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VOL. 23, NO. 3L
September 2005
Welcome to the September 2005 ISAC Update for Lenders and Servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout September. 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 800.899.ISAC (4722) and speaking with one of the following staff members:
- Sharon Bankston, extension 2826
- David Barinholtz, extension 2822
- Sondra Gardner, extension 2827
- Julie Henschel, 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
Hurricane Katrina Resource Information
Sent to Marketing News, Announcements and Operational Updates, Announcements on September 13, 2005While the inhabitants of the Gulf Coast continue to struggle with the aftermath of Hurricane Katrina, ISAC, IDAPP, the State of Illinois and the federal government have all taken steps to provide assistance to those impacted. Among the accommodations already in place:
- Illinois community colleges have opened their doors to Illinois students displaced from colleges on the Gulf Coast, allowing them to continue their education uninterrupted. Students meeting eligibility criteria will also receive financial aid at their new college.
- Student loan borrowers living in the affected areas are receiving 90-day administrative forbearance, relieving them of payment responsibility on their loans, as put in place by their lender or servicer.
- ISAC College Zone Counselors will serve as a one-stop resource to answer questions about student loans and repayment for any evacuees coming to Illinois.
- Collection activities, including wage garnishment, conducted by ISAC, have been suspended for delinquent and defaulted borrowers in the impacted areas.
- IDAPP is working with a number of local colleges and universities to make alternative loans available to impacted students displaced from colleges on the Gulf Coast, particularly those unable to qualify for Title IV assistance.
- The U.S. Department of Education (ED) has directed guaranty agencies, institutions and lenders to follow guidance previously issued in Dear Colleague Letter GEN-04-04 for times of natural disaster. ED expects to provide additional guidance in a series of communications to be issued in the coming days and weeks.
Because recovery from this devastating event won't be completed overnight, we expect to receive more guidance and learn of more assistance being offered on an ongoing basis. To ensure you have easy access to all of the information available, we've created a Hurricane Katrina Resources page, which can be accessed via the first link under the home page's News & Announcements heading at collegezone.com for your reference. As the situation continues to evolve, we will provide updates to the page.
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Marketing News, Announcements
Training Opportunities for Financial Aid Professionals
Sent on September 23, 2005
The Illinois Student Assistance Commission (ISAC) is pleased to announce two training opportunities that will be offered this fall for financial aid administrators, business officers, or other campus personnel. Workshops scheduled for October are designed for new financial aid professionals, while sessions in November and December are open to all staff.
Register Now! Financial Aid 101: Building a Solid Foundation – October Workshops
ISAC will offer its Financial Aid 101: Building a Solid Foundation workshop twice in October.
Who Should Attend?
This full-day (9 a.m. - 4 p.m.) workshop is designed to introduce new financial aid professionals to financial aid concepts, processes and programs and help them develop a solid foundation on which to build their careers.
What's Covered?
The workshop will provide an overview of the following topics:
- basic financial aid principles;
- the Free Application for Federal Student Aid (FAFSA);
- need analysis process;
- ISAC's scholarship and grant programs;
- federal financial aid programs; and
- student loan basics.
For more details, you may view the workshop agenda in the Outreach & Training section of the e-Library at collegezone.com.
Where and When?
Participants can select from the following dates and locations.
October 12 – ISAC's Deerfield Office
October 14 – ISAC's Springfield Office
Is There a Cost?
No. The workshop and training materials are free to participants. Seating at each site is limited, so please register early through the online registration process. Lunch is on your own, but dining facilities are available on-site or nearby. Complete details will be provided to each participant, via e-mail, upon registration.
Mark Your Calendars! – 2005 Fall Training Seminars
Free-of-charge, half-day sessions will be offered at seven locations throughout the state during the months of November and December. The focus of this year's fall seminars will be to provide financial aid administrators and business officers information and guidance concerning ISAC's programs and processes.
Seminars will begin each day at 9 a.m. and will concentrate on such topics as federal and state legislative updates, operational updates and proposed technical enhancements for administering ISAC programs and a summary of the U.S. Department of Education's Electronic Access Conference (EAC).
As soon as registration and agenda information is finalized, it will be posted to collegezone.com and you will be notified by an e-Message. But for now, mark your calendars and pass the word on to your colleagues.
November 14 – University of Illinois at Springfield
November 15 – Loyola
November 16 – ISAC's Deerfield Office
November 21 – Kankakee Community College
December 1 – Rend Lake College
December 8 – College of DuPage
December 9 – Heartland Community College
ISAC will offer separate Fall Update Sessions to high school counselors, college admission representatives and members of community-based organizations that will focus on tools and information specific to that partner group.
 Debt Management Strategies Chat Event - September 13, 2005
Sent on September 7, 2005
Lenders and Servicers: Please share the following information with your student loan borrowers.
On Tuesday, September 13, 2005, Mapping Your Future will offer a "Debt Management Strategies" chat from 6 to 7 p.m. (CT). The chat is designed to help students obtain information about managing their personal financial affairs.
During this "Debt Management Strategies" Chat Event, participants will learn about:
- using credit cards responsibly;
- obtaining credit reports;
- establishing a budget;
- exploring loan consolidation options; and
- avoiding student loan default.
At the time of the event, you can access Mapping Your Future by selecting "Mapping Your Future" from the Helpful Links page that is located in the "Resources" section of the Lender Zone.
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 - which includes the chat schedule through August 2006 - 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 2005-06 Chat Events is available via the "Live Chat Events" page of 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 in areas that can be easily viewed by individuals 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 UPDATE
Electronic ISAC Update for August 2005 Available at College Zone
Sent on September 1, 2005
The August 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 Lenders and Servicers in August via College Zone's e-Messaging service. Topics covered in the August 2005 ISAC Update include:
- Conducting a Financial Aid Presentation - In Spanish! (Dirigir una Presentación de Ayuda Financiera - En Español)
- College Admissions and Standardized Tests Chat Event - August 9, 2005
- Electronic ISAC Update for July 2005 Available at College Zone
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