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VOL. 23, NO. 11IGSL, 11B
May 2006
Welcome to the May 2006 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 Zones e-Messaging service throughout May. This e-Messaging service has replaced ISACs 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 Zones 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
ISAC Gift Assistance Programs Updates - Including 2005-06 Close-out
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users, and Business Officers on May 25, 2006
This message, in conjunction with the May 11th Mark Your Calendar for Upcoming Important Dates message, provides information which may be of interest to you and/or your students.
Continue to visit the Program News sections for individual gift assistance programs at collegezone.com for status updates concerning close-out details, application availability, and operational updates (including both the 2005-06 and 2006-07 academic years).
Update Regarding Proration of 2005-06 Gift Assistance Programs
As has been previously announced, second and/or third term claims for the 2005-06 Illinois Veteran Grant (IVG) Program, the Illinois National Guard (ING) Grant Program, the Grant Programs for Dependents of Police/Fire/Correctional Officers (P/F/C Officers) and the Student to Student (STS) Program of Matching Grants will need to be prorated. At this time, we continue to monitor appropriation balances for each of these programs. Once the final proration percentages have been determined after the final claim dates, we will convey that information to you via the Program News area for each program and through the College Zone e-Messaging service.
- ING Grant - the final proration rate for this program (78.45%) was announced in a May 23rd e-Message. Late claims and summer term claims will not be paid.
- IVG - the final proration rate for this program is anticipated to be announced in mid-June. Late claims will not be paid.
- STS - the final proration rate for this program is anticipated to be announced in late June. Late claims will not be paid.
- P/F/C Officers - the final proration rate for this program is 56%. Late claims and summer term claims will not be paid.
Late May/Early June 2006-07 Program Applications Available The 2006-07 Grant Programs for Dependents of Police, Fire, or Correctional Officers Application and the 2006-07 Illinois National Guard (ING) Grant Application will be made available to students at collegezone.com.
June 2nd 2005-06 Enrollment Verification Documents Due On May 16th, ISAC mailed Enrollment Status Verification for Compliance Rosters and Enrollment Status Verification Forms to colleges with students who received funds from the Illinois Future Teacher Corps (IFTC) Program, Minority Teachers of Illinois (MTI) Scholarship Program, or Illinois Special Education Teacher Tuition Waiver (SETTW) Program during the 2005-06 academic year. These documents are to be completed by the college and returned to ISAC on or before June 2nd, verifying that award recipients were enrolled during the 2005-06 academic year.
June 12th All payment requests for the 2005-06 Robert C. Byrd Honors Scholarship Program are due.
June 30th 2005-06 MAP and IIA Outstanding Amounts Owed to ISAC Due The outstanding amount(s) due to ISAC in the form of a refund check, with proper documentation, is to be returned by June 30th after the appropriate adjustment of data is made in MAPnet. Letters to schools detailing the outstanding amount each institution must refund to ISAC for the Monetary Award Program (MAP) and/or the Silas Purnell Illinois Incentive for Access (IIA) Program will be mailed on June 12th. A separate e-Message providing more detailed information has been sent to the Business Officer subscription group.
July 1st Final Close-out Date for 2005-06 ISAC Gift Assistance Programs All submissions of payment requests (including initial claims, supplemental claims, cancellations and/or adjustments) must be received by 5 p.m. for the following programs.
Submissions to increase an award may be made via MAPnet until the site becomes unavailable for this type of payment request at 7 p.m. Cancellations and adjustments to previously paid awards that result in refunds will continue to be accepted and processed through MAPnet until August 4th. A separate e-Message providing more detailed information has been sent to the Financial Aid Director and MAPnet Users subscription groups.
Any 2005-06 payment requests or claims received after the deadline date and time and approved by ISAC for payment must be filed through the Court of Claims, and will only be considered to the extent that program rules and resources allow. Please be aware that late claims in programs for which timely claims were prorated will not be approved for payment through the Court of Claims.
July 3rd Decision about paying 2005-06 MAP and IIA late claims will be made.
August 15th STS Participation and Performance Reports Due Each institution desiring to participate in the STS Program must complete the Participation Information Update Form by August 15th preceding each award year, and an annual Performance Report must also be submitted no later than August 15th following each award year. We anticipate posting the latest versions of these documents, which will be due to ISAC on or before August 15, 2006, to the STS Participation and Reporting page at collegezone.com in June.
