VOL. 22, NO. 10IGSL, 10B
April 2005
Welcome to the April 2005 ISAC Update for Financial Aid Administrators and Business Officers. This version of the electronic ISAC Update is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout April. This e-Messaging service has replaced ISAC’s use of printed newsletters, the ILASFAA ListServ, 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 FAA 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 School Services at 866.247.2172 or at schoolservices@isac.org. 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
Additional ISAC Data Available on INFOnet
Sent to Financial Aid Directors, Financial Aid Administrators, and FFELP Participants on April 25, 2005
The Illinois Student Assistance Commission (ISAC) is pleased to announce the recent addition of over 2.1 million student loans for over 115,000 borrowers to INFOnet, ISAC's gateway to the Meteor network. The Meteor network is designed to provide access to timely, student-specific financial aid information (student loans at this point) from multiple sources and a one-stop, common, on-line customer service resource for schools.
As a reminder, you can easily access INFOnet at collegezone.com. Proceed to the FAA Zone front page and INFOnet is a Quick Link in the right margin of the page.
Until the recent addition of all outstanding loans guaranteed by ISAC, only information for defaulted loans held by us had been reported to Meteor. Now the borrower-specific data provided within INFOnet (reported to Meteor) is the same data that ISAC provides to the National Student Loan Data System (NSLDS) on a monthly basis. This includes loans held by lenders and defaulted loans held by the guarantor.
Once a loan has been reported to NSLDS, changes to a loan (i.e., borrower's demographic information, loan status and loan status date, loan balances, disbursement amounts and dates, collection information, etc.) are available daily within INFOnet. But to avoid loan discrepancies between NSLDS and INFOnet, new loans guaranteed by ISAC between the first and last day of the month are made available via INFOnet on the second business day of the following month thereby coinciding with ISAC's next NSLDS reporting cycle.
For additional information about INFOnet, the Meteor network, or the sign-up and log-in processes, contact a School Services Representative at schoolservices@isac.org or at 866.247.2172.
2005-06 Budget Packets Now Available Online - Due On or Before June 1, 2005
Sent to Financial Aid Directors and Financial Aid Administrators on April 18, 2005
The annual gathering of budget information from postsecondary institutions participating in the Monetary Award Program (MAP) and the Illinois Veteran Grant (IVG) and Illinois National Guard (ING) Grant programs is upon us. Once again schools have online access to the forms by which to submit this information.
Updated Resource Documents and Budget Packets Available Online
The following links provide you with the detailed information needed to successfully complete and submit your institution's 2005-06 budget packets on or before June 1st. Updated instructions and Frequently Asked Questions (FAQs) for the Monetary Award Program (MAP), Illinois Veteran Grant (IVG), and the Illinois National Guard (ING) Grant programs have been posted to the ISAC Gift Assistance Programs section of collegezone.com.
Which Packet(s) Should Be Completed?
Not all schools need to complete budget packets for all three programs. Community colleges and public four-year universities complete packets for all the programs; all other MAP-approved schools complete only the MAP budget packet.
E-mail Preferred Method - Due On or Before June 1, 2005
The preferred method of submitting the budget packet(s) is electronically via the e-mail account of the Financial Aid Director. To ensure smooth and timely processing, all budget packet(s) submitted electronically, as with paper submissions, must arrive at ISAC on or before June 1, 2005.
If you choose to mail or fax the budget packet(s) to ISAC, note the address change on the front page of each packet. The 2005-06 information is being mailed or faxed to ISAC's Springfield Office. If you have questions concerning the Budget Packet process, please continue to contact a School Services Representative at 866.247.2172 or schoolservices@isac.org.
Do You Want to Change How Your MAP Awards are Calculated?
Schools have a choice in how the term awards are calculated for the Monetary Award Program (MAP). Awards may be split evenly between terms or be split by whole dollar amounts. For example, if a semester school has elected to use the "cents" option, an annual award of $4471.00 is split evenly between terms as an award of $2235.50. If the school chooses to use the "no cents" option, the annual award of $4471.00 would be $2235.00 for the first term and $2236.00 for the second term. A definition of the "cents" or "no cents" option for quarter schools can be found at the above link.
The majority of schools calculate term awards by the "cents" option, but if you're interested in switching to the "no cents" option (or vice versa), simply send an e-mail message to schoolservices@isac.org prior to June 1, 2005. Your awards would be re-calculated using the new method at the time of recompute later this summer.
Take the Credit Challenge! National Credit Education Week: April 18-23, 2005
Sent to Financial Aid Directors, Financial Aid Administrators, FFELP Participants and Business Officers on April 12, 2005 Recognizing that having a citizenry well educated about personal finance and consumer debt benefits everyone in Illinois, Governor Blagojevich will join a national effort by proclaiming the week of April 18th as National Credit Education Week in Illinois. As an extension of our default prevention outreach campaign, ISAC invites you to participate in the week-long program - Take the Credit Challenge! - which is sponsored by ACA International, the Association of Credit and Collection Professionals.
