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VOL. 24, NO. 7IGSL, 7B
January 2007
Welcome to the January 2007 ISAC Update for financial aid administrators and business officers. This version of the electronic ISAC Update is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout January. This e-Messaging service has replaced ISAC’s use of printed newsletters, the ILASFAA ListServ, 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 FAA 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 School Services at 866.247.2172 or at schoolservices@isac.org. 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
2006-07 IVG Program Reminders
Sent to Financial Aid Directors, Public Schools - Participating in the ING Grant and IVG Program, and Business Officers on January 31, 2007 As follow-up to the January 25th e-Message announcing that timely 2006-07 Illinois Veteran Grant (IVG) Program fall term claims will be prorated and paid at 92.2%, we are sharing the following reminders with you.
- If a student is eligible for both an IVG grant and a Monetary Award Program (MAP) grant, the IVG benefits must be used first. A student cannot decline IVG benefits in favor of using MAP, and schools cannot claim MAP funds to cover an IVG shortfall.
- Although schools will not be reimbursed for spring term awards, payment requests must be submitted to ISAC so eligibility units can be assessed to students' accounts.
Future Enhancement: Submitting IVG Payment Requests via My ZoneISAC is developing functionality that will allow schools to submit IVG payment requests via the My Zone portal, replacing the existing paper and/or diskette process. We anticipate that this function will be available to schools in mid- to late-spring of 2007. Watch for future e-Messages, and continue to regularly visit the IVG Program News section at collegezone.com, for more details regarding the availability of this new enhancement to My Zone's Illinois Veteran Grant (IVG) Program area.
2007-08 MAP Start-up Formula Approved - Summary of January 26th Commission Meeting
Sent to Financial Aid Directors and Financial Aid Administrators on January 29, 2007 The following is a summary of action taken at Friday's meeting of the Illinois Student Assistance Commission (ISAC). Details regarding all topics discussed are provided in the January 26th Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission page within the e-Library at collegezone.com.
FY2008 (2007-08 Academic Year) MAP Start-up Formula Approved - Agenda Item 9
Because it is uncertain whether additional Monetary Award Program (MAP) funds - which were allocated for FY2007 from refinancing, restructuring, or selling student loan assets held by ISAC - will be available for FY2008 processing, the 2007-08 MAP start-up formula applies a 10 percent reduction factor to the FY2007 recompute formula. This conservative approach has been taken in order to avoid the need to further reduce MAP awards in the recompute formula after the state budget is finalized. If additional FY2008 funding becomes available, the Commission will use the funds to remove the reduction factor on the MAP formula at recompute.
We anticipate start-up for 2007-08 MAP and the Silas Purnell Illinois Incentive for Access (IIA) Program to be implemented in early- to mid-February, including the launch of the 2007-08 MAPnet system. ISAC will notify you via this e-Messaging service and collegezone.com once an exact date for start-up implementation has been determined.
FY2007 MAP Plus Priority Payment Claim Deadline Dates Approved - Agenda Item 8
Priority payment claim deadline dates for 2006-07 MAP Plus awards have been approved, and are as follows:
Term
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Deadline Date |
1st semester or quarter
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April 1, 2007 |
2nd semester or quarter
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April 1, 2007 |
2nd semester starting after 2/15/07
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June 1, 2007 |
3rd quarter
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June 1, 2007 |
Payment requests are being processed on a periodic basis, with the next payment run scheduled for Wednesday, January 31st. As a reminder, award announcements for applications submitted after September 18, 2006 are being held.
Payment of Federal Default Fee for 2007-08 Approved - Agenda Item 5
For the 2007-08 academic year, ISAC will continue to pay the mandated default fee for ISAC-guaranteed loans, thus reducing the cost to students and parents of borrowing through the Federal Family Education Loan Program (FFELP). This borrower benefit is made possible using funds from the Student Loan Operating Fund (SLOF).
Resolution for Sale of Certain IDAPP Portfolio Loans Approved - Agenda Item 4
The Commission approved a 2007 Resolution, which provides for the sale of certain student loans within the Illinois Designated Account Purchase Program (IDAPP) portfolio, for the purpose of supporting ISAC-administered student grant programs for which appropriations have been authorized by the Illinois General Assembly and Governor.
