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Volume 14, Number 7
April - June 2005
Welcome to the April - June 2005 ISAC Communiqué – the electronic edition of your Communiqué, which is a quarterly compilation of e-Messages sent through College Zone’s e-Messaging service throughout April, May and June. While this e-Messaging service is currently being offered in addition to the printed ISAC Communiqué newsletters, it will soon replace both printed newsletters and special e-mail lists as ISAC’s primary means of communicating information to you.
The articles in this Communiqué have been organized according to the Counselor Zone subscription groups to which the messages were distributed via College Zone’s e-Messaging service.
Questions?
Questions regarding information in this Communiqué 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
Significant Improvements Anticipated for 2005-06 MAP
Grants - Commission to Take Action on FY2006 Recompute
Formula at June 24th Meeting
Sent to Principals/Superintendents/Administrators, High School Counselors/Teachers and College Admission Counselors on June 16, 2005.
Governor Signs FY2006 Budget Into Law
Governor Blagojevich signed the fiscal year 2006 (FY2006) budget (passed by the Illinois General Assembly in May) into law on Friday, June 10, 2005, providing funding for ISAC's programs for the upcoming year. The ISAC State Legislative Updates page at collegezone.com includes information regarding funding levels for ISAC-administered programs.
Commission Meeting on June 24th
On Friday, June 24th, the Illinois Student Assistance Commission (ISAC) Commissioners will meet at the Michael A. Bilandic building in Chicago beginning at noon. In addition to significant changes for the FY2006 (for the 2005-06 academic year) Monetary Award Program (MAP) formula (see below), the tentative agenda includes an overview of the state legislative and budget plan for FY2006 and its impact on ISAC-administered programs, as well as adopted rules amendments and various items related to College Illinois! and the Illinois Designated Account Purchase Program (IDAPP).
Significant Changes for MAP Formula Increase Awards
Each year ISAC is responsible for adopting an allocation formula for MAP. Typically, once the governor and General Assembly take action on the budget, the Commission revisits the formula and takes action to approve a "recompute" formula. The General Assembly and governor have approved an increase to FY2006 MAP funding that is $8 million over the FY2005 appropriation, coupled with an additional $3.7 million in federal Leveraging Educational Assistance Partnership (LEAP/SLEAP) funds.
Based on the increase in MAP funding and expected savings from environmental changes, it is anticipated the Commission will take action on the following changes to the FY2006 MAP start-up formula (to be used for the 2005-06 MAP recompute formula) at the June 24th meeting:
- Incorporate FY2004 (2003-04) tuition and fees at 100%;
- Use 80% of Federal Pell Grant eligibility, as determined by the 2003-04 Pell Grant Payment Schedule (which contains a $4,050 maximum); and
- Replace the tiered reduction factors with a single reduction factor of 9% to all awards for applicants with an expected family contribution (EFC) up to and including 8999 (no award is provided to applicants who have an EFC of 9000 or greater).
Current projections indicate that these proposed formula changes could allow 2005-06 MAP award announcements to be made through the end of August.
If approved by the Commission at this meeting, the recompute formula will be available for award calculations at MAPnet in early July.
Agenda Book Will Be Posted at College Zone
The Commission Meeting Agenda Book, providing a full description of each agenda item, will be available within four to seven days prior to the meeting. To access this information, visit the e-Library at collegezone.com and select the ISAC's Governing Board: The Commission page.
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New Student Loan Interest Rates Effective July 1st
Sent to High School Counselors/Teachers, College Admission Counselors and Community Organizations on June 8, 2005
The U.S. Department of Education has announced that, for variable-rate student and parent loans, interest rates for the period July 1, 2005 through June 30, 2006 are as follows:
- 4.70% for Federal Stafford Loan Program subsidized and unsubsidized loans while the borrower is in school, during the grace period, and during periods of deferment
- 5.30% for Federal Stafford Loan Program subsidized and unsubsidized loans during repayment and forbearance
- 6.10% for Federal PLUS Loan Program loans
Further details - including interest rate information for Federal Consolidation Loans - are available at College Zone's Interest Rates page, located within the "Loan Programs" area of the Counselor Zone "Other Programs" section.
