating in ISAC's guaranty program (including all corresponding lender codes), lenders have been asked to respond to ISAC on or before Wednesday, October 17th. The completed documents must be received at ISAC on or before Wednesday,
November 28th in order to update ISAC's guaranty system to reflect participating lenders prior to the new policy's
December 1st effective date.
Continuing through Mid-February: 2007-08 Professional Development Opportunities
ISAC is hosting 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. More information, including dates/locations and registration details, is available within the e-Library's Partner Training area at collegezone.com.
Holiday Schedules
ISAC and the National Disbursement Network (NDN) offices will be closed on the following dates:
- Monday, November 12, 2007 (Veterans Day Observation)
- Thursday, November 22, 2007 (Thanksgiving Day)
- Friday, November 23, 2007 (Day after Thanksgiving)
- Tuesday, December 25, 2007 (Christmas Day)
- Tuesday, January 1, 2008 (New Year's Day)
Note that ELM Resources will continue to process and transmit files on all of the dates listed above.
Remember that you can access collegezone.com anytime, or send an e-mail message to ISAC's Lender Services Department. With the exception of holidays (such as those indicated above), ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8 a.m. - 5 p.m. CT).
Processing Schedules
Click on the following link to access holiday processing schedules for loan records [CommonLine and Common Account Maintenance (CAM) files].
Return to Top
ISAC UPDATE
Electronic ISAC Update for September 2007 Available at College Zone
Sent on October 1, 2007 The September 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 September via College Zone's e-Messaging service.
Topics covered in the September 2007 ISAC Update include:
- Lender Participation in Default Fee Payment
(sent September 28, 2007)
- Important Information from Commission Meeting
(sent September 24, 2007)
- Commission Meeting to be Held Friday,
September 21, 2007
(sent September 12, 2007)
- New Federal Updates Posted - State Legislative Update Also Available
(sent September 11, 2007)
- "The FAFSA Made Easy" & "Planning a Successful Financial Aid Event" Sessions - Register Now
(sent September 11, 2007)
- Electronic ISAC Update for August 2007 Available at College Zone
(sent September 4, 2007)
Return to Top
|
|
|
|
