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9/18/2006
On September 18th, ISAC anticipates reaching the goal of awarding MAP Plus grants to 71,000 students. As a result, awards for applicants whose initial 2006-07 Free Application for Federal Student Aid (FAFSA) was received on or after September 19, 2006, will be held until ISAC has the necessary claim data to confirm that the goal has been met.
The application volume currently at ISAC includes sophomores, juniors and seniors with family adjusted gross incomes under $200,000 who are not receiving Monetary Award Program (MAP) grants. This includes students:
- who are not eligible for a MAP grant including those who have used more than the 75 or 135 MAP paid credit hour limits;
- who have a MAP award in suspended status;
- who are "continuing" students not receiving a MAP grant for fall term.
Student Award Announcements
If your institution has been making announcements of MAP Plus awards to students, please hold off on making any additional announcements to students whose FAFSA receipt date is September 19th and later.
Funding Information
Funding for MAP Plus is coming from restructuring or selling part of the student loan portfolio now held by ISAC/IDAPP and other efforts to maximize the revenue ISAC generates. It is anticipated that the transactions under consideration to fund the program will be completed by the end of 2006 or early 2007.
In addition, all the administrative and operational costs associated with ISAC's programs are funded through our role as a federal loan guaranty agency and secondary student loan market; the agency receives no state funding for these activities. Be 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.
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