Proration Rate for 2005-06 ING Grant Program Timely Second or Third Term Claims
Sent to Financial Aid Directors, Financial Aid Administrators, MAPnet Users, and Business Officers on May 23, 2006 As follow-up to the Proration of 2005-06 Military and Dependents Grant Programs e-Message that was sent in February, this message provides the proration percentage being used for timely second or third term Illinois National Guard (ING) Grant Program claims. Note that, due to a higher volume of claims than was originally anticipated, the final ING Grant proration rate is lower than the 91% that had been estimated in February.
Timely Second or Third Term ING Grant Claims Will Be Prorated at 78.45%
Following the priorities by which claims are to be paid, ISAC has paid 2005-06 timely (in-district and out-of-district) claims for first term at 100% of the claims. As was indicated in the February e-Message, not enough funds remain to pay the timely second or third term claims at 100%. Therefore, these claims must be prorated at 78.45% (i.e., $78.45 will be paid for every $100.00 of eligibility). [Note: In past years, the proration rate has been rounded to either the nearest whole percent or, in some instances, to the nearest tenth of one percent. This year, however, we are using a more specific proration rate (calculated to the nearest one hundredth of a percent) in order to optimize the remaining funds that are available for the 2005-06 ING Grant Program. A proration rate over 78.45% would overspend the remaining money, while a lower rate would underspend it.]
For the 2005-06 academic year, the institution will be responsible for a percentage (21.55%) of each eligible student's ING Grant timely second or third term award, and will be responsible for 100% of all eligible students' summer claims and late claims (i.e., claims that were submitted after the due dates for each term's claims).
2005-06 ING Grant payment vouchers, along with an Illinois National Guard (ING) Grant Spring Term Claim Proration Worksheet (2005-06 Academic Year), will be sent to schools in the coming weeks. These documents will state the prorated amount paid to the institution for 2005-06 ING Grant spring term claims.
Proration Status Update for Other 2005-06 Gift Assistance Programs
The following outlines the current proration status for other 2005-06 gift assistance programs administered by ISAC.
- Illinois Veteran Grant (IVG) Program - the final proration rate for this program is anticipated to be announced in mid-June. Late claims will not be paid.
- Student to Student (STS) Program of Matching Grants - the final proration rate for this program is anticipated to be announced in late June. Late claims will not be paid.
- Grant Programs for Dependents of Police/Fire/Correctional Officers - the final proration rate for this program is 56%. Late claims and summer term claims will not be paid.
Once the final IVG and STS proration percentages have been determined (after each program's final claim date), we will convey that information to you via the Program News area for IVG and STS, as well as through the College Zone e-Messaging service.
Close-out for 2005-06 MAP & IIA Payment Processing
Sent to Financial Aid Directors and MAPnet Users on May 22, 2006 The below dates and reminders are important in monitoring the close-out activities for the 2005-06 Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program payment processing cycle.
- June 9th is the MAP and IIA priority claim deadline date for third quarter, and for second semester for institutions whose second semester began after February 15th.
- June 12th is the date that letters detailing the outstanding amount each institution must refund to ISAC for MAP and IIA for the 2005-06 academic year will be mailed to financial aid directors.
The outstanding amount due, with proper documentation, should be returned to ISAC on or before June 30, 2006. Please be sure that the current version of the Gift Assistance Programs Check Return Form, which includes a field to specify the term(s) for which funds are being returned and is dated "4/06" in the footer, is used. As a reminder, do not send refund checks to ISAC without providing the appropriate adjustment data via MAPnet.
You are encouraged not to wait for the arrival of this letter but, rather, to finalize reconciliation activities on your campus as soon as possible. Payments must be reconciled on a student-by-student basis. Due to the offset process, funds should be returned to ISAC only after a final reconciliation has been completed to close-out the regular school year.
- June 30th is the due date for 2005-06 MAP and IIA outstanding amounts that each institution must refund to ISAC (see the "June 12th" entry, above, for further details).
Appropriation balances will be monitored and the decisions concerning releasing payment of MAP and/or IIA late claims will be made after the June 30th refund due date.
- August 4th is the last date that cancellations, refunds, or reductions may be submitted via MAPnet.
Submissions will be accepted until the site becomes unavailable at 7 p.m. After Friday, August 4th, the MAPnet application for 2005-06 will be available only for historical view.
