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VOL. 25, NO. 5L
November 2007
Welcome to the November 2007 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout November. 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
College Zone and Related Internet Applications Temporarily Unavailable on November 30
Sent to Marketing News, Announcements and Operational Updates, Announcements on November 28, 2007 In order to perform necessary maintenance, the College Zone Web site will be temporarily unavailable during the evening of Friday, November 30, 2007.
On November 30th, the following Internet applications will be unavailable beginning at 7 p.m. (CT) and continuing until approximately 1 a.m. (CT) on Saturday, December 1st:
These Internet applications will remain available, and will be accessible via the URLs indicated:
- IllinoisMentor (illinoismentor.org) - note that, although the IllinoisMentor site will be available, links within the site that launch College Zone pages will result in error messages until all scheduled maintenance has been completed on the College Zone Web site
- College Illinois! (collegeillinois.com)
- Illinois Designated Account Purchase Program (IDAPP) (idapp.com)
Your patience and understanding are greatly appreciated as we perform required maintenance on the College Zone Web site.
Default Fee Change Approved and Other Action Taken at November 16, 2007 Commission Meeting
Sent to Marketing News, Announcements and Operational Updates, Announcements on November 19, 2007 At its November 16th meeting, the Illinois Student Assistance Commission (ISAC) took action on several 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, with the remaining half to be paid by either the lender or the student borrower.
This is a change from what the Commission had approved at its September 2007 meeting, at which time ISAC had indicated that only those loans for which the lender agreed to pay the remaining 50% of the fee would be guaranteed. The change in policy is the result of a decision by the U.S. Department of Education (ED), as was previously communicated to our partners in an October 30th e-Message.
Please Note: Because ISAC will continue to guarantee loans regardless of whether the lender pays one-half of the default fee, a listing of those lenders opting to pay the remaining half of the fee will not be posted at College Zone (this is a change from what had originally been indicated following the September Commission meeting). Student borrowers and financial aid administrators will need to learn from lenders whether the remaining one-half of the default fee is to be paid by the lender or by the borrower.
Reminder for Lenders: Lenders are to return their completed Default Fee Data Sheet to Lender Services on or before November 28th.
Other Action Items Approved
The following items were also approved at the November 16th Commission meeting:
- Proposed administrative rules for the Veterans' Home Nurse Loan Repayment Program
- Selection of a College Illinois! Investment Manager
- Methodist College of Nursing's application to participate in gift assistance programs administered by ISAC
Information Items
These items were presented to the Commissioners for informational purposes (no action was required):
- FY2009 Grant Program Budget Issues
- Changes in Affordability of a College Education for Dependent Students in Illinois, FY1997 – FY2007
Future Meetings
Once the 2008 Commission meeting schedule has been finalized, it will be posted to theISAC's Governing Board: The Commission section of the e-Library at collegezone.com.
Commission Meeting to be Held Friday, November 16, 2007
Sent to Marketing News, Announcements and Operational Updates, Announcements on November 9, 2007 The next regular meeting of the Illinois Student
Assistance Commission is scheduled for 9 a.m. on Friday, November 16th at Morton College in Cicero.
The tentative agenda for the meeting includes:
- Revised Policy Regarding 2007-08 Federal Default Fee
- Proposed Rules for Veterans' Home Nurse Loan Repayment Program
- Selection of College Illinois! Investment Manager
- Institutional Application for Participation in ISAC Gift Assistance Programs (Methodist College of Nursing)
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 November Commission Meeting.
ISAC Announces Workforce Reduction
Sent to Marketing News, Announcements and Operational Updates, Announcements on November 6, 2007 Like so many of our partners who also administer Federal Family Education Loan Program (FFELP) loans, ISAC will suffer a substantial impact from the recent passage of the College Cost Reduction and Access Act of 2007 (CCRAA). As a result of the revenue reduction imposed by the CCRAA, coupled with an unstable credit market, the agency has made the difficult decision to eliminate 68 positions from its payroll. Fifty positions are currently held by employees; the remainder are vacant.
In determining how to reduce headcount, the priority was to identify positions that, although critical when created, are no longer crucial to the agency's mission, due to changes in the operation over the years. A structured and consistent process was used to identify those non-mission critical positions throughout the agency.