Proposed Rules and Rules Amendments - Agenda Item 10 Rules amendments are being proposed for the 2007-08 academic year to four existing Parts, and two additional rules Parts are being added for new ISAC-administered programs (the Grant Program for Child Raised by Grandparent and the Nurse Educator Loan Repayment Program). The full text of the proposed rules, amendments and notices will be made available via the e-Library's ISAC Administrative Rules section, following publication in the Illinois Register. The anticipated effective date of these proposed rules and rules amendments is July 2007.
Next Meeting
The next regularly scheduled Commission meeting is set for Friday, March 30, 2007 at Millikin University in Decatur.
Proration Rate for 2006-07 IVG Program Timely Fall Term Claims
Sent to Financial Aid Directors, Public Schools - Participating in the ING Grant and IVG Program, and Business Officers on January 25, 2007
This message provides the proration percentage being used for payment of timely fall term Illinois Veteran Grant (IVG) Program claims.
Timely Fall Term Claims Will Be Prorated and Paid at 92.2%
Following the priorities by which claims are to be paid, ISAC has paid 2006-07 timely (in-district and out-of-district) claims for summer term at 100% of the claims. As was indicated in a November 9th e-Message, not enough funds remain to pay the timely fall term claims at 100%. Therefore, these claims must be prorated and paid at 92.2% (i.e., $92.20 will be paid for every $100.00 of eligibility).
For the 2006-07 academic year, the institution will be responsible for a percentage (7.8%) of each eligible student's IVG timely fall award, and will be responsible for 100% of all eligible students' claims that are submitted for the spring term, as well as claims submitted after the due dates for each term's claims (i.e., late claims). Please be aware that although institutions will not be reimbursed for spring term awards, payment requests must be submitted to ISAC so eligibility units can be assessed to students' accounts.
2006-07 IVG payment vouchers, along with an Illinois Veteran Grant (IVG) Fall Term Claim Proration Worksheet (2006-07 Academic Year), will be sent to schools in the coming weeks. These documents will state the prorated amount paid to the institution for 2006-07 IVG fall term claims.
Commission Meeting to be Held - Friday, January 26, 2007
Sent to Financial Aid Directors and Financial Aid Administrators on January 17, 2007 The next regular meeting of the Illinois Student Assistance Commission is scheduled for January 26th at the The Illinois Institute of Art in Chicago.
The tentative agenda for the meeting includes:
- Payment of Default Fee for 2007-08 Academic Year;
- FY2008 Monetary Award Program (MAP) Start-up Formula;
- FY2007 MAP Plus Priority Payment Claim Deadline Dates;
- Proposed Rules and Amendments; and
- College Illinois! Investment Policy and Annual 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 - January 29th
On Monday, January 29th, ISAC Executive Director Andy Davis will offer an Executive Briefing Conference Call to provide an overview of the January 26th 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 9 a.m.
To participate, dial 888.767.9380 and enter the passcode: 9767339#.
2006-07 MAP Plus Payment Status Update
Sent to Financial Aid Directors, Financial Aid Administrators, MAPnet Users, and Business Officers on January 17, 2007 On January 16, 2007, ISAC processed fall term payment claim requests received on or before January 16th for the Monetary Award Program Plus (MAP Plus). This includes fall term payment requests being held for processing since MAP Plus claims began being accepted via MAPnet in early October 2006.
Release of Held Fall Term Payments
MAP Plus payment requests that had been held are now available to view on MAPnet screens and reports as of today (Wednesday, January 17, 2007). Payment results will appear on the Student Detail: MAP Plus screen as well as the PLS Payment Results Report. MAP Plus payment results may also be retrieved via the Payment Results File Extraction. Please see the 2006-07 MAP 160 Byte File Layout Specifications for details on where the MAP Plus information may be found on the extract file.
New Payment Requests
Additional payment runs are being scheduled periodically, with the next one currently planned for January 31st. The MAP Plus Payment Chapter of the MAPnet User Guide explains and provides sample screens and instructions for requesting and submitting MAP Plus Payments.
Priority Payment Claim Deadline Dates
Deadline dates for the submission of payment requests for each term are being proposed to the Commission for action at its meeting on January 26th. For the proposed dates, please refer to the Commission Meeting Agenda Book which will be available at collegezone.com four to seven days prior to the meeting.
Questions?
If you have questions regarding the release of MAP Plus payments please contact a School Services Representative at schoolservices@isac.org or 866.247.2172.
