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1/25/2007
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.
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