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VOL. 24, NO. 1IGSL, 1B
July 2006
Welcome to the July 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 Zone’s e-Messaging service throughout July. This e-Messaging service has replaced ISAC’s 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 Zone’s 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
Proposed Change to 2006-07 MAP Recompute Formula to be Acted on This Week - Results of July 28th Commission Meeting
Sent to Financial Aid Directors and Financial Aid Administrators July 31, 2006 The following is a summary of the Illinois Student Assistance Commission (ISAC) meeting that took place on Friday, July 28, 2006.
Action Postponed on Proposed Change to MAP Recompute Formula (Agenda Item 8)
As indicated in a July 27th e-Message, a proposal to remove the reduction factor from 2006-07 Monetary Award Program (MAP) awards is being considered. Due to a procedural technicality, action on this proposed change to the 2006-07 MAP recompute formula was postponed until Wednesday, August 2nd at 10 a.m. via teleconference. You will be notified via ISAC's standard communication tools (e.g., e-Messaging and the MAP Program News area at collegezone.com) once action has been taken, as well as regarding what impact the action will have on the 2006-07 MAPnet system.
Commission Meeting Action
Action was taken at the meeting on the following items. Details are provided in the July 28th Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission page at collegezone.com. Specific agenda items may also be accessed by clicking on the appropriate link(s) below.
- The Commission approved the Internal Audit Charter and Plan for the FY2007 audit cycle, and authorized the Executive Director to approve any mid-year changes to the audit schedule, as needed. The Fiscal Control and Internal Auditing Act (FCIAA) requires the Internal Audit plan for each two-year cycle to be completed and approved each fiscal year. (Agenda Item 4)
- The Commission approved the nominations of three College Illinois! Investment Advisory Panel members to serve concurrent terms through December 2008. (Agenda Item 5)
- The Commission approved the applications of three Illinois postsecondary institutions to participate in ISAC-administered gift assistance programs for which each is eligible, effective for the fall term of the 2006-07 academic year (Agenda Item 6)
In addition, the Commission received a report on proposed rules for the Forensic Science Grant Program and the Nurse Educator Scholarship Program. The text of these proposed rules is expected to be published in the Illinois Register in August 2006, which would commence the 45-day public comment period. After the standard public comment period and Joint Committee on Administrative Rules (JCAR) reviews, the approved and adopted rules will be communicated to ISAC's clients through publication in the Illinois Register and various client communications, as well as being posted at collegezone.com. (Agenda Item 7)
It was also announced at Friday's meeting that the next regularly scheduled Commission meeting has been rescheduled for Friday, September 29, 2006 at Lake Forest College in Lake Forest.
Governor Signs MAP Plus Into Law
Sent to Financial Aid Directors, Financial Aid Administrators, MAPnet Users, and Business Officers July 31, 2006 On Sunday, July 30, 2006, Illinois Governor Rod Blagojevich signed legislation creating the Monetary Award Program Plus (MAP Plus), effective for fall 2006.
MAP Plus provides grants for Illinois residents who do not receive a MAP grant and whose families' adjusted gross incomes [as reported on the 2006-07 Free Application for Federal Student Aid (FAFSA)] are less than $200,000. Recipients must be enrolled on at least a half-time basis as sophomores, juniors or seniors at MAP-approved Illinois colleges.
The maximum MAP Plus grant available to a qualified applicant is $500 per school year, disbursed in two payments not to exceed $250 per term. A MAP Plus grant must not exceed the amount of tuition and mandatory fees (minus other state and federal gift assistance that is restricted to paying tuition and mandatory fees).
Rather than being funded by state tax dollars, MAP Plus funding will come from restructuring or selling part of the student loan portfolio now held by the Illinois Student Assistance Commission (ISAC) and other efforts to maximize the revenue ISAC generates. Efforts are underway to raise the money needed by the end of 2006 in order to make awards during 2006-07.
Further details are provided in the MAP Plus section of the ISAC Gift Assistance Programs area at collegezone.com.
Change to FY07 MAP Formula to be Considered Addition to Friday's Commission Meeting Agenda
Sent to Financial Aid Directors and Financial Aid Administrators on July 27, 2006 The agenda for the Friday, July 28th Commission meeting has been modified to include an item regarding the Monetary Award Program (MAP) formula for 2006-07 awards. Specifically, the Commission will be taking action to remove the reduction factor from MAP awards. Elimination of the previously-approved 2% reduction factor will improve college affordability for middle- and low-income students, and will increase the maximum award to its statutory maximum of $4,968, an increase of nearly $100.
