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VOL. 23, NO. 7L
January 2006
Welcome to the January 2006 ISAC Update for Lenders and Servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout January. 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
2006-07 MAP Start-up Formula Approved - Summary of January 27th Commission Meeting
Sent to Marketing News, Announcements and Operational Updates, Announcements on January 30, 2006
The following is a summary of action taken at Friday afternoon's meeting of the Illinois Student Assistance Commission (ISAC). Details regarding all topics discussed are provided in the January 27th Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission page within the e-Library at collegezone.com.
FY2007 (2006-07 Academic Year) MAP Start-up Formula Approved - Agenda Item 4
The 2006-07 Monetary Award Program (MAP) start-up formula reflects an assumption of level funding, and is based on the 2005-06 MAP recompute formula. No changes have been made between the FY2006 recompute formula and the FY2007 start-up formula; this conservative approach has been taken in order to avoid the need to further reduce MAP awards in the recompute formula after the state budget is finalized.
We anticipate start-up for 2006-07 MAP and the Silas Purnell Illinois Incentive for Access (IIA) Program to be implemented in early- to mid-February, including the launch of the 2006-07 MAPnet system. ISAC will notify you via the College Zone Web site and this e-Messaging service once an exact date for start-up implementation has been determined.
Proposed Rules Amendments - Agenda Item 6 Rules amendments are being proposed for the 2006-07 academic year to 13 existing Parts, and two additional Parts are being added for new ISAC-administered programs (the Teach Illinois Scholarship and the Child Welfare Loan Forgiveness Program). The full text of the proposed amendments and notices will be made available via the e-Library's ISAC Administrative Rules section, following publication in the Illinois Register. The anticipated effective date of these proposed amendments is July 2006.
Data Security through Electronic Processing
Sent to Marketing News, Announcements and Operational Updates, Announcements on January 27, 2006 Protection of borrowers' private data is of the utmost importance, and ISAC is offering the following electronic processes as ways to exchange loan data in a secure environment. Lenders and servicers are strongly urged to exchange data with ISAC through these secure methods as soon as possible, but no later than the timeframes noted in this message.
NSLDS Lender Manifest Reporting via FTP - Required after Summer 2006
ISAC has been accepting lender manifest data submitted via File Transfer Protocol (FTP) since last fall. We thank the many lenders and servicers moving to this method of sending data to ISAC and will continue working with others who need to make the transition to FTP by this summer.
Federal Consolidation Loans - CAM Record Types 17, 18 and 20 - ISAC G-date was July 2005
ISAC has been processing Federal Consolidation Loan guarantees transmitted via Common Account Maintenance (CAM) since July 2005. Therefore, in keeping with the principles of CAM data exchanges, we are looking for lenders and servicers to move to CAM for consolidation loan guarantee processing by the end of this year. CAM record types 17 (Consolidation Loan Notification), 18 (Consolidation Loan Add-On/Increase Notification) and 20 (Consolidation Demographic Information) are all accepted through the CAM process.
Other CAM Record Types
Disbursement-level and select loan-level record changes are also accepted via CAM. ISAC began offering CAM record types 07 (Loan Period/Grade Level Change), 09 (Pre-Disbursement Change), 10 (Post-Disbursement Change/Notification) and 24 (Loan Increase) in July of 2004.
Default Aversion Assistance Requests (DAAR) must be submitted via the CAM 40 series of records (record types 40, 41, 42, 43 and 44).
To schedule testing for any of the electronic processes, or if you have questions regarding any aspect of CAM processing with ISAC, please call Sharon Bankston at 800.899.4722, extension 2826 or send an e-mail to lenderservices@isac.org.
Agenda Book Available For January 27th Commission Meeting - Topics Include 2006-07 MAP Start-up
Sent to Marketing News, Announcements and Operational Updates, Announcements on January 23, 2006
On Friday, January 27th, the Illinois Student Assistance Commission will meet at 3 p.m. at DePaul University in Chicago. Prior to the meeting, a workshop for Commissioners will be held.
The agenda for the 3 p.m. meeting includes:
- FY2007 (2006-07 academic year) Monetary Award Program (MAP) Start-up;
- College Illinois! Annual Report; and
- the initial presentation of proposed Omnibus Rules amendments.
The Agenda Book for the meeting is now available and provides a full description of all agenda items, including FY2007 MAP Start-up. To access this information, visit the ISAC's Governing Board: The Commission page within the e-Library at collegezone.com.
2006-07 FAFSA, Mapping Your Future Chat Event and Martin Luther King Jr. Day
Sent to Marketing News, Announcements and Operational Updates, Announcements on January 5, 2006 The Illinois Student Assistance Commission (ISAC) would like to make you aware of the following information, which may be of interest to your student loan borrowers.
