ISAC Names New Executive Director

Andrew Davis brings “vision, energy and experience” to state’s college scholarship and loan agency

DEERFIELD, IL - The Illinois Student Assistance Commission (ISAC) today announced the selection of Andrew A. Davis as Executive Director of the agency which oversees the state’s key college scholarship, loan and savings programs.

Davis, 50, will become only the fourth Executive Director in the agency’s 50-year history, succeeding Larry E. Matejka, who is retiring on December 31, 2006 after 26 years as ISAC’s Executive Director. 

Today’s Commission action occurred when it unanimously ratified the recommendation of a candidate review panel chaired by ISAC Vice-Chairman Warren “Bo” Daniels, who said that Davis’ experience and insights as both an ISAC Commissioner and a senior ISAC staff member made him the ideal candidate.

Davis had served as an ISAC Commissioner from October, 2005, until September, 2006, when he was named Special Assistant to the ISAC Executive Director.  Prior to joining ISAC, he served 15 years on the Beloit College Board of Trustees, including five years as Chairman.  Davis was graduated from Beloit in 1979 with a BA in Economics.

“Andy Davis’ record of achievement in the world of high finance as well as the world of higher education makes him uniquely prepared for this challenge,” said ISAC Chairman Don McNeil. “This is a man of accomplishment, ideas and compassion.  He has the vision, energy and experience to lead this agency into its second half-century.”

The change comes as ISAC enters its 50th year of helping Illinois college students receive financial assistance.  Legislation creating the agency - previously known as the Illinois State Scholarship Commission - was signed into law by Governor William Stratton in 1957.

The agency now oversees the successful Monetary Award Program (MAP), as well as the new MAP Plus program, Illinois Veteran Grant program, and service-related programs to encourage more students to pursue careers in teaching or nursing. Last year, ISAC issued 185,000 grants totaling $400 million and guaranteed $1.24 billion in loans to 232,631 students. Its 529 prepaid tuition program – College Illinois! - has allowed Illinois families to prepay more than $1 billion in tuition and fees. 

“I am humbled by this opportunity to make a difference in the lives of thousands of Illinois students who want a college education but lack financial resources,” Davis said. “The compact we offer to every high school student in Illinois is this: if you work hard to prepare for college, we at ISAC will work overtime to make sure you can afford the college of your choice.”

Davis was CEO and Founder of Pinnipedia, LLC, an investment firm specializing in electronic markets.  His previous securities experience was as Chairman and CEO of The Rock Island Company, Senior Vice President of Sanwa-BGK, and Vice President of GNP Securities. He also served four years as Vice Chairman of the Chicago Stock Exchange, and as a Director of both the Civic Federation and Youth Guidance, a school-based non-profit agency. 

The Illinois Student Assistance Commission is in the process of selling or restructuring part of its $4.0 billion student loan portfolio, much of which no longer serves Illinois students. Of the initial proceeds from the sale or restructuring, $34.4 million will go to the innovative MAP Plus program, through which 71,000 college sophomores, juniors and seniors who are ineligible for a MAP award will receive up to $500 for tuition and mandatory fees. Another $34.4 million will go to the expanded, need-based MAP program.

“Higher education is experiencing fundamental changes. College admissions are up, tuition and textbook costs are up, but federal aid has not kept pace. The growing gap between aid and tuition leads to an unprecedented growth in student borrowing. One of our most important tasks is to ensure that Illinois students may borrow appropriate amounts at the very lowest rates possible. In doing so, we help hundreds of thousands of people in Illinois take an important step towards making real their individual American Dream. We also provide important support for the long term strategic goals of economic development in the State of Illinois,” Davis said. “The Illinois Student Assistance Commission needs to be well-prepared for these new trends. Our 50th anniversary poses an opportunity for reflection and redefinition.”

In recent months, Davis embarked with Chairman McNeil on a 1,100-mile, nine-campus “listening tour”, during which they have met with college presidents, financial aid administrators, students and campus reporters.  They visited large state universities, private schools and community colleges across the state.

“Our listening tours reminded us of our state’s rich diversity, as well as the universal - often passionate - commitment to a high-quality education demonstrated by college administrators and faculty,” Davis said, vowing to continue such visits.

McNeil saluted retiring Executive Director Matejka. 

“Every Illinois citizen can thank Larry Matejka for making Illinois a better-educated place.  Every parent of a college-bound student since 1981 can thank Larry for simplifying the student financial aid process.  Every student from a an immigrant household or family in need can thank Larry for helping open up opportunities with lifelong results,” McNeil said. “The ideal public servant, Larry Matejka has been Illinois’ “Gatekeeper to the American Dream” and will be missed. His legacy will endure for generations.”

The son of Martha Davis and Professor James A. Davis of the University of Chicago, Davis lives in Chicago and is the father of four. He takes office on January 1, 2007.

For more information about ISAC, see www.collegezone.com.

About ISAC
The Illinois Student Assistance Commission is the State’s centralized provider of financial assistance aimed at helping students and families access postsecondary education and/or training. Each year, the Commission awards an estimated $400 million in scholarship and grant aid to nearly 185,000 qualified students, and also provides an additional $740 million to borrowers through its student loan programs. The agency offers credit-based alternative loans, a 529 prepaid tuition program known as College Illinois!, and a broad array of outreach and informational services to ensure that families have access to the information they need to pay for a college education. More information is available by calling toll-free 800.899.ISAC (4722) or visiting the agency’s Web site at www.collegezone.com.