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VOL. 25, NO. 4IGSL, 4B
October 2007
Welcome to the October 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 October. 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
Important Update - Default Fee Policy
Sent to Financial Aid Directors, Financial Aid Administrators and FFELP Participants 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 Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users, Business Officers and FFELP Participants 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 you and/or your students.
You may either scroll through the entire message, or click on the appropriate link(s) to go directly to details about a specific topic:
UPDATES
Reminders regarding upcoming operational dates and College Illinois! enrollment
TRAINING EVENTS
ILASFAA Mid-Term Workshops, Mapping Your Future Online Student Loan Counseling Training, and Professional Development Opportunities
HOLIDAY SCHEDULES
Processing schedules for upcoming holidays
UPDATES
October 26th: 2007-08 Byrd Payment Request Rosters Due
Eligibility Certification/Payment Request Rosters for the
2007-08 Robert C. Byrd Honors Scholarship Program are due back to ISAC on or before Friday, October 26, 2007. Further details are provided at the Payment Procedures for the Byrd Scholarship page of the ISAC Gift Assistance Programs area at collegezone.com.
October 29th: 2007-08 College Illinois! General Enrollment Period Opens
The 2007-08 general enrollment period for the College Illinois! 529 prepaid tuition plan opens on Monday, October 29, 2007 and continues through April 29, 2008. Families can pre-enroll between now and October 29th.
TRAINING EVENTS
November 7th-8th, and November 15th-16th: ILASFAA Mid-Term Workshops
The Illinois Association of Financial Aid Administrators (ILASFAA) is planning two Mid-Term Workshops for November. These two-day workshops are again being offered in partnership with the Illinois Student Assistance Commission (ISAC), replacing both the Winter Workshops and the ISAC Fall Seminars for Financial Aid Administrators that were held in years prior to 2006. Additional information, including the workshop agenda and registration details, is available at the Training page of the ILASFAA Web site.
Continuing through Mid-November: Mapping Your Future Online Student Loan Counseling Training
Mapping Your Future is providing Online Student Loan Counseling (OSLC) training for schools through mid-November. The sessions, available for both beginner and advanced users, include an online presentation with audio via conference call. Register today via the Mapping Your Future Web site.
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 School 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 appropriate link(s) to access holiday processing schedules for loan records [CommonLine and Common Account Maintenance (CAM) files] and/or Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program records.
Upcoming Mid-Term Workshops from ILASFAA and ISAC
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 October 1, 2007 The Illinois Association of Student Financial Aid Administrators (ILASFAA) is planning two Mid-Term Workshops for November. These two-day workshops are again being offered in partnership with the Illinois Student Assistance Commission (ISAC), replacing both the Winter Workshops and the ISAC Fall Seminars for Financial Aid Administrators that were held in years prior to 2006.
Register online today. The cost for the workshop is $25.
The workshops will be offered at one downstate and one upstate location, with the same sessions being presented at each:
- November 7 - 8: Holiday Inn, Collinsville
- hotel rate is $85 (single/double/triple/quad) per night
- hotel room reservations deadline is
October 8
- November 15 - 16: Radisson Hotel, Northbrook
- hotel rates are $105 (single/double),
$115 (triple) or $125 (quad) per night
- hotel room reservations deadline is November 2
The following is a sampling of the scheduled interest sessions, and topics that will be discussed:
- ISAC Update
- ISAC Electronic Tools
- Outreach
- Federal Update
- Financial Aid 101
- Cost of Attendance
- EFC Calculations
- Verification
- Taxes/Conflicting Information
- Return of Title IV Funds
- VA Session
- Diversity Issues
- Ethics for Everyone
- Generations/Financial Concerns/Ethics
- Guiding Students on Selecting a Lender
- Private Loans
- Professional Judgment
Additional information, including the workshop agenda and contact information for each hotel, are available at the Training page of the ILASFAA Web site.
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PUBLIC SCHOOLS - PARTICIPATING IN THE ING GRANT AND IVG PROGRAMS
2007-08 Fall Term ING Grant Payment Requests Due
November 24th
Sent on October 26, 2007
2007-08 fall term Illinois National Guard (ING) Grant Payment Request Rosters and Certification Forms were mailed to colleges on Thursday, October 25th. The roster, which includes all qualified applicants whose ING Grant Program applications were received by October 1st, is a list of students who may be considered for a full-year award at your college. The roster and Certification Form are due back to ISAC on or before November 24, 2007. Any initial fall term payment requests submitted after this date will be placed in lower priority consideration for payment.
An ING Supplemental Payment Request Form and an ING Out-of-District Tuition Claim Form were also included in the October 25th mailing. Out-of-district claims must be returned on or before November 24th as well. Supplemental requests must be returned to ISAC on or before December 9, 2007.
Further details regarding the ING Grant payment process are available at the Payment Procedures for the ING Grant page, located within the ISAC Gift Assistance Programs area at collegezone.com.
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FFELP PARTICIPANTS
Latest School DAAR Report Available
Sent on October 3, 2007 and October 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.
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ISAC UPDATE GROUP
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 financial aid administrators and business officers in September via College Zone's e-Messaging service.
Topics covered in the September 2007 ISAC Update include:
- Enhancements to TESP Certification at My Zone - Certification Temporarily Unavailable on
October 1st
(sent September 28, 2007)
- Lender Participation in Default Fee Payment
(sent September 28, 2007)
- Important Information from Commission Meeting
(sent September 24, 2007)
- New Awards Announced for 2007-08 Teacher Education Scholarship Programs
(sent on September 21, 2007)
- Commission Meeting to be Held Friday,
September 21, 2007
(sent on September 12, 2007)
- "The FAFSA Made Easy" & "Planning a Successful Financial Aid Event" Sessions - Register Now
(sent September 11, 2007)
- New State Legislative Update Posted - Federal Updates Also Available
(sent September 11, 2007)
- Financial Aid 101: Building a Solid Foundation - September 2007 Workshops
(sent September 5, 2007)
- Latest School DAAR Report Available
(sent September 4, 2007 and September 18, 2007)
- Electronic ISAC Update for August 2007 Available at College Zone
(sent September 4, 2007)
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