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11/24/2008
At its November 21st meeting, the Illinois Student Assistance Commission (ISAC) took action on several items as part of the agenda.
Continued Partial Payment of Federal Default Fee for 2009-10
The Commission approved the continued payment of 25% of the federal default fee for students borrowing through the Federal Stafford (subsidized and unsubsidized) and Federal Graduate PLUS Loan Programs. The default fee paid on behalf of parents borrowing Federal PLUS loans remains at 0%. It is estimated that ISAC will waive $1.2 million of federal default fees for student borrowers in the upcoming academic year.
Procedures for lender remittance of the remaining portion of the federal default fees to ISAC remain the same as are currently being used.
Other Action Items Approved
The following items were also approved at the meeting:
- Kendall College application for participation in ISAC Gift Assistance Programs (Agenda Item #9)
- Financing for College Illinois!(SM) Capstone Loan Program
- IDAPP Investment Policy
Information Items
These items were presented to the Commissioners for informational purposes (no action was required):
- Changes in Affordability of a College Education for Illinois Community College and Public University Students FY1997 - FY2007 (Agenda Item #7)
- FY2010 Grant Program Budget Issues
(Agenda Item #8)
Next Meeting
The next meeting is scheduled for Friday,
January 30, 2009, on the campus of Benedictine University in Lisle.
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