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10/3/2006
Payment Requests To Be Accepted Starting October 5th
ISAC anticipates beginning to accept payment requests in MAPnet for the Monetary Award Program Plus (MAP Plus) around noon on Thursday, October 5, 2006. At the same time, payment requests for MAP Plus via File Transfer Protocol (FTP) will also be accepted.
In order for the 2006-07 MAPnet system to be updated to accept MAP Plus payment requests, the system will be unavailable beginning at 7 p.m. on Wednesday, October 4th continuing into Thursday, October 5th. A separate message will be sent to the MAPnet Users subscription group when the 2006-07 MAPnet system may again be accessed on October 5th. At that time, 2006-07 MAP Plus payment requests may be submitted.
Colleges should submit MAP Plus payment requests only for eligible applicants whose 2006-07 Free Application for Federal Student Aid (FAFSA) was received on or before September 18, 2006 (as a reminder, a September 18th
e-Message announced that records received on or after September 19th will be held until ISAC has enough claim data to confirm whether we have met our goal of awarding 71,000 MAP Plus grants).
Claim Deadlines and Timing of Payments to Colleges
Payment claim deadline dates have not been established yet and will be a topic for consideration at a future Commission meeting. In the meantime, you are encouraged to submit your MAP Plus payment requests as soon as possible, in order to allow us to determine if we have fully met our awarding goal.
As you know, MAP Plus will be funded 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. An announcement will be made after that time regarding when MAP Plus funds may be sent to colleges.
In order to remain up-to-date on this program, please refer to MAP Plus Program News within the ISAC Gift Assistance Programs section of the FAA Zone.
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