Commission Meeting to be Held Friday, June 16, 2006 (New Date)
Sent to Financial Aid Directors and Financial Aid Administrators on May 18, 2006 The next regular meeting of the Illinois Student Assistance Commission, originally scheduled for June 23rd, has been rescheduled for Friday, June 16, 2006, at Harold Washington College in Chicago.
The tentative agenda for the meeting includes:
- 2006-07 Monetary Award Program (MAP) Recompute Formula
- Proposed Rules and Amendments
- College Illinois! Investment Manager Selection
- Illinois Designated Account Purchase Program (IDAPP) Financing
The Agenda Book, providing the meeting's start time and the final agenda with a full description of each agenda item, will be available four to seven days prior to the meeting via the ISAC's Governing Board: The Commission section of the e-Library at collegezone.com.
HERA Conference Calls to Be Held in May; Financial Aid 101 Workshops to Be Offered in June
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users, Business Officers and FFELP Participants on May 12, 2006 The Illinois Student Assistance Commission (ISAC) will offer three one-hour conference calls to provide an overview of changes being made by the Higher Education Reconciliation Act (HERA) to the Higher Education Act of 1965, as amended. These calls will also provide an opportunity to discuss any questions you may have in regard to implementation of HERA and allow us to determine if there are other training needs with which we can assist you.
Please join us on one of the following dates/times:
- Wednesday, May 24 at 11 a.m.
- Thursday, May 25 at 9 a.m.
- Thursday, May 25 at 2 p.m.
Topics to be covered during each call are:
- Changes to the Federal Student Loan Programs
- Changes to the General and Eligibility Provisions for the Federal Student Aid Programs
- Two New Federal Grant Programs
- Questions
- Future Training Needs
The toll-free number for all three conference calls is: 888.767.9380 and the passcode is: 9767339#. Registration for the conference calls is not required.
Financial Aid 101: Building a Solid Foundation June 2006 Workshops
ISAC will also offer its Financial Aid 101: Building a Solid Foundation workshop on:
- Tuesday, June 13 in ISAC's Deerfield Office, and
- Thursday, June 15 in ISAC's Springfield Office.
This free, full-day (9 a.m. to 4 p.m.) workshop is designed to introduce new financial aid professionals to financial aid concepts, programs and processes and help them develop a solid foundation on which to build their careers. The workshop will provide an overview of the following topics:
- basic financial aid principles,
- the Free Application for Federal Student Aid (FAFSA),
- need analysis and the Expected Family Contribution (EFC),
- federal financial aid programs,
- student loan basics, and
- ISAC's scholarship and grant programs.
For more details, visit the Partner Training section of the e-Library at collegezone.com.
If you are interested in attending one of the Financial Aid 101 workshops, please send an e-mail to Kim Eck, Training Coordinator, at keck@isac.org indicating which session you would like to attend. Seating at each site is limited, so please register early.
Please note that, while there is no charge to attend the workshop, lunch is on your own. Details regarding directions, parking and dining facilities will be provided to registered participants via e-mail a few days prior to the workshop.
Mark Your Calendar for Upcoming Important Dates
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users, Business Officers and FFELP Participants on May 11, 2006 The Illinois Student Assistance Commission (ISAC) would like to make you aware of the following information, which may be of interest to you and/or your students.
You may either scroll through the entire message, or click on the appropriate link(s) to go directly to details about a specific topic:
ISAC GIFT ASSISTANCE PROGRAMS UPDATES
Key dates for 2005-06 and 2006-07 ISAC-administered gift assistance programs
MAPPING YOUR FUTURE CHAT EVENT
Information on May 16th online chat
HOLIDAY SCHEDULES
Processing schedules for Memorial Day and Independence Day holidays
All below links launch pages located at collegezone.com.
ISAC GIFT ASSISTANCE PROGRAMS UPDATES
Details regarding close-out of 2005-06 ISAC-administered gift assistance programs will be provided via a separate e-Message in the coming weeks. In the meantime, continue to visit the Program News sections for individual gift assistance programs for status updates and operational details (including both the 2005-06 and 2006-07 academic years).
Week of May 15th 2006- 07 TESP Initial Certification Documents will return to a daily production and mailing schedule. The school has 30 days to certify eligibility and return the documents to ISAC from the time of each mailing. Applicants determined to be ineligible for either the IFTC Program or the MTI Scholarship will begin receiving letters from ISAC the week of May 15th. Applicants determined to be eligible for either award will be notified of their 2006-07 eligibility status in late summer 2006.