Anticipating approval of the elimination of the reduction factor, additional details will be available on collegezone.com following the Commission meeting. An
e-Message will be sent early in the week of July 31st informing partners of the status of this MAP item, as well as the other agenda items being discussed during the meeting. At that time, we'll also have more information regarding the availability of the updated MAPnet system, revised hand calculation sheets and necessary revisions to impacted Web site pages.
Commission Meeting to be Held Friday, July 28, 2006
Sent to Financial Aid Directors and Financial Aid Administrators on July 17, 2006 The next regular meeting of the Illinois Student Assistance Commission (ISAC) is scheduled for Friday, July 28th at the ISAC office in Deerfield, Illinois.
The tentative agenda for the meeting includes:
- College Illinois! Retreat/Training Session (anticipated to last up to two hours)
- Appointment of College Illinois! Investment Manager
- Institutional Application to Participate in ISAC Gift Assistance Programs
- Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program Status Reports
- Proposed Rules for New Programs
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.
As always, the online Agenda Book will be updated after the July 28th meeting to reflect action taken. At this time, there are no plans to hold an Executive Briefing Conference Call.
2005-06 MAP & IIA Late Claims to be Released on July 7th
Sent to Financial Aid Directors and Financial Aid Administrators on July 7, 2006
Late claims (payment requests received after the applicable priority claim deadline) for the 2005-06 Monetary Award Program (MAP) received at ISAC on or before June 30, 2006 will be released for payment on Friday, July 7, 2006. Late claims for the Silas Purnell Illinois Incentive for Access (IIA) Program will also be released. Award cancellations and refunds of first, second, and third term awards have provided enough funds to pay MAP and IIA late claims for all terms for all eligible recipients.
MAP and IIA records held as late claims are identified in MAPnet with a Reject Reason Code of "Y." All late payment requests that were submitted on or before June 30, 2006 will automatically be processed with results available via MAPnet on Monday, July 10, 2006. These results will appear on MAPnet's Payment Results reports, Student List Payment screen and the Payment Detail screens for both MAP and IIA.
Claims received after June 30, 2006 will not be paid since June 30th was the final date by which claims were to have been received at ISAC for 2005-06 payment processing. Cancellations and adjustments to previously paid awards that result in refunds will continue to be accepted and processed through MAPnet until August 4, 2006. August 4th is the last date that cancellations, refunds, or reductions may be submitted via MAPnet.
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Financial Aid Director
Special Message from ISAC Chairman McNeil Regarding MAP Plus
Sent on July 18, 2006 The following is a special message from Donald McNeil, Chairman of the Illinois Student Assistance Commission (ISAC).
Dear Financial Aid Director:
I am writing to provide you with a brief overview of MAP Plus and to request your institution's support of this new grant program designed to help students from working families. As Chairman of the Illinois Student Assistance Commission (ISAC), I assure you that the Commission is carefully evaluating methods by which sufficient revenue can be generated to fund the program for the 2006-07 academic year.
MAP Plus was approved by the Illinois General Assembly during the spring session and will soon be signed into law by Governor Rod Blagojevich. It will provide up to $500 to each sophomore, junior and senior who is not eligible for a Monetary Award Program (MAP) grant and whose family's adjusted gross income on the 2006-07 Free Application for Federal Student Aid (FAFSA) is less than $200,000. In addition, the program has been designed to provide assistance to MAP Plus qualified students who meet the eligibility criteria for a MAP grant but do not receive one.
We estimate that as many as 70,000 students could benefit from MAP Plus, the first program ever in Illinois specifically aimed at helping middle-income families. The typical household income of a MAP Plus recipient is approximately $81,000.
Funding for MAP Plus will come from restructuring or selling part of the student loan portfolio now held by ISAC and other efforts to maximize the revenue ISAC generates. I anticipate that the transactions we are considering will be completed by the end of 2006. Rest assured that any reorganization, restructuring or other revenue-generating transactions approved by the Commission will not adversely affect ISAC's scholarship and grant administration, student outreach activities, or ability to provide exceptional student loan services.
Note that MAP Plus has been approved only for the upcoming school year, after which ISAC will evaluate the program and, as required by statute, recommend whether it should be continued.
Our Web site, collegezone.com, has been updated to include information about MAP Plus in the Student Zone as well as the FAA Zone. Please refer your students and their parents to this valuable information to ensure they are aware of this new grant program and address any questions they may have.
