VOL. 27, NO. 1L
July 2009
Welcome to the July 2009 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout July. 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
Student Loan Community Proposal Supported by ISAC/IDAPP
Sent to Marketing News, Announcements and Operational Updates, Announcements on July 9, 2009
As we continue our ongoing efforts to fulfill our mission of "making college accessible and affordable for all Illinois students", ISAC and IDAPP are pleased to announce our support of the recently unveiled "Student Loan Community Proposal". The Illinois Student Assistance Commission and the Illinois Designated Account Purchase Program have become signatories on the proposal, joining a coalition of entities from all sectors in the student loan industry in their support. Members of the coalition consider the proposal an endorsement of "the core principles of the (Obama) Administration's reform effort - using federal funds to guarantee the stability of student loan financing, eliminating subsidies to private lenders and generating historic savings for student financial aid - while maintaining choice, competition, superior service for students and schools, and preserving tens of thousands of local jobs in all 50 states."
Additional accomplishments of the proposal include the following:
- Allows schools to maintain the ability to choose local not-for-profit and state-based agencies to provide originations or servicing in their state;
- Permits current originators to continue to provide origination services if schools or students choose them, eliminating the massive transition risk that comes from requiring thousands of schools to immediately change programs; and
- Expands default prevention assistance, counseling, financial literacy and advocacy programs from guaranty agencies to all students and families.
Because we, at our core, are dedicated to Illinois students, and because for more than 52 years, we have tirelessly and proudly served the needs of those students, our decision to support the proposal was an easy one. As stated by Executive Director Andy Davis in his address at this year's ILASFAA Conference, our intention is to remain an active and vital player in the student loan industry in Illinois, whether it be through the Federal Family Education Loan Program (FFELP), Direct Lending, a combination of the two or some other variation. We are prepared to focus on and respond to the needs of Illinois students, families and schools, and are wholeheartedly committed to fulfilling the role that eventually evolves for us in this new environment.
Specific details about the Student Loan Community Proposal, including the legislative language, a list of signatories and a Fact Sheet, are accessible on the America's Student Loan Providers Web site.
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ISAC UPDATE
Electronic ISAC Update for June 2009 Available at College Zone
Sent on July 1, 2009 The June 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 June via College Zone's e-Messaging service.
Topics covered in the June 2009 ISAC Update include:
- Commission Meeting Summary
(sent June 30, 2009)
- Commission Meeting to be Held Friday,
June 26, 2009
(sent June 19, 2009)
- New Student Loan Interest Rates Effective
July 1, 2009
(sent June 3, 2009)
- Electronic ISAC Update for June 2009 Available at College Zone
(sent June 1, 2009)
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