VOL. 26, NO. 8L
February 2009
Welcome to the February 2009 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout February. 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
- Denise Cannon, 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
Dear Colleague Letter from ISAC Executive Director
Sent to Marketing News, Announcements and Operational Updates, Announcements on February 17, 2009 Dear Colleague:
As a result of a continuing business re-engineering process, the Illinois Student Assistance Commission (ISAC) is currently undergoing a workforce reduction. This reduction, the result of a comprehensive review of agency processes and procedures, will impact 17 staff members. Additionally,
15 vacant positions are being eliminated and will not be filled. The reduction is expected to be complete by March 1st.
With two previous workforce reductions, the sale of approximately $3 billion in out-of-state student loans, and the paying down of $3.3 billion in debt, ISAC has streamlined our operations with an eye toward functioning more efficiently and effectively for the future. To that end, we remain focused on our goal of making college affordable and accessible for Illinois students and families. And we will continue our commitment to partners in higher education by providing our usual high level of day-to-day customer service.
Andy Davis
Executive Director
Summary of January 30th Commission Meeting
Sent to Marketing News, Announcements and Operational Updates, Announcements on February 2, 2009 The following is a summary of action taken at Friday's meeting of the Illinois Student Assistance Commission (ISAC), impacting our lender and servicer partners. Details regarding several of the topics discussed at the meeting are provided in the
January 30th Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission page within the e-Library at collegezone.com.
Proposed Rules Amendments - Agenda Item 11
Rules amendments are being proposed for the 2009-10 academic year to five existing Parts, including Part 2720 [Federal Family Education Loan Program (FFELP)]. The full text of the proposed rules amendments and notices will be made available via the e-Library's ISAC Administrative Rules section, following publication in the Illinois Register (anticipated for Friday, February 6, 2009). The anticipated effective date of these proposed rules amendments is July 2009. Next Meeting
The next regularly scheduled Commission meeting is set for Friday, April 3, 2009 at Harper College in Palatine.
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ISAC UPDATE
Electronic ISAC Update for January 2009 Available at College Zone
Sent on February 2, 2009 The January 2009 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 January via College Zone's e-Messaging service.
Topics covered in the January 2009 ISAC Update include:
- Commission Meeting to be Held Friday, January 30, 2009
(sent January 26, 2009)
- Mark Your Calendar for Upcoming Important Dates
(sent January 2, 2009)
- Electronic ISAC Update for December 2008 Available at College Zone(sent January 2, 2009)
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