May 25th 2005-06 Illinois Veteran Grant (IVG) Second semester/second and third quarter payment requests are due. The appropriation balance for this program will be reviewed after payment requests are received to determine the proration percentage necessary. Late claims will not be paid.
June 1st 2006-07 Budget Packets for MAP, IVG and ING Grant Programs Due Participating schools must submit either a Gift Assistance Programs Budget Packet (including MAP, IVG and ING Grant budgets) or a Monetary Award Program Budget Packet (MAP budget only) on or before Thursday, June 1, 2006.
June 9th 2005-06 Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Priority Payment Claim Deadline Third quarter claims and second semester claims for institutions whose second semesters began after February 15th are due.
June 15th 2005-06 Student to Student (STS) Program of Matching Grants Payment Claim Deadline Second semester or third quarter claims are due. The appropriation balance will be reviewed after payment requests are received to determine the proration percentage that is anticipated to be necessary. Late claims will not be paid.
July 15 Deadline for 2006-07 Robert C. Byrd Honors Scholars to return the Eligibility Certification form to ISAC, so that their college will be able to request payment on their behalf for the fall term.
MAPPING YOUR FUTURE CHAT EVENT
May 16th Financial Aid and Managing Student Loans and Consumer Debt
The next Mapping Your Future online Chat Event, Financial Aid and Managing Student Loans and Consumer Debt, is scheduled from 6 to 7 p.m. (CT) on Tuesday, May 16, 2006. Information is posted at the FAA Message Board. Also, the calendar of upcoming Chat Events through August 2006 is available at the Outreach Activities page.
HOLIDAY SCHEDULES
A complete listing of 2006 holidays on which ISAC staff will be unavailable is provided at the ISAC Events Calendar.
May 29th Memorial Day
Due to the Memorial Day holiday, ISAC offices will be closed on Monday, May 29th and will reopen on Tuesday, May 30th.
Loan records received at ISAC on Memorial 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 May 29th will be processed on May 30th, with results available May 31st (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 May 29th.
Although ISAC's offices will be closed on May 29th, MAPnet will be available during regularly scheduled hours and will reflect 2006-07 records processed by the Central Processing System (CPS) through Friday, May 26th. 2005-06 Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program payment requests submitted from 5 p.m. (CT) Friday, May 26th through 5 p.m. (CT) Tuesday, May 30th will be processed Tuesday night, and payment results will be available on MAPnet the morning of Wednesday, May 31st.
July 4th Independence Day Holiday
Due to the Independence Day holiday, ISAC offices will be closed on Tuesday, July 4th and will reopen on Wednesday, July 5th.
Loan records received at ISAC on Independence Day, as well as disbursement records received at the NDN, will be processed the following business day. This means that CommonLine or CAM files received on July 4th will be processed on July 5th, with results available July 6th (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 July 4th.
Although ISAC's offices will be closed on July 4th, MAPnet will be available during regularly scheduled hours and will reflect 2006-07 records processed by the CPS through Monday, July 3rd. 2005-06 MAP and IIA Program payment requests submitted from 5 p.m. (CT) Monday, July 3rd through 5 p.m. (CT) Wednesday, July 5th will be processed Wednesday night, and payment results will be available on MAPnet the morning of Thursday, July 6th.
For Assistance
You can continue to access information at collegezone.com 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 School 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).
ISAC Budget & Legislative Update
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users, Business Officers and FFELP Participants on May 8, 2006
The Illinois General Assembly concluded its Spring session late on Thursday, May 4th, nearly a full month after the planned adjournment. Among the business completed was the passage of the fiscal year 2007 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, with the appropriation for the Monetary Award Program (MAP) actually increasing by $34.4 million, bringing the total MAP appropriation to $384.8 million. The increase in MAP funding is supported by state appropriated monies of $7.6 million and $26.8 million from revenues generated either by the sale of ISAC student loan assets, transaction processing or refinancing. Additionally, funding for the Silas Purnell Illinois Incentive for Access Grant Program increased by $1 million, the Dependents Grant Programs received an increase of $120,000, and funding was included for three new programs: MAP Plus, the Nurse Educator Scholarship Program and the Forensic Science Grant Program. It should be noted that the Merit Recognition Scholarship (MRS) Program is not funded in the budget for the second straight year.