ISAC staff remain committed to serving the students and families of Illinois as they pursue their higher education goals. As stated by Executive Director Andy Davis in a
press release announcing this action, "Through this restructuring, we can focus our efforts on core operations that ISAC does so well: providing outreach and other services to Illinois students to ensure they have the financial tools they need to achieve a college education."
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MARKETING NEWS, ANNOUNCEMENTS
CAP Committee Seeking Your Help to Make a Difference
Sent on November 29, 2007
The College Awareness and Preparation (CAP) committee invites high school counselors and college admission and financial aid professionals across the state to participate in the 2008 FAFSA Workshops this coming winter. With your help, our goal this year is to continue raising the awareness about college financial aid for the thousands of families who will be filing their 2008-2009 Free Application for Federal Student Aid (FAFSA).
You're needed. Here's how you can make a difference!
Host a FAFSA Workshop in your community.
You may already host a traditional financial aid information night, reviewing the aid process and types of aid available. Take the next step for your local families by hosting a FAFSA Workshop. This Workshop will focus on assisting families with the application process and with the completion of the FAFSA itself. By making your facility available as a Host Site to the local area, you will have the flexibility to design a format appropriate for your community. Your site should be able to accommodate one-on-one assistance, Internet access to FAFSA on the Web, and/or a walk-through of the financial aid process once the form is filed.
The CAP committee is seeking volunteers to host an on-site Workshop and serve as a Site Coordinator. We will provide each Site Coordinator with the guidance and supplies necessary to help make your Workshop a success. Each Site Coordinator will have the support of a CAP committee member who will act as a liaison to the committee. The Site Coordinator and CAP liaison will work together to evaluate the facility to determine the most suitable presentation format, necessary resources, publicity needs, and the number of volunteers needed to help with the event. If you're interested in offering a FAFSA Workshop for your community, please complete and return the Event Registration form at least four weeks before your event.
The CAP Committee will also hold a Training Workshop for all Site Coordinators in December to help organize and plan for your Workshop. You will have the opportunity to meet with members of the CAP committee and have any questions answered to host a successful event.
| 12/7 |
ISAC Office, Room 3030 - Deerfield
(9 a.m. – 1 p.m.) |
| 12/11 |
Eastern Illinois University, Martinsville Room - Charleston
(9 a.m.– 1 p.m.) |
| 12/14 |
Southwestern Illinois College - Belleville
(9 a.m. – 1:30 p.m.) |
Register now via e-mail at outreachtraining@isac.org and include your name, institution and the location you want to attend, and you will receive room and parking details. Continental breakfast and lunch will be provided. Registration will be open up to three days before the training.
Volunteer to help at a FAFSA Workshop.
You may not be able to hold a Workshop at your site, but there's bound to be one near you. Each site needs volunteers that can help with a wide variety of tasks, such as greeting and guiding participants, presenting information, answering FAFSA questions and helping in a PC lab with FAFSA on the Web. Please consider being a volunteer, and copy and distribute the Volunteer Form among your colleagues as soon as possible and encourage them to volunteer as well. The Volunteer Committee is eager to begin organizing the volunteers and will contact each at a later date. The deadline for returning the Volunteer Form is January 15, 2008.
The 2008 CAP Committee would like to thank you in advance for your continued support of the annual FAFSA Workshops and other CAP activities. Please do not hesitate to contact Janet Ingargiola at 217-443-8760 or jingarg@dacc.edu with any questions you may have. Let us continue to work together to help Illinois students and families achieve their higher education goals.
"The Financial Aid Process" PowerPoint Presentation Available
Sent on November 14, 2007 ISAC is pleased to announce the availability of "The Financial Aid Process," a PowerPoint presentation created to help you present a financial aid workshop for your college-bound students and their families. In addition to the presentation, we've also provided suggested talking points to aid you in identifying the key pieces of information to highlight when speaking to students and parents about the financial aid process. The talking points that accompany the PowerPoint presentation may be used alone or in conjunction with the presentation.