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ISAC and IDAPP Update
Sent to Principals/Superintendent/Administrators and High School Counselors/Teachers on June 2, 2005.
The Illinois General Assembly concluded its Spring session late on Tuesday, May 31st. Among the business completed was the passage of the fiscal year 2006 budget for all State activities, including ISAC-administered programs. While the budget is not yet considered final, pending the Governor's signature, most of our scholarship and grant programs maintained level funding, while funding for the Monetary Award Program (MAP) actually increased by $11.7 million ($8 million in new state funds and $3.7 million in federal LEAP funds). It should be noted that the Merit Recognition Scholarship (MRS) Program is not funded in the budget, although ISAC had requested $5.4 million to provide level funding. A number of other bills affecting Illinois students and their families were passed by the General Assembly and also await the Governor's signature. Complete information about all General Assembly activity is available through the State Legislative Update posted at collegezone.com. We will continue to keep you apprised as the bills passed by the General Assembly are acted upon by the Governor.
Before legislators completed their business, a proposal that would have affected ISAC and IDAPP student loan activities surfaced in the State Senate. Unanticipated by ISAC, the proposal would have permitted the Governor's Office of Management and Budget (OMB) to initiate a sale of all or part of the IDAPP loan portfolio, at some point during or after FY2006. ISAC was not consulted regarding the proposal prior to it being filed, and most certainly did not support it; to the contrary, we aggressively opposed it and in the end, the bill did not advance.
In the wake of a couple of very intense days spent working to ensure our ability to continue serving our clients and Illinois college-bound students and their families, we feel this is not only the appropriate time to convey our sincere appreciation to you, but also to assure you of our commitment to continuing to provide excellent customer service. If you have any questions at all regarding what you might have heard or read in the media, please don't hesitate to contact us.
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ISAC and Tax Assistance Program Invite You to 2005 Financial Aid Conference on May 12, 2005
Sent to Principals/Superintendent/Administrators, High School Counselors/Teachers, College Admission Counselors and Community Organizations on May 4, 2005.
You are invited to attend the 2005 Financial Aid Conference hosted by the Tax Assistance Program (TAP), a community-based organization in Chicago. The event on May 12th will feature John Jennetten, Chief Program Officer at the Illinois Student Assistance Commission (ISAC), as a keynote speaker and will also feature a variety of state and local leaders, along with area high school guidance counselors and financial aid administrators.
For the past ten years, TAP has provided free tax preparation service to the working poor every Saturday from January through April at 20 locations in the greater Chicago metropolitan area. Since 2002, ISAC has been partnering with TAP to also provide Free Application for Federal Student Aid (FAFSA) completion services as part of the TAP Lifetime Learning Financial Literacy Program. In 2005, 1700 tax preparation volunteers were also trained to assist with completion of the FAFSA. More than 50 additional volunteers received "expert" training and agreed to act as coordinators at each site, and ISAC staff was available every Saturday to answer the most complex questions. The result was an extremely successful year. More than 1200 individuals filed a FAFSA after completing a tax return. Additionally, initial application data for the 2005-06 processing year indicates that timely application volume has increased by nearly 17% in areas where a TAP site existed.
To hear more about this year's success as well as plans for 2006, please plan to attend the Tax Assistance Program's 2005 Financial Aid Conference on Thursday, May 12th from 1:30 - 3:00 pm in their offices at the Sears Tower, Suite 9100, in Chicago. Reservations are required and can be made by calling 312.466.0771.
For more information on the Tax Assistance Program, or to volunteer for next year, visit their Web site at http://www.taxassistance.org/. You may also access the Tax Assistance Program Web site via the Quick Link that is located in the right margin of your Zone's front page at collegezone.com.
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New Cycle Underway for High School Scholarship Programs
Sent to Principals/Superintendent/Administrators and High School Counselors/Teachers on April 15, 2005
The following are upcoming important dates for the State Scholar, Merit Recognition Scholarship (MRS), and Robert C. Byrd Honors Scholarship programs [collectively referred to as the High School Scholarship Programs (HSSP)].