A small number of other bills affecting Illinois students and their families were considered during the session. The bill that would have provided an additional 30 credit hours of MAP eligibility to students who were required to complete remedial courses was not passed by the General Assembly. House Bill 4406, which creates a new grant program to be administered by ISAC for students in the legal custody of their grandparents, has passed the General Assembly and awaits the governor's signature. This program, however, was not funded in the FY2007 budget, and would not be in effect until January 1, 2007, at the earliest.
More specific details about the FY2007 budget, including information about the three new programs, are 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.
DCL's Regarding HERA Changes
Sent to Financial Aid Administrators and FFELP Participants on May 1, 2006 The U.S. Department of Education (ED) has released two Dear Colleague Letters (DCL's) containing information about the provisions of the Higher Education Reconciliation Act of 2005 (HERA).
- DCL FP-06-05 announces the availability of the promissory note addenda and revised Plain Language Disclosure (PLD) forms for the Federal Stafford, PLUS and Consolidation Loan Programs. These documents disclose the changes to the terms and conditions of Federal Family Education Loan Program (FFELP) loans resulting from the HERA and, until revised promissory notes are approved, must be used with the current Federal Stafford Loan Master Promissory Note (MPN), Federal PLUS Loan Application and MPN, and Federal Consolidation Loan Application and Promissory Note.
The DCL provides guidance on the use of the new documents, as well as additional guidance on awarding Federal PLUS loans to graduate and professional students. Sample addenda and PLD's are attached to the DCL; supplies of each can be requested through the Order Materials areas of collegezone.com.
- DCL GEN-06-05 announces the changes made to the Student and Institutional Eligibility and Student Assistance General Provisions of the Federal Student Aid Programs as a result of the HERA. These provisions are effective for the 2006-07 academic year for Title IV, HEA grant and campus-based programs, and for loan periods beginning on or after July 1, 2006 for FFELP and Direct Lending, unless otherwise noted. Included among them are changes to length of academic year, distance education, need analysis and cost of attendance, program eligibility, return of Title IV funds and student eligibility.
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Financial Aid Administrator
ED Issues Guidance for Academic Competitiveness Grant Program
Sent on May 4, 2006
As a follow-up to Dear Colleague Letter GEN 06-04, the U.S. Department of Education (ED) has issued guidance that describes how they intend to implement the new Academic Competitiveness Grant Program which was created as a result of the Higher Education Reconciliation Act (HERA) of 2005. The guidance was issued in the form of a Letter to Chief State School Officials and State Higher Education Agencies. The new program consists of two types of grants for certain Pell Grant-eligible students the Academic Competitiveness Grant (AC Grant) and the National Science and Mathematics Access to Retain Talent (SMART) Grant.
One of the eligibility requirements for students for these grants is the successful completion of an ED-recognized rigorous secondary school program of study. In its guidance, ED has defined four options for students in meeting this requirement. These options, which are described in detail in the Attachment to the Letter, are:
- Receiving an Advanced or Honors diploma;
- Completing the required coursework under the State Scholars Initiative program (4 years of English; 3 years of math; 3 years of lab science; 3-1/2 years of social studies; and 2 years of a language other than English);
- For states that do not participate in the State Scholar Initiative, completing a set of coursework similar to the requirement of this Initiative;
- Completing two Advanced Placement (AP) or International Baccalaureate (IB) courses and receiving passing scores on the AP or IB tests.
States can submit proposals to ED identifying any additional secondary school programs of study that they would like ED to recognize as rigorous secondary programs of study. Illinois State education officials are working to identify any possible options, in addition to those identified by ED, that could make Illinois students eligible for these new grant programs.
In addition to the Letter issued, a Fact Sheet with information about the two grant programs is also available.
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MAPnet Users
Urgent Notice About 2006-07 MAP and IIA Records - Update
Sent on May 15, 2006 On April 18, 2006, ISAC sent an e-Message stating that some student records in 2006-07 MAPnet did not display an applicable Disqualify Code. Be advised that the impacted records have been updated and the appropriate Disqualify Codes now appear for all student records.
We apologize for any inconvenience this issue may have caused.
