VOL. 24, NO. 3L
September 2006
Welcome to the September 2006 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout September. 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 800.477.4411 and speaking with one of the following staff members:
- Sharon Bankston, extension 2826
- David Barinholtz, extension 2822
- 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
ISAC Executive Director Larry Matejka Announces Retirement
Sent to Marketing News, Announcements and Operational Updates, Announcements on September 19, 2006
In a press release issued today by the Illinois Student Assistance Commission (ISAC), Executive Director Larry E. Matejka announced his retirement, effective December 31, 2006. In his over 26 year tenure at the agency, Larry's extraordinary contributions to assist the students and families of Illinois in meeting their educational goals cannot possibly be measured. His tireless efforts and unwavering dedication to not only the Commission and its staff, but to all of the colleagues with whom he works, have resulted in unparalleled partnerships and enormous growth of college financial aid programs.
Please join us in wishing Larry a well-deserved and fulfilling retirement.
Commission Meeting to be Held Friday, September 29, 2006
Sent to Marketing News, Announcements and Operational Updates, Announcements on September 19, 2006 The next regular meeting of the Illinois Student Assistance Commission is scheduled for September 29th at the Orland Park Campus of Saint Xavier University, located at 18230 Orland Parkway.
The tentative agenda for the meeting includes:
- 2006-07 MAP and IIA payment claim deadline dates
- Proposed rules for new ISAC programs
- Illinois Designated Account Purchase Program (IDAPP) quarterly investment report
- College Illinois! pricing
- College Illinois! money manager selection
- College Illinois! Investment Performance Report
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.
Executive Briefing Conference Call - October 2nd
On Monday, October 2nd, ISAC Executive Director Larry Matejka will offer an Executive Briefing Conference Call to provide an overview of the September 29th Commission meeting and an update on other ISAC-related topics. The conference call, for financial aid staff at the Director or upper management level, will be held at 1:30 p.m.
To participate, dial 888.767.9380 and enter the passcode: 9767339#.
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MARKETING NEWS, ANNOUNCEMENTS
Play Your Cards Right: Don't Gamble with Your Credit - National Credit Education Week
Sent on September 11, 2006
To boost awareness across the state regarding personal finance and consumer debt, Governor Blagojevich will join a national effort by proclaiming the week of September 18th as National Credit Education Week in Illinois. As an extension of our default prevention outreach campaign, ISAC invites you to participate in the week-long program - Play Your Cards Right: Don't Gamble with Your Credit - which is sponsored by the Association of Credit and Collection Professionals.
Activities include displaying the Play Your Cards Right poster in your organization and having your students take the Credit Challenge Quiz (which can be accessed via the Student Zone Message Board at collegezone.com), accessing the online versions of Credit Card Smarts (includes links to information in Spanish) and Parent Smarts, and scheduling a Personal Finance presentation with the Default Prevention Outreach department. These activities are designed to promote consumer education with respect to using credit cautiously, spending money wisely, and paying bills promptly - practices which are especially important in the prevention of student loan default. A press release regarding National Credit Education Week activities is available at the College Zone Web site.
As a reminder, this is a good time of year to consider reordering ISAC Federal Family Education Loan Program (FFELP) default prevention outreach awareness materials for use during fall entrance counseling sessions. Materials can be ordered online at collegezone.com. ISAC's default prevention outreach, financial literacy information, as well as other outreach services and activities, are funded through ISAC's role as a federal student loan guaranty agency and secondary student loan market. ISAC receives no state funding for administration, operations or outreach.
ISAC appreciates having the opportunity to work with you as we all strive to educate Illinois students about credit and personal finance. If you have any questions regarding this information, or if we can be of any additional assistance to you, please contact School Services at 866.247.2172 or send an e-mail message to schoolservices@isac.org.
Upcoming Training Opportunities
Sent on September 6, 2006
"FAFSA Made Easy" Sessions – Register Now
Please join us this fall as we kick off the Illinois Student Assistance Commission's (ISAC) three-part Professional Development Series with the "FAFSA Made Easy" sessions, designed especially for high school counselors, college admission counselors and community organization professionals. These half-day sessions (9 a.m. – 12:30 p.m.) will focus on the intricacies of the Free Application for Federal Student Aid (FAFSA) and student eligibility for financial aid.
Developed as an intensive review of the FAFSA, these sessions will place special emphasis on the dependency questions, the worksheets, and eligibility. Ample time will be provided for discussion, allowing you to ask questions and participate in an interactive group discussion.
Space is limited so choose the session date and location that best meets your needs and register here.
Continental breakfast will be provided and registration begins at 8:30 a.m. We look forward to seeing you at one of our sessions this fall.
"FAFSA Expert" Sessions - Mark Your Calendars
Registration begins mid-December
This winter, ISAC will continue our three-part Professional Development Series by hosting "FAFSA Expert" sessions throughout the state. These half-day sessions (9 a.m. – 12:30 p.m.) 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?
"Understanding Financial Aid Packaging" Sessions – Spring 2007
Registration begins early February
Would you like to help your students identify a good financial aid package? This spring, ISAC will wrap up our three-part Professional Development Series by offering "Understanding Financial Aid Packaging" sessions throughout the state. These sessions will guide you to help your students and their families decipher award letters and compare aid packages, thereby allowing them to identify the best college fit.
We will offer a general perspective about the components of aid packaging. Overall, these sessions aim to provide you the opportunity to participate in comprehensive consumer education about higher education.
How to Register
Registration details, including dates and locations, for the two final series will be available online through the Training Calendar Quick Link in the Lender Zone at collegezone.com. We will also be sending e-Messages with the latest information and updates about additional training events.
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ISAC UPDATE
Electronic ISAC Update for August 2006 Available at College Zone
Sent on September 1, 2006 The August 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 lenders and servicers in August via College Zone's e-Messaging service.
Topics covered in the August 2006 ISAC Update include:
- College Zone Outage - Sunday, August 27, 2006
(sent August 24, 2006)
- New Toll-Free Number for ISAC's Lenders & Servicers Now Operational
(sent August 23, 2006)
- ISAC Kicks Off Hispanic Heritage Month
(sent August 21, 2006)
- Protecting Private Data
(sent August 9, 2006)
- New Toll-Free Number for ISAC's Lender Services
(sent August 7, 2006)
- Mark Your Calendar for Upcoming Important Dates
(sent August 2, 2006)
- Electronic ISAC Update for July 2006 Available at College Zone
(sent August 1, 2006)
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