New Cycle for HSSP (Determining Eligibility for 2006-07 College Freshmen)
ISAC is currently accepting sixth semester data from high schools, which is used in determining eligibility for students who will be college freshmen during the 2006-07 academic year.
April 11th thru August 12th - ISAC is currently accepting school-generated sixth semester rosters, and recently sent an overview letter that serves as a reminder of the delivery process and timeframes for the 2006-07 HSSP cycle. The letter announced that sixth semester data must be submitted to ISAC on or before August 12, 2005 to prevent ISAC from generating a roster at a later date. Special care should be taken to ensure that only sixth semester data is submitted (sixth semester is defined as the third semester prior to graduation).
Instructions regarding school-generated sixth semester rosters, including required data and requested disqualification codes, are provided at the School-Generated Roster page at collegezone.com. Access this page from the Required Sixth Semester Data portion of the High School Scholarship Programs (HSSP) section that is located within the Counselor Zone's ISAC Gift Assistance Programs area.
Further information is provided at the HSSP Program News page.
Current Cycle for HSSP (Determining Eligibility for 2005-06 College Freshmen)
April 22nd - Corrections to 2005-06 MRS Potential Awardees Rosters, along with completed High School Certification Forms, are due to ISAC from high schools. If no corrections are necessary, the completed Certification Forms are still due.
By May 1st - 2005-06 Robert C. Byrd Honors Scholars will be be announced, and notification letters containing Eligibility Certification forms and Rights & Responsibilities documents will be sent to Byrd Honors Scholars. (Subject to federal appropriation, it is anticipated that the amount of the scholarship will be $1,500.)
Summer 2005 - Once the Governor and Illinois General Assembly finalize the budget, ISAC will announce 2005-06 MRS final awardees.
Look for further information regarding anticipated HSSP activities in an upcoming ISAC Communiqué, scheduled for mailing in late April.
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Take the Credit Challenge! National Credit Education Week: April 18 - 23, 2005
Sent to Principals/Superintendent/Administrators, High School Counselors/Teachers, College Admission Counselors and Community Organizations 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.
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High School Counselors/Teachers
Student Loan Consolidation, Forgiveness, Cancellation, and Discharge Chat Event - May 10, 2005
Sent to High School Counselors/Teachers on May 3, 2005
High School Counselors: Please share the following information with any families who might benefit from it.
On Tuesday, May 10, 2005, Mapping Your Future will offer a "Student Loan Consolidation, Forgiveness, Cancellation, and Discharge" chat from 6 to 7 p.m. (CT). The chat is designed to help students who are interested in managing student loan debt.
During this "Student Loan Consolidation, Forgiveness, Cancellation, and Discharge" Chat Event, participants will learn about:
- the advantages and disadvantages of loan consolidation;
- how students can determine if loan consolidation is the best option for them;
- eligibility requirements for consolidation, forgiveness, cancellation, and discharge; and
- application procedures for consolidation, forgiveness, cancellation, and discharge.
At the time of the event, you can access Mapping Your Future by selecting "Mapping Your Future" from the "Counselor Quick Links" menu that appears along the right margin of the Counselor Zone front page.
Students can use the link on the right side of the Student Zone front page.
Mapping Your Future can also be accessed directly at mapping-your-future.org.
The calendar of upcoming Chat Events is in the Outreach Activities section of College Zone, which can be accessed in the center of the College Zone home page. Remember, also, that a poster (in .pdf format) listing 2004-05 Chat Events is available at the Mapping Your Future Web site. You may wish to consider printing (on 8½" x 11" paper, in color or black & white) and displaying this poster, which can be accessed via Mapping Your Future's "Middle and High School Counselor" and "Live Chat Events" pages, in areas of your school that can be easily viewed by students seeking information about the college process.
Archived Questions and Answers from earlier chats can be accessed by visiting the section entitled "Chat Transcripts" at mapping-your-future.org/services/chatnight.htm.
The above is based on information from a Mapping Your Future E-Update. Mapping Your Future is a national collaborative public service project of the financial aid industry, including ISAC - bringing together the expertise of the industry to provide free college, career, financial aid, and financial literacy services for schools, students, and families.
