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VOL. 25, NO. 6L
December 2007
Welcome to the December 2007 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout December. 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
Invoicing for ISAC Federal Default Fee - Instructions Available
Sent to Marketing News, Announcements and Operational Updates, Announcements on December 31, 2007 As announced earlier this fall, ISAC is paying one-half of the 1% federal default fee for all Federal Stafford and PLUS loans we guarantee on or after December 1, 2007. To collect the remaining one-half of the fee, ISAC has established an invoicing procedure for our lender partners.
Although we have talked to many of you about the procedure for paying the fee, information about the process has been posted to collegezone.com for your convenience. Please take a few moments to review the information soon, as the first set of Federal Default Fee Invoices will be sent to lenders as early as January 3, 2008.
Detailed information about the federal default fee and the invoicing and remittance procedures - including an invoice description, comma delimited text file specifications and invoicing and remittance instructions - is located in the Lender Zone of collegezone.com, under Processes, Loan Guarantee and Disbursement, Fees.
Any questions about the invoicing procedure should be directed to Lender Services, available as noted below.
Happy Holidays from ISAC
Sent to Marketing News, Announcements and Operational Updates, Announcements on December 17, 2007 Our entire organization would like to wish all of our lender and servicer partners a safe and very happy holiday season.
We appreciate having the opportunity to serve you, and look forward to working with you throughout the next year.
May 2008 be a healthy, peaceful, and prosperous year
for all.
Holiday Schedules
Due to the holidays, ISAC staff will be unavailable on the following dates:
- After 2 p.m. (CT) on Monday, December 24, 2007
- All day on Tuesday, December 25, 2007
- After 2 p.m. (CT) on Monday, December 31, 2007
- All day on Tuesday, January 1, 2008
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, 8:30 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].
College Zone and Related Internet Applications Temporarily Unavailable on December 18th
Sent to Marketing News, Announcements and Operational Updates, Announcements on December 14, 2007 Due to unforeseen circumstances, the College Zone maintenance that had originally been scheduled to take place on November 30th has been rescheduled for December 18th.
On December 18th, the following Internet applications will be unavailable beginning at 7 p.m. (CT) and continuing until approximately 1 a.m. (CT) on Wednesday, December 19th:
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)
We apologize for any inconvenience this rescheduling may cause you. Your patience and understanding are greatly appreciated as we perform required maintenance on the College Zone Web site.
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MARKETING NEWS, ANNOUNCEMENTS
"FAFSA Expert Training" & "Understanding Financial Aid Packaging" - Register Now
Sent on December 13, 2007 Please join us as we start the new year continuing our series of professional development opportunities with the "FAFSA Expert Training" & "Understanding Financial Aid Packaging" sessions, designed especially for high school counselors, college admission counselors and community organization professionals. All events are free and require online registration through collegezone.com.
Beginning with our most popular session, the "FAFSA Expert Training" builds on the information and case studies presented in "The FAFSA Made Easy" and goes far beyond the line-by-line review of the Free Application for Federal Student Aid (FAFSA). Complex tax, asset, eligibility and need analysis questions are discussed. You will complete a hand calculation of the Federal Need Analysis Methodology and learn how the information provided on the FAFSA is used to determine the Expected Family Contribution (EFC).
In response to feedback from high school counselors and community based organization members, an afternoon session has also been added to this training event. Last year we introduced "Understanding Financial Aid Packaging." This highly rated session provides an overview of the elements involved in financial aid packaging as well as comprehensive consumer education information designed to assist you as you help your students prepare for the financial responsibilities associated with financing college.
These free sessions (9 a.m. – 3 p.m.) will be offered at 11 locations throughout the state. Counselor Professional Development Units can be earned at each session.
Space is limited, so choose from the following dates and locations below and register online:
Dates & Locations
January 18, 2008
Chicago State University, 9501 South King Drive, Chicago, IL
University Library, Sun Room
Campus Map
January 24, 2008
DePaul University, Lincoln Park Campus, 2250 North Sheffield Avenue, Chicago, IL
Student Center, 3rd Floor, Room 314 A & B
Campus Map
January 25, 2008
Lincoln Land Community College, Capital City Center, 130 West Mason, Springfield, IL
Lower Level Conference Center
Campus Map
January 25, 2008
ISAC Deerfield Office, 1755 Lake Cook Road, Deerfield, IL
Room 3030
Driving Directions
January 29, 2008
Rock Valley College, North Mulford Road, Rockford, IL
Woodward Technology Center, Rooms 141 & 142
Campus Map
January 30, 2008
Lake Land College, 5001 Lake Land Boulevard, Mattoon, IL
Webb Hall, Room 081
Campus Map
February 1, 2008
Joliet Junior College, Joliet Junior College, 1215 Houbolt Road, Joliet IL
Room To Be Determined (Check before date)
Campus Map
February 4, 2008
College of DuPage, 425 Fawell Boulevard, Glen Ellyn, IL
Room SRC 2800
Campus Map
February 5, 2008
John A. Logan College, 700 Logan College Road; Carterville, IL
Main Facility First Floor, Room F119
Campus Map
February 8, 2008
Harry S. Truman College, 1145 West Wilson Avenue, Chicago, IL
Faculty Dining Room, First Floor
Campus Map
February 11, 2008
Eureka College, 300 East College Avenue Eureka, IL
Cerf Center, Terrill Room
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.
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ISAC UPDATE
Electronic ISAC Update for November 2007 Available at College Zone
Sent on December 3, 2007 The November 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 November via College Zone's e-Messaging service.
Topics covered in the November 2007 ISAC Update include:
- CAP Committee Seeking Your Help to Make a Difference
(sent November 29, 2007)
- College Zone and Related Internet Applications Temporarily Unavailable on November 30
(sent November 28, 2007)
- Default Fee Change Approved and Other Action Taken at November 16, 2007 Commission Meeting
(sent November 19, 2007)
- "The Financial Aid Process" PowerPoint Presentation Available
(sent November 14, 2007)
- Commission Meeting to be Held Friday,
November 16, 2007
(sent November 9, 2007)
- ISAC Announces Workforce Reduction
(sent November 6, 2007)
- New "Loan Repayment/Forgiveness Programs" Section Added to Student Zone
(sent November 2, 2007)
- Additional "The FAFSA Made Easy" Site Added
(sent November 1, 2007)
- Electronic ISAC Update for October 2007 Available at College Zone
(sent November 1, 2007)
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