Mark Your Calendar for Upcoming Important Dates
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Program, MAPnet Users, Business Officers, and FFELP Participants on January 2, 2007 The Illinois Student Assistance Commission (ISAC) would like to make you aware of the following information, which may be of interest to you and/or your students.
You may either scroll through the entire message, or click on the appropriate link(s) to go directly to details about a specific topic:
UPDATES
Operational dates, and information on Mapping Your Future's entrance and exit counseling for graduate student PLUS loan borrowers
RESOURCES & CHAT EVENT
Includes information about upcoming CAP events
HOLIDAY SCHEDULES
Processing schedules for Martin Luther King, Jr. holiday
UPDATES
Mapping Your Future Offers Entrance and Exit Counseling for Graduate Students with PLUS Loans
In addition to entrance counseling, Mapping Your Future now also offers PLUS loan exit counseling for graduate students as part of Online Student Loan Counseling (OSLC). While current regulations do not require graduate student PLUS loan borrowers to complete an entrance or exit interview, some colleges might recommend that these borrowers complete the counseling. Colleges that have an OSLC account and would like to add Grad PLUS Loan entrance and/or exit counseling to their participation categories should contact Beth Ziehmer at 573.796.3730 or feedback@mapping-your-future.org. Colleges that do not have an existing OSLC account may complete the online school submission form to request participation.
January 10th: 2006-07 MAP and IIA Program First Term Payment Claims Due
2006-07 first term payment claims for the Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program are due on or before January 10, 2007. Details regarding MAP payment processing and IIA payment processing, along with the 2006-07 MAPnet User Guide, are available within the FAA Zone.
January 15th: 2006-07 IVG Program First Term Payment Claims Due
2006-07 first term payment claims for the Illinois Veteran Grant (IVG) Program are due on or before January 15, 2007. For more information regarding the payment process, refer to the IVG Payment page. As was indicated in a November 9th e-Message, final determination regarding fall term proration of IVG awards will be made after January 15th.
January 22nd: State Scholar Mailing Labels or Listings Available to Order
ISAC provides Illinois colleges and universities the opportunity to order listing of names of State Scholar Finalists for recruitment purposes after the appeal period expires. Watch for more information about the availability of order forms in the State Scholar Program News area.
January 26th: Commission Meeting
The next regular meeting of the Illinois Student Assistance Commission is scheduled for January 26, 2007, at The Illinois Institute of Art. 2007-08 MAP start-up will be included on the agenda. The Agenda Book, providing a full description of each agenda item, will be available via the ISAC's Governing Board: The Commission page within four to seven days prior to the meeting.
RESOURCES & CHAT EVENT
College Awareness & Preparation (CAP) Resources Available for 2007-08 FAFSA Cycle
The 2007-08 FAFSA cycle, including FAFSA on the Web, Renewal FAFSA on the Web, Corrections on the Web, and FAA Access to CPS Online, began on January 1, 2007. Because January 2nd has been designated a National Day of Mourning as a mark of respect for Gerald R. Ford, the Central Processing System (CPS) will begin processing 2007-08 FAFSA data on Wednesday, January 3rd. Details regarding the 2007-08 application cycle are provided within the Applying for Financial Aid section of the e-Library.
Check out the College Awareness & Preparation (CAP) page for information regarding resources that are available to help your students complete the financial aid process. Several events, including FAFSA completion seminars, will take place across the State of Illinois from now through March. Encourage students to attend the event that best fits their schedule.
CAP is a comprehensive effort of the Illinois Association of Student Financial Aid Administrators (ILASFAA), Inc., the Illinois Association for College Admission Counseling (IACAC) and ISAC. Formerly known as Financial Aid Admission/Awareness Month (FAAM), CAP strives to fulfill its mission through a series of workshops, seminars and statewide support with partners from all sectors of education in the State of Illinois.
January 9th: Mapping Your Future Chat Event
On Tuesday, January 9, 2007, Mapping Your Future will offer a chat from 6 to 7 p.m. (CT), providing students with an opportunity to get answers to general financial aid, student loan, and money management questions.
At the time of the event, you can access Mapping Your Future by selecting "Mapping Your Future" from the "FAA Quick Links" menu that appears along the right margin of the FAA Zone front page.
Students can use the link on the right side of the Student Zone front page.
Mapping Your Future can also be accessed directly at mapping-your-future.org.
