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VOL. 23, NO. 5L
November 2005
Welcome to the November 2005 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout November. 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
Commission Meeting Summary
Sent to Marketing News, Announcements and Operational Updates, Announcements on November 18, 2005
The regular meeting of the Illinois Student Assistance Commission was held on Friday, November 18th in ISAC's Deerfield office. During the meeting, action was taken on the following agenda items:
- Elimination of Guarantee Fee - Continuing a trend which began in academic year 1999-2000, the Commission again authorized the continued elimination of the one percent guarantee fee, resulting in reduced loan costs for student and parent borrowers. The elimination of the guarantee fee is effective through December 31, 2006, unless otherwise mandated by changes in federal legislation.
- IDAPP Investment Policy - The Statement of Investment Policy for the Illinois Designated Account Purchase Program (IDAPP) was approved as presented, allowing the ongoing sale of bonds to support the purchase and origination of student loans.
- College Illinois! Investment Policy - The Statement of Investment Policy for the College Illinois! prepaid tuition program was approved as presented, ensuring the continued soundness of the program.
More information regarding these "action" items, as well as those simply of an informational nature (including a discussion item about college affordability and the budget impact on FY07 Monetary Award Program) can be found in the Agenda Book, available through the e-Library of collegezone.com.
In addition to these items, Executive Director Larry Matejka also welcomed seven new Commissioners to the board, bringing the Commission to the full complement of ten. The new members include Chairman Donald J. McNeil, Sharon Alpi, Lynda Andre, Warren Daniels, Jr., Andrew Davis, Student Commissioner Ashley Dearborn and David H. Vaught. Biographical information about all of the Commissioners is also available in the e-Library.
The next regularly scheduled Commission meeting is planned for Friday, January 27, 2006, at DePaul University in Chicago.
 Important Dates and Reminders: Updates, Training & Chat Events and Holiday Schedules
Sent to Marketing News, Announcements and Operational Updates, Announcements on November 4, 2005
In order to prevent any important dates from being missed, this message provides a listing of some key dates and activities that will take place in the upcoming months.
You may either scroll through the entire message, or click on the appropriate link(s) to go directly to details about a specific topic: UPDATES
TRAINING & CHAT EVENTS
HOLIDAY SCHEDULES
UPDATES
November 21st - NSLDS-Lender Manifest Reporting via FTP
To provide the ability for lenders and servicers to submit their NSLDS-Lender Manifest updates through a secure data transmission mechanism, ISAC will begin accepting Lender Manifest data via FTP. This new option will be available November 21, 2005. ISAC will continue to support data submitted by diskette and cartridge; however, the preferred method will be FTP. If you are interested in utilizing the FTP process, please contact ISAC's Lender Services Department at lenderservices@isac.org.
ED Responses to Recurring Federal Student Aid Questions
An October 2005 Dear Colleague Letter (DCL GEN-05-16) provides U.S. Department of Education (ED) responses to various questions that have recently been raised regarding Federal Student Aid, including student loans. A link to Dear Partner/Colleague Letters is provided in the "Letters & Publications" section of the e-Library's Federal Information page at collegezone.com.
Updated Guidance for Requesting Disbursements Beyond 120-Day Late Disbursement Period
A September 2005 Dear Colleague Letter (DCL GEN-05-13) provides new guidance for requesting disbursement of Title IV aid beyond the 120-day late disbursement period. Details are available at the Late Disbursements page within the Lender Zone's Processes section at collegezone.com.
2005-06 College Illinois! General Enrollment Period Open
Remind your customers that the 2005-06 general enrollment period for the College Illinois! 529 prepaid tuition plan is now open and continues through April 3, 2006.
TRAINING & CHAT EVENTS
November 15th - Mapping Your Future Chat Event
The next Mapping Your Future online Chat Event, Managing Your Student Loans (Including Repayment Options, Consolidation, and Cancellation), is scheduled from 6 to 7 p.m. (CT) on Tuesday, November 15, 2005. Watch for more information to be posted at the Lender Message Board as this date approaches. Also, remember that the calendar of upcoming Chat Events through August 2006 is available at the Outreach Activities page at collegezone.com.
2005 Fall Seminars
Half-day training sessions for financial aid administrators and business officers, which will be offered in November and December, are the perfect opportunity for lender marketing representatives to network with their school clients. Details - including dates, locations, an agenda and online registration - are available at the Outreach and Training page at collegezone.com.
HOLIDAY SCHEDULES
ISAC and the National Disbursement Network (NDN) offices will be closed on the following dates:
- Friday, November 11, 2005 (Veterans Day)
- Thursday, November 24, 2005 (Thanksgiving Day)
- Friday, November 25, 2005 (Day after Thanksgiving)
- Monday, December 26, 2005 (Christmas Observation)
- Monday, January 2, 2006 (New Year's Observation)
Note that ELM Resources will continue to process and transmit files on all of the dates listed above.
College Zone is available 24 hours a day, 7 days a week - even when the ISAC offices are closed. Also, questions or inquiries may be submitted at any time by sending an e-mail message to ISAC's Lender Services staff. With the exception of holidays (such as those indicated above), ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8 a.m. - 5 p.m. CT).
Processing Schedules
Click on the following link to access holiday processing schedules for loan records [CommonLine and Common Account Maintenance (CAM) files].
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ISAC UPDATE
Electronic ISAC Update for October 2005 Available at College Zone
Sent on November 1, 2005
The October 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 October via College Zone's e-Messaging service.
Topics covered in the October 2005 ISAC Update include:
- Fall Seminars and More!
- New Commissioners Appointed to Illinois Student Assistance Commission
- Electronic ISAC Update for September 2005 Available at College Zone
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