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VOL. 24, NO. 9IGSL, 9B
March 2007
Welcome to the March 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 March. 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
Commission Meeting to be Held Friday, March 30, 2007
Sent to Financial Aid Directors and Financial Aid Administrators on March 22, 2007 The next regular meeting of the Illinois Student Assistance Commission is scheduled for 10 a.m. on Friday, March 30th at Millikin University in Decatur.
The tentative agenda for the meeting includes:
- Proposed Rules and Amendments
- FY 2008 Illinois Designated Account Purchase Program (IDAPP) Budget Request
- IDAPP Quarterly Investment Report
- College Illinois! Investment and Performance Report
The Agenda Book, providing a final agenda and 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.
There will be no Executive Briefing Conference Call following the March Commission Meeting.
State Legislative Update Posted
Sent to Financial Aid Directors and Financial Aid Administrators on March 20, 2007 A new State Legislative Update has been posted for your reference at collegezone.com. This Update reflects activity which has taken place during the 95th Illinois General Assembly spring session through March 15th, and can be accessed through College Zone's e-Library, #13, ISAC Announcements, Press Releases & State Legislative Updates.
The State Legislative Update will be updated on a regular basis throughout the spring session, which resumes today. Be sure to check collegezone.com periodically for the latest information.
Results of Latest 2006-07 MAP Plus Payment Run (March 16th) Now Available in MAPnet
Sent to Financial Aid Directors, Financial Aid Administrators, MAPnet Users and Business Officers on March 19, 2007 On March 16, 2007, ISAC processed payment claims for the Monetary Award Program Plus (MAP Plus). This includes all first and second term payment requests received since the payment run that took place on March 2nd.
Payment Results Available at MAPnet
MAP Plus payment results are available to view on MAPnet screens and reports as of today (Monday, March 19th). 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.
Priority Payment Claim Deadline Dates
Remember that April 1, 2007 is the claim deadline for first semester/quarter, second semester (for schools where the second semester begins on or before February 15th) and second quarter. Further details regarding MAP Plus payment claim deadline dates are provided at the MAP Plus Payment page at collegezone.com.