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Deferments, Forbearances, and Default Prevention Chat Event - April 12, 2005
Sent to High School Counselors/Teachers on April 5, 2005
High School Counselors: Please share the following information with any families who might benefit from it.
On Tuesday, April 12, 2005, Mapping Your Future will offer a "Deferments, Forbearances, and Default Prevention" chat from 6 to 7 p.m. (CT). The chat is designed to help students learn about postponing student loan payments due to economic hardship and other reasons.
During this "Deferments, Forbearances, and Default Prevention" Chat Event, participants will learn about:
- the eligibility guidelines and application processes for deferments and forbearances;
- alternative repayment plans;
- loan consolidation; and
- money management.
You can access Mapping Your Future by selecting "Mapping Your Future" from the "Counselor Quick Links" menu that appears along the right margin of the Counselor Zone front page.
Students can use the link on the right side of the Student Zone front page.
Mapping Your Future can also be accessed directly at mapping-your-future.org.
The calendar of upcoming Chat Events is in the Outreach Activities section of College Zone, which can be accessed in the center of the College Zone home page. Remember, also, that a poster (in .pdf format) listing 2004-05 Chat Events is available at the Mapping Your Future Web site. You may wish to consider printing (on 8½" x 11" paper, in color or black & white) and displaying this poster, which can be accessed via Mapping Your Future's "Middle and High School Counselor" and "Live Chat Events" pages, in areas of your school that can be easily viewed by students seeking information about the college process.
Archived Questions and Answers from earlier chats can be accessed by visiting the section entitled "Chat Transcripts" at mapping-your-future.org/services/chatnight.htm.
The above is based on information from a Mapping Your Future E-Update. Mapping Your Future is a national collaborative public service project of the financial aid industry, including ISAC - bringing together the expertise of the industry to provide free college, career, financial aid, and financial literacy services for schools, students, and families.
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ISAC Communiqué
Latest ISAC Communiqué Available at College Zone
Sent on May 2, 2005
The text of the most recent printed ISAC Communiqué (Volume 14, Number 6 – April 29, 2005) is available for your review within the ISAC Publications section of College Zone's e-Library.
Topics covered in the printed newsletter include:
- Plan to Join Us - 2005 Fall Seminars
- IllinoisMentor at collegezone.com Moving Toward December Launch
- High School Scholarship Programs Schedule of Upcoming Activities
- What's New at collegezone.com?
- The Countdown Is On! Sign Up for College Zone's e-Messaging Service
- Expanded Community Partnerships Benefit Illinois Students
- Proposed Rules Changes - Anticipated July Effective Date
- Potpourri (bits and pieces of helpful information)
- State Legislative Update
- The Federal Scene
Printed Newsletters To Be Phased Out
While College Zone's e-Messaging service is currently being offered in addition to the printed Communiqué newsletters, it will soon replace both printed newsletters and special e-mail lists as ISAC's primary means of communicating information to you.
Encourage your colleagues to visit the College Zone Counselor e-Messaging Sign-up page today, so that they won't miss any future announcements or updates from ISAC.
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New ISAC Communiqué Available at College Zone
Sent on April 1, 2005
The latest “electronic-only” edition of the ISAC Communiqué is now available for your review within the ISAC Publications section of College Zone's e-Library. This electronic version of ISAC's newsletter is a quarterly compilation of information provided to Counselor Zone partners via College Zone's e-Messaging service during the months of January, February and March 2005.
Topics covered in this electronic Communiqué include:
- Important Dates: Presidents' Day Holiday and Application Deadlines
- 2005-06 MAP Start-Up Formula Approved - Summary of January 24th Commission Meeting
- Mark Your Calendars for Upcoming Important Dates
- Mapping Your Future Web Site Temporarily Unavailable on Wednesday, March 16th
- Online and Distance Education Chat Event - March 8, 2005
- FAFSA, Financial Aid, and Careers Chat Event - February 8, 2005
- FAFSA, Financial Aid, and Careers Chat Event - January 11, 2005
- ISAC Communiqué
Future electronic newsletters will be available at the beginning of each quarter (January, April, July, and October), and will be the compilation of information announced via an e-Message to any of the Counselor Zone subscription groups during the previous quarter.
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