ISAC Announces Planned Workforce Reduction

Approximately 15 percent of its staff could be affected

CHICAGO—The Illinois Student Assistance Commission (ISAC) announced it intends to reduce its workforce by 15 percent by the end of the first quarter of 2010. 
 
“The position eliminations will come from both the top and bottom of the pyramid,” said ISAC executive director Andrew Davis. “Principal administrative appointments as well as civil service positions will be affected.”
 
The reorganization will occur in two phases with the first beginning in mid-September and the second phase taking place during the first quarter of 2010 as ISAC completes restructuring and consolidating IDAPP servicing operations to a single third party servicer.
 
“We are also adding three furlough days in which the agency will be closed, beginning with November 25 and December 24 of this year. This additional shared sacrifice will spare approximately six-to-eight additional jobs,” he said.

The Illinois Student Assistance Commission currently employs 381 people at offices in Chicago, Deerfield and Springfield. It provides students of all ages and backgrounds with the resources and support to obtain financial aid for higher education in support of its mission to make college both accessible and affordable for all Illinois students.

“These necessary measures will save the agency well over $1 million a year, and that’s why we are doing it,” Davis concluded. “I believe the need for our services has never been greater and that these changes will help our agency remain successful in fulfilling our mission efficiently and effectively.”
 
The moves are another facet of an organizational makeover undertaken over the past two years with the goal of making ISAC more agile, efficient and effective. This continuing evolution will have eliminated approximately 200 filled and vacant positions, sold approximately
$3 billion in predominantly out-of-state student loans, and paid down approximately $3.3 billion in debt since 2007.

The Commission will continue to focus on five core areas of operations:  research, planning and policy analysis; program services (scholarships & grants administration); college access and outreach; College Illinois!® 529 prepaid tuition; and student lending.

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 over 50 years. Last year alone, ISAC continued its mission to make college accessible and affordable for Illinois students by issuing 186,000 grants and scholarships totaling nearly $431 million.  

The Commission provides educational funding with student loans, as a loan guarantor and via numerous public programs such as the Monetary Award Program (MAP), the Illinois Veteran Grant and College Illinois!® 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 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.