The calendar of upcoming Chat Events - which includes the chat schedule through July 2007 - is in the Outreach Activities section of College Zone, which can be accessed in the center of the College Zone home page. Remember, also, that a poster (in .pdf format) listing 2006-07 Chat Events is available at the Mapping Your Future Web site. You may wish to consider printing (on 8½" x 11" paper, in color or black & white) and displaying this poster, which can be accessed via Mapping Your Future's "Live Chat Events" page, in areas of your campus that can be easily viewed by students seeking information about the college process.
Archived Questions and Answers from earlier chats can be accessed by visiting the section entitled "Chat Transcripts" at mapping-your-future.org/services/chatnight.htm.
The above is based on information from a Mapping Your Future E-Update. Mapping Your Future is a national collaborative public service project of the financial aid industry, including ISAC - bringing together the expertise of the industry to provide free college, career, financial aid, and financial literacy services for schools, students, and families.
HOLIDAY SCHEDULES
A complete listing of 2007 holidays on which ISAC staff will be unavailable is provided at the ISAC Events Calendar.
January 15th: Martin Luther King Jr. Day
In observance of Martin Luther King Jr. Day, ISAC offices will be closed on Monday, January 15th and will reopen on Tuesday, January 16th.
Loan records received at ISAC on Martin Luther King Jr. Day, as well as disbursement records received at the National Disbursement Network (NDN), will be processed the following business day. This means that CommonLine or Common Account Maintenance (CAM) files received on January 15th will be processed on January 16th, with results available January 17th (or the next available day for any schools opting to receive NDN files on specific days of the week). Note that ELM Resources will continue to process and transmit files on January 15th.
Although ISAC's offices will be closed on January 15th, MAPnet will be available during regularly scheduled hours and will reflect records processed by the CPS through Friday, January 12th. MAP payment requests submitted from 5 p.m. (CT) Friday, January 12th through 5 p.m. (CT) Tuesday, January 16th will be processed Tuesday night, and payment results (which will show late claim indicators for 1st term claims) will be available on MAPnet the morning of Wednesday, January 17th.
Remember that you can access collegezone.com anytime, or send an e-mail message to ISAC's School Services Department. With the exception of holidays (such as those indicated above), ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8 a.m. - 5 p.m. CT).
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FFELP PARTICIPANTS
Latest School DAAR Report Available
Sent on January 3, 2007 and January 18, 2007
The Notification of Student Loan Borrower DAAR Status report (School DAAR Report) for your school is now available on College Zone's My Zone. This online version has replaced the paper rosters ISAC sent in the past.
The School DAAR Report is non-cumulative and is available twice a month to those institutions with students for whom ISAC, as the guarantor, has received a Default Aversion Assistance Request (DAAR) during the reporting time period. Each time a new School DAAR Report is made available online, an e-Message will be sent to the "FFELP Participants" e-Messaging subscription group.
Accessing School DAAR Reports at My Zone
My Zone is a portal available in the FAA Zone at collegezone.com that allows postsecondary schools online access to student-specific data in a secure environment. If you have not yet signed up to participate in My Zone, proceed to the FAA Zone front page and select the My Zone Quick Link.
For complete information and instructions to access your school's DAAR Report, proceed to the FAA Zone front page and select the My Zone Quick Link in the right margin of the page.
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ISAC UPDATE GROUP
Electronic ISAC Update for December 2006 Available at College Zone
Sent on January 2, 2007 The December 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 financial aid administrators and business officers in December via College Zone's e-Messaging service.
Topics covered in the December 2006 ISAC Update include:
- Just Added! John A. Logan College and Chicago State University "FAFSA Expert" Sessions -
Register Now
(sent December 21, 2006)
- Happy Holidays from ISAC
(sent December 19, 2006)
- MAP Plus Payment Status Update
(sent December 15, 2006)
- "FAFSA Expert" Sessions - Register Now
(sent December 15, 2006)
- 2007-08 Teacher Program Applications Available - Due on or before March 1, 2007
(sent December 14, 2006)
- Shortening Processing Time for MAPnet File Extractions and Reports
(sent December 12, 2006)
- ISAC Names New Executive Director
(sent December 5, 2006)
- Latest School DAAR Report Available
(sent December 4, 2006 and December 18, 2006)
- Electronic ISAC Update for November 2006 Available at College Zone
(sent December 4, 2006)
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