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11/9/2006
Due to a projected funding shortfall, ISAC anticipates the need to prorate fall term awards for the 2006-07 Illinois Veteran Grant (IVG) Program. Because students eligible for IVG are entitled to exemption from paying tuition and mandatory fees at postsecondary institutions, if appropriated ISAC funds are insufficient to reimburse colleges for all eligible recipients, the obligation to pay is transferred to the college.
Based on projections at the current time, it appears the necessary proration level for IVG will be somewhere between 90% and 97%. Please keep in mind that this is only an estimate. The final proration percentage will be determined after the January 15th fall term payment claim deadline date, when all claims have been submitted and projections can be confirmed.
Accordingly, there will be no funds for ISAC to pay spring term awards. We will notify you via the Program News area of collegezone.com and through this e-Messaging service when the final percentage for fall term proration is available.
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