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VOL. 24, NO. 7L
January 2007
Welcome to the January 2007 ISAC Update for lenders and servicers, which 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 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 Lender 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 Lender Services by sending an e-mail message to lenderservices@isac.org or calling 800.477.4411 and speaking with one of the following staff members:
- Sharon Bankston, extension 2826
- David Barinholtz, extension 2822
- Julie Henschel, extension 2823
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
Summary of January 26th Commission Meeting
Sent to Marketing News, Announcements and Operational Updates, Announcements on January 29, 2007 The following is a summary of action taken at Friday's meeting of the Illinois Student Assistance Commission (ISAC), impacting our lender and servicer partners. 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.
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.
Commission Meeting to be Held - Friday, January 26, 2007
Sent to Marketing News, Announcements and Operational Updates, Announcements 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#.
Mark Your Calendar for Upcoming Important Dates
Sent to Marketing News, Announcements and Operational Updates, Announcements 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 your student loan borrowers.
College Awareness & Preparation (CAP) Resources Available for 2007-08 FAFSA Cycle
Let students and their families know that the 2007-08 Free Application for Federal Student Aid (FAFSA) cycle, including FAFSA on the Web, Renewal FAFSA on the Web, and Corrections on the Web, began on January 1, 2007. 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 at collegezone.com for information regarding resources that are available to help 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 your student loan borrowers 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.
Mapping Your Future Offers Entrance and Exit Counseling for Graduate Students with PLUS Loans
Make sure the colleges for which you process students loans are aware that, 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 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 "Lender Quick Links" menu that appears along the right margin of the Lender 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 in areas that can be easily viewed by individuals 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.
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.
Remember that you can access collegezone.com anytime, or send an e-mail message to ISAC's Lender 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).
A complete listing of 2007 holidays on which ISAC staff will be unavailable is provided at the ISAC Events Calendar.
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ISAC UPDATE
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 lenders and servicers 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)
- "FAFSA Expert" Sessions - Register Now
(sent December 15, 2006)
- ISAC Names New Executive Director
(sent December 5, 2006)
- Electronic ISAC Update for November 2006 Available at College Zone
(sent December 4, 2006)
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