College Awareness & Preparation (CAP) Resources Available for 2006-07 FAFSA Cycle
Let your student loan borrowers know that the 2006-07 Free Application for Federal Student Aid (FAFSA) cycle, including FAFSA on the Web, Renewal FAFSA on the Web, and Corrections on the Web, began on January 1, 2006. Details regarding the 2006-07 application cycle are provided within the Applying for Financial Aid section of the e-Library.
Check out the College Awareness & Preparation (CAP) page at collegezone.com for information regarding resources that are available to help students complete the financial aid process. Several events, including FAFSA completion seminars, will take place across the State of Illinois between now and early March. Encourage your student loan borrowers to attend the event that best fits their schedule.
CAP is a comprehensive effort of the Illinois Association of Student Financial Aid Administrators (ILASFAA), Inc., the Illinois Association for College Admission Counseling (IACAC) and ISAC. Formerly known as Financial Aid Admission/Awareness Month (FAAM), CAP strives to fulfill its mission through a series of workshops, seminars and statewide support with partners from all sectors of education in the State of Illinois.
January 16th – Martin Luther King Jr. Day
In observance of Martin Luther King Jr. Day, ISAC offices will be closed on Monday, January 16th and will reopen on Tuesday, January 17th.
Loan records received at ISAC on Martin Luther King Jr. Day, as well as disbursement records received at the National Disbursement Network (NDN), will be processed the following business day. This means that CommonLine or Common Account Maintenance (CAM) files received on January 16th will be processed on January 17th, with results available January 18th (or the next available day for any schools opting to receive NDN files on specific days of the week). Note that ELM Resources will continue to process and transmit files on January 17th.
The College Zone Web site 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 an ISAC's Lender Services Department. With the exception of holidays, ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8 a.m. - 5 p.m. CT).
A complete listing of 2006 holidays on which ISAC staff will be unavailable is provided at the ISAC Events Calendar.
January 17th – Mapping Your Future Chat Event
On Tuesday, January 17, 2006, Mapping Your Future will offer a "Financial Aid and the FAFSA" chat from 6 to 7 p.m. (CT). The chat is designed to help students obtain information about applying for financial aid.
During this "Financial Aid and the FAFSA" Chat Event, participants will learn about:
- completing the FAFSA;
- determining eligibility for federal student aid;
- calculating financial need; and
- calculating an expected family contribution.
At the time of the event, you can access Mapping Your Future by selecting "Mapping Your Future" from the "Lender Quick Links" menu that appears along the right margin of the Lender 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 - 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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Marketing News, Announcements
"FAFSA Expert" Trainings Scheduled for First Week of February - Register Today!
Sent on January 19, 2006
As we announced during our 2005 Fall Update Sessions, the Illinois Student Assistance Commission (ISAC) will be hosting a series of "FAFSA Expert" trainings throughout the state during the first week of February. The sessions are designed to go beyond the basic line-by-line walkthrough of the Free Application for Federal Student Aid (FAFSA) and delve into the more complex tax, asset, eligibility, and need analysis questions. In-depth case studies will be used to illustrate the many nuances of the Expected Family Contribution (EFC) Formula, and all participants will be provided with a set of comprehensive reference materials created for use at Financial Aid Nights, FAFSA Completion Workshops, and throughout the school year.
Even the most experienced professionals may find questions such as the following difficult to answer:
- What is the income 'cut-off' for receiving financial aid?
- Is it true that families with savings can't get financial aid?
- Do I have to report my retirement savings as assets?
- How do I complete the parent section if I am in foster care?
- Where do I list College Illinois! on the FAFSA?
"FAFSA Expert" training, which was developed based on feedback from our partners, is intended to answer all of these questions and more. Please join us for three fun, informative, and free hours at one of the following locations:
Illinois Central College – February 1st
One College Drive
East Peoria, IL 61635
Kaskaskia College – February 2nd
27210 College Road
Centralia, IL 62801
Morton College - February 3rd
3801 South Central Avenue
Cicero, IL 60804
Highland Community College – February 6th
2998 West Pearl City Road
Freeport, IL 61032
Illinois Student Assistance Commission – February 8th
1755 Lake Cook Road
Deerfield, IL 60015
All sessions will begin promptly at 9 a.m. and will conclude at noon. Continental breakfast will be provided. Space is limited and pre-registration is required. Registered participants will receive a confirmation via e-mail that will include detailed location and parking information. To register, or for more information, please contact Jacqueline McMahon via e-mail at jmcmahon@isac.org, or toll free at 800.899.ISAC (4722), extension 3706. There is no charge for this event.
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ISAC Update
Electronic ISAC Update for December 2005 Available at College Zone
Sent on January 3, 2006
The December 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 December via College Zone's e-Messaging service.
Note that an announcement of the electronic ISAC Update for November 2005 was the sole e-Message sent to lenders and servicers during the month of December.
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