Proration Rate for 2005-06 ING Grant Program Timely Second or Third Term Claims

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.