ISAC Announces Limited Release Of 2008-09 Suspended MAP Awards

Approximately 6,200 students could benefit from aid

CHICAGO—The Illinois Student Assistance Commission (ISAC) is releasing approximately $8 million in suspended Monetary Award Program (MAP) funds to approximately 6,200 eligible students whose 2008-09 Free Application for Federal Student Aid (FAFSA) receipt dates were July 26, 2008, through August 1, 2008. 

The records were released from suspension Wednesday, January 28, allowing schools to submit claims to ISAC on behalf of those students. 

"We are making every effort to make sure all appropriated monies are being used by those in need of financial support," said ISAC Executive Director Andrew Davis. “Our goal is to make sure as close to 100 percent of appropriations as possible go to benefit Illinois students.”

All MAP grants for eligible students with initial FAFSA receipt dates on or after August 2, 2008, remain in a suspended status. The increase in Illinois FAFSA filings for the 2008-09 academic year resulted in a suspension of awards on July 25, marking the earliest -ever suspension of MAP grant monies to incoming freshman and continuing students.

 “The increase in Illinois’ FAFSA filings can be attributed to the worsening state of the economy along with an unprecedented increase in our agency’s outreach efforts,” Davis continued. “Our message is and continues to be to fill out those FAFSAs and submit them as soon as possible.”

The 2009-10 FAFSA has been available online at http://www.fafsa.ed.gov/, at high school guidance offices, at financial aid offices and at ISAC outreach events since January 1. A schedule of upcoming ISAC outreach events may be found at the following web site:  http://www.collegezone.com/informationzone/10_3383.htm

The Illinois Student Assistance Commission provides students of all ages and backgrounds with the resources and support to obtain financial aid for higher education.

A state agency, ISAC has paved the path to post-secondary education with innovative programs for more than 50 years. Last year alone, ISAC continued its mission to make college affordable for Illinois students by issuing 185,000 grants and scholarships totaling more than $448 million. 

The Commission coordinates educational funding with student loans, as a loan guarantor and via numerous public programs such as the successful Monetary Award Program (MAP), the Illinois Veteran Grant and College Illinois!sm, the Commission’s groundbreaking 529 prepaid college tuition program. Students and families have free access to a wealth of financial aid and college planning information at ISAC’s family of websites available at: http://www.knowhow2goillinois.org/.

About ISAC
The Illinois Student Assistance Commission is the State’s centralized provider of financial assistance aimed at helping students and families access postsecondary education and/or training. Each year, the Commission awards an estimated $400 million in scholarship and grant aid to nearly 185,000 qualified students, and also provides an additional $740 million to borrowers through its student loan programs. The agency offers credit-based alternative loans, a 529 prepaid tuition program known as College Illinois!, and a broad array of outreach and informational services to ensure that families have access to the information they need to pay for a college education. More information is available by calling toll-free 800.899.ISAC (4722) or visiting the agency’s Web site at www.collegezone.com.