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Business Officer
Returning Amounts Owed for 2005-06 MAP & IIA
Sent on May 22, 2006 As part of the close-out process for the 2005-06 academic year, letters will be mailed to financial aid directors on June 12th which detail the outstanding amount each institution must refund to ISAC for the Monetary Award Program (MAP) and the Silas Purnell Illinois Incentive for Access (IIA) Program. The outstanding amount due, with proper documentation, should be returned to ISAC on or before June 30, 2006. Please be sure to use the current version of the Gift Assistance Programs Check Return Form, which includes a field to specify the term(s) for which funds are being returned and is dated "4/06" in the footer. As a reminder, do not send refund checks to ISAC without providing the appropriate adjustment data via MAPnet.
You are encouraged not to wait for the arrival of this letter but, rather, to finalize reconciliation activities on your campus as soon as possible. Payments must be reconciled on a student-by-student basis. Due to the offset process, funds should be returned to ISAC only after a final reconciliation has been completed to close-out the regular school year. Business officers are encouraged to work with staff from their institution's Financial Aid Office in order to reconcile student awards and accounts.
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FFELP PARTICIPANTS
FFELP Stafford and PLUS MPNs Approved
Sent on May 24, 2006
Dear Colleague Letter (DCL) FP-06-08* announces approval of the Federal Stafford Loan Master Promissory Note (MPN) and the Federal PLUS Loan Application and Master Promissory Note, used for the Federal Family Education Loan Program (FFELP). The Office of Management and Budget (OMB) has approved these documents without any changes to the text or format of the previously approved form. Both documents expire in 2008.
Program participants may begin distributing the revised forms immediately, and must reflect the new expiration dates on the hardcopy version of the MPNs the next time they are scheduled for reprinting and distribution (the expiration dates must be changed on Web-based versions of the documents as soon as possible).
The revised MPNs, along with the promissory note addenda and revised Plain Language Disclosure (PLD) forms for the Federal Stafford, PLUS and Consolidation Loan Programs that were announced with DCL FP-06-05, can be requested through the Order Materials areas of collegezone.com.
DCLs are posted online at the Information for Financial Aid Professionals (IFAP) Library, which can be accessed via the "Letters and Publications" section of the Federal Information area within the e-Library at collegezone.com.
* Note: There is an error in the "Printing Instructions" section of DCL FP-06-08. The U.S. Department of Education has confirmed that the last two sentences of this section [which read: "The program names appear in the header of the form. While a program participant may change the order of the program names, the names of the other program(s) must remain on the form."] should be ignored.
Updated Deferment Forms Released
Sent on May 9, 2006 The U.S. Department of Education (ED) has issued Dear Colleague Letter (DCL) FP-06-06, which announces the approval and release of revised Federal Family Education Loan Program (FFELP) loan deferment forms. These forms have a new expiration date of January 31, 2009.
- Unemployment
- Public Service
- Parental Leave/Working Mother
- PLUS Borrower with Dependent Student
- In-School
- Economic Hardship
- Education Related
- Temporary Total Disability
The revised forms are available for immediate use and can be ordered through the Order Materials page of collegezone.com. Program participants may begin distributing them immediately. Beginning September 25, 2006, these are the only forms that may be provided to eligible borrowers, however, previous versions of these forms may continue to be processed after that date.
Latest School DAAR Report Available
Sent on May 3, 2006 and on May 18, 2006
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 April 2006 Available at College Zone
Sent on May 1, 2006 The April 2006 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 April via College Zone's e-Messaging service.
Topics covered in the April 2006 ISAC Update include:
- ISAC to Pay Default Fee on Behalf of Borrowers
(sent April 28, 2006)
- 2006-07 Budget Packets Now Available Online - Due On or Before June 1, 2006
(sent April 28, 2006)
- ISAC Loan Options Expand for Graduate Students
(sent April 27, 2006)
- Executive Briefing Conference Call - May 1st
(sent April 24, 2006)
- Urgent Notice About 2006-07 MAP and IIA Records
(sent April 18, 2006)
- Commission Meeting to be Held Friday, April 28, 2006
(sent April 14, 2006)
- Money Smart Week Chicago: May 1 - May 6, 2006
(sent April 13, 2006)
- 2006-06 MAP Funding Status Update
(sent April 13, 2006)
- Mark Your Calendar for Upcoming Important Dates
(sent April 11, 2006)
- Latest School DAAR Report Available
(sent April 4, 2006 and April 18, 2006)
- Electronic ISAC Update for March 2006 Available at College Zone
(sent April 3, 2006)
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