Please feel free to contact ISAC staff at 866.247.2172 if you have any questions. We look forward to working with you to implement this innovative new grant program designed to offer some measure of relief to thousands of Illinois working families who are trying to pay for higher education.
Sincerely,
Donald McNeil
Chairman
Illinois Student Assistance Commission
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Public Schools - Participating in the ING Grant and IVG Programs
Enhanced IVG Eligibility at My Zone Now Available
Sent on July 26, 2006
ISAC staff has completed verification of new report functionality enhancements, which were announced in a July 21st e-Message, and IVG Eligibility at My Zone is again available. As was indicated when the initial phase was released, this second phase incorporates system enhancements that include a variety of reports now ready for use. In addition, schools may take advantage of the ability to download an up-to-date version of the IVG Master File via File Transfer Protocol (FTP).
Reports
- Eligibility By Status Report - a listing of students by status of Approved or Ineligible, in alphabetical order. An additional report parameter is the school code on the most recent claim.
- Payment Claim by School Code and Term Report - a listing of students paid at a particular school by academic year and term, in Social Security number (SSN) order.
- Payment Claim by Student Report - a history of payment claims for an individual student.
All of these reports are available to view online, print and/or download. Refer to the Illinois Veteran Grant (IVG) Program section in My Zone for complete instructions on how to run and view reports in IVG Eligibility at My Zone.
Downloadable Master File
In addition to the online reports, a 107-byte data file containing the complete Master File may now be downloaded via FTP. For schools that would like to use IVG data on different electronic platforms, this option will allow you to download a data file with up-to-date IVG eligibility information, including current IVG numbers. Take advantage of this option by contacting ISAC's School Services Department (using the toll-free number or e-mail address provided below) for detailed FTP logon information.
Unavailability of IVG Eligibility Data at My Zone
Sent on July 21, 2006
In order to add report functionality enhancements to Illinois Veteran Grant (IVG) Eligibility data, that portion of My Zone will be unavailable from 12:00 noon until 5:00 p.m. on Monday, July 24, 2006. Once verification of the enhancements has been completed, a message will be sent to announce it's back online.
We're sorry for any inconvenience this temporary, but necessary, outage may cause.
Proration Rate for 2005-06 IVG Program Timely Spring Term Claims
Sent on July 10, 2006
This message provides the proration percentage being used for timely spring (second or third) term Illinois Veteran Grant (IVG) Program claims.
Timely Spring Term Claims Will Be Prorated at 10.18%
Following the priorities by which claims are to be paid, ISAC has paid 2005-06 timely (in-district and out-of-district) claims for summer and fall (first) term at 100% of the claims. As was indicated previously, not enough funds remain to pay the timely spring term claims at 100%. Therefore, these claims must be prorated at 10.18% (i.e., $10.18 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 IVG Program. A proration rate over 10.18% 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 (89.82%) of each eligible student's IVG timely spring award, and will be responsible for 100% of all eligible students' claims that were submitted after the due dates for each term's claims (i.e., late claims).
2005-06 IVG payment vouchers, along with an Illinois Veteran Grant (IVG) 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 IVG spring term claims. Return to Top
FFELP PARTICIPANTS
Latest School DAAR Report Available
Sent on July 3, 2006 and on July 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 June 2006 Available at College Zone
Sent on July 3, 2006 The June 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 June via College Zone's e-Messaging service.
Topics covered in the June 2006 ISAC Update include:
- IVG Eligibility Data Now Available Online
(sent June 30, 2006)
- Summer Update Conference Calls to be Held in July
(sent June 29, 2006)
- MAP Recompute Formula Successfully Implemented - 2006-07 MAPnet System Available
(sent June 27, 2006)
- Academic Competitiveness Grant Program - No Additional "Rigorous" Illinois Programs
(sent June 22, 2006)
- 2006-07 Recompute Formula to be Reflected in MAPnet on June 27th
(sent June 22, 2006)
- 2006-07 MAP Recompute Formula Approved - Students Benefit from Lower Reduction Factor
(sent June 21, 2006)
- MAP Recompute Agenda Item; Executive Briefing Scheduled
(sent June 13, 2006)
- New Student Loan Interest Rates Effective July 1st
(sent June 2, 2006)
- Latest School DAAR Report Available
(sent June 6, 2006 and June 19, 2006)
- Electronic ISAC Update for May 2006 Available at College Zone
(sent June 1, 2006)
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