Created with input from high school counselors, financial aid professionals and community organization representatives, this presentation focuses on need-to-know basics, discussed in the following sections:
- The Financial Aid Process - This section walks a student through the Free Application for Federal Student Aid (FAFSA) process, including electronic filing through FAFSA on the Web (FOTW). The Personal Identification Number (PIN) feature is addressed, as is the Renewal FAFSA on the Web.
- Grant Programs - Students can learn about the federal and state grant programs and their applications.
- Scholarship Programs - The qualifications for federal and state scholarship programs are reviewed, as well as those for scholarships available for special programs.
- Employment - This section helps answer the questions that many students have about working while in college and how it impacts their financial aid.
- Federal Loan Programs - The three largest educational loan programs are outlined in simple, easy-to-understand language for students and parents.
- Other Financial Aid Sources - This is an overview of students' other options for paying for college, such as programs through their employer and/or civic organizations. Searching for scholarships on the Internet is also discussed.
The presentation, which may be accessed via the Ready-to-Use Presentations page within the e-Library at collegezone.com, is available to be downloaded in English and Spanish, and with narrated slides.
Please take advantage of this comprehensive presentation to assist your students and their families through the college planning process.
New "Loan Repayment/Forgiveness Programs" Section Added to Student Zone
Sent on November 2, 2007 ISAC is pleased to announce the addition of new "Loan Repayment/Forgiveness Programs" sections within the Student Zone at collegezone.com. The information and links provided will assist Illinois students in achieving their goals, both during college and after graduation.
Borrowers can learn about programs designed to help with student loan repayment (for Illinois residents who qualify based on certain eligibility requirements, such as making a commitment to work in Illinois for a specific amount of time as a teacher or nurse) within the Financing areas of the 8th-12th Grades, College, Advanced Degree and After College sections of the Student Zone. Applicants also are now able to download and print applications for the new Nurse Educator Loan Repayment Program and the Veterans' Home Nurse Loan Repayment Program from within the Student Zone.
Be sure your student loan borrowers are aware that these resources are available. These new sections, along with all the resources available at collegezone.com, are part of ISAC's ongoing commitment to ensuring that the students and families of Illinois have access to affordable educational opportunities.
Additional "The FAFSA Made Easy" Site Added
Sent on November 1, 2007 Due to an increased demand, we have added an additional site to our Professional Development Opportunities, "The FAFSA Made Easy" & "Planning a Successful Financial Aid Event" sessions. These free one-day sessions (9 a.m. – 3 p.m.) are 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.
"The FAFSA Made Easy" portion of the session focuses on the intricacies of the 2008-09 Free Application for Federal Student Aid (FAFSA), student eligibility, and common mistakes students make when completing the form. 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 day's agenda. 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 invited to attend to share ideas, advice and best practices.
Space is limited so choose from the remaining dates and locations below and register here.
Dates & Locations
November 9, 2007
Southeastern Illinois College, 3575 College Rd,
Harrisburg, IL
B137 - Private Dining Room
Campus Map
November 16, 2007
Kishwaukee Community College, 21193 Malta Rd,
Malta, IL
A-225
Campus Map
November 30, 2007
Parkland College, 2400 West Bradley Ave, Champaign, IL
Conference Room D244
Campus Map
December 6, 2007
John Wood Community College, 1301 S. 48th St, Quincy, IL
Paul Heath Center and Fine Arts Center – Room D022
Campus Map
December 7, 2007
Moraine Valley Community College, 9000 W. College Pkwy, Palos Hills, IL
Moraine Room 2 & 3
Campus Map
December 14, 2007
Black Hawk College, 6600 34th Ave, Moline, IL
Building 4, Lecture Room 1&2
Campus Map
Continental breakfast will be provided and registration begins at 8:30 a.m. We look forward to seeing you at one of our upcoming sessions.
Make sure you submit your registration and print the confirmation page for your records.
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ISAC UPDATE
Electronic ISAC Update for October 2007 Available at College Zone
Sent on November 1, 2007 The October 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 October via College Zone's e-Messaging service.
Topics covered in the October 2007 ISAC Update include:
- Important Update - Default Fee Policy
(sent October 30, 2007)
- Mark Your Calendar for Upcoming Important Dates
(sent October 15, 2007)
- Electronic ISAC Update for September 2007 Available at College Zone
(sent October 1, 2007)
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