|
 |
8/2/2006
The following is a summary of the special Illinois Student Assistance Commission (ISAC) meeting, which was held via teleconference today (Wednesday, August 2nd).
Removal of Reduction Factor Approved (Agenda Item 2)
As was indicated in a July 31st e-Message, the Commission met via teleconference on August 2nd to take action on the proposed removal of the reduction factor from the previously-approved 2006-07 Monetary Award Program (MAP) recompute formula.
The proposed change has been approved. This action increases the maximum award to its statutory maximum of $4,968, which is nearly $100 over the maximum when the 2% reduction factor was still in place. The forecasted suspension date for MAP awards remains the end of August.
MAPnet Will Reflect Revised Recompute Formula on August 8th
ISAC anticipates the revised recompute formula and the resulting award amounts being reflected in MAPnet on Tuesday, August 8, 2006.
In order to make the necessary updates, the 2006-07 MAPnet system will be unavailable beginning at 7 a.m. (CT) on Saturday, August 5th and continuing through approximately noon on Tuesday, August 8th. An e-Message will be sent to the MAPnet Users subscription group once the 2006-07 system is again available on Tuesday. At that time, the system will include Central Processing System (CPS) records received at ISAC through Monday, August 7th.
|