Activities include displaying the Take the Credit Challenge! poster in your organization and having your students take the Credit Challenge Quiz (which can be accessed via the first posting at the Student Zone Message Board at collegezone.com), accessing the online versions of Credit Card Smarts and Parents Smarts, and scheduling a Personal Finance presentation with the Default Prevention Outreach department. These activities are designed to promote consumer education with respect to using credit cautiously, spending money wisely, and paying bills promptly - practices which are especially important in the prevention of student loan default. A press release regarding National Credit Education Week activities is available at the College Zone Web site.
ISAC appreciates having the opportunity to work with you as we all strive to educate Illinois students about credit and personal finance. If you have any questions regarding this information, or if we can be of any additional assistance to you, please contact School Services at 866.247.2172 or send an e-mail message to schoolservices@isac.org.
School DAAR Report Now Available Online!
Sent to Financial Aid Directors, Financial Aid Administrators, and FFELP Participants on April 5, 2005
As partners with the Illinois Student Assistance Commission (ISAC) in continued default prevention efforts on Federal Stafford loans, you are asked to review and take action on the Notification of Student Loan Borrower DAAR Status report (School DAAR Report). This report is non-cumulative and is available twice a month to those institutions with students for whom ISAC, as the guarantor, has received a Default Aversion Assistance Request (DAAR) during the reporting time period. The term DAAR has become the industry standard for accounts that are 60 - 120 days delinquent and have been filed for default assistance by the lender.
New Service at collegezone.com - My Zone
ISAC's School DAAR Reports are now easily accessible online at My Zone, thereby eliminating the need for receiving the reports through the mail. The report will continue to be made available twice a month as long as the school has borrowers for whom a DAAR was filed during the reporting time period. My Zone is a portal available in the FAA Zone at collegezone.com that allows postsecondary schools online access to student-specific data in a secure environment. For complete information and instructions, proceed to the FAA Zone front page and select the My Zone Quick Link in the right margin of the page.
How Will You Know When a DAAR Report is Available?
Each time a new School DAAR Report is made available online, an e-Message will be sent to the "FFELP Participants" e-Messaging subscription group. Therefore, it is very important to subscribe to this group through the e-Messaging service. In the future, other timely informational updates concerning pertinent FFELP matters will also be provided to subscribers of the "FFELP Participants" group.
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FINANCIAL AID DIRECTOR
Change of Venue for April 18th Commission Meeting
Sent on April 11, 2005
The April 18th meeting of the Illinois Student Assistance Commission, originally planned to be held on the campus of the University of Illinois at Springfield, will instead be conducted via teleconference. ISAC offices in both Deerfield and Springfield will be available for public access to the meeting, scheduled to begin at 9 a.m., on Monday, April 18th.
Information regarding agenda items for the meeting is available via the online Agenda Book.
Also available online, through the e-Library at collegezone.com, are the presentations made by ISAC and IDAPP staff at the recent ILASFAA Annual Conference. You can view each presentation through a slideshow, or you can choose to download and print the handouts. If you missed one or more of the sessions at the Conference, take advantage of this opportunity to catch the information through College Zone.
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FFELP PARTICIPANTS
Latest School DAAR Report Available
Sent on April 19, 2005
The Notification of Student Loan Borrower DAAR Status report (School DAAR Report) for your school is now available on College Zone's My Zone. This online version has replaced the paper rosters ISAC sent in the past.
The School DAAR Report is non-cumulative and is available twice a month to those institutions with students for whom ISAC, as the guarantor, has received a Default Aversion Assistance Request (DAAR) during the reporting time period. Each time a new School DAAR Report is made available online, an e-Message will be sent to the "FFELP Participants" e-Messaging subscription group.
Accessing School DAAR Reports at My Zone
My Zone is a portal available in the FAA Zone at collegezone.com that allows postsecondary schools online access to student-specific data in a secure environment. If you have not yet signed up to participate in My Zone, proceed to the FAA Zone front page and select the My Zone Quick Link.
For complete information and instructions to access your school's DAAR Report, proceed to the FAA Zone front page and select the My Zone Quick Link in the right margin of the page.
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ISAC UPDATE GROUP
Electronic ISAC Update for March 2005
Sent on April 1, 2005
The March 2005 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 Financial Aid Administrators and Business Officers in March via College Zone's e-Messaging service.
Topics covered in the March 2005 ISAC Update include:
- See You At The ILASFAA Conference!
- Important Dates And Program News For ISAC Gift Assistance Programs
- 2004-05 IIA Payment Processing Resumes
- ISAC Helps Colleges With Default Prevention Efforts
- 2004-05 IIA Program Update
- Mapping Your Future Updates - Temporary Web Site Outage And Archiving Old Online Student Loan Counseling Records
- Online And Distance Education Chat Events - March 8, 2005
- Electronic ISAC Update For February 2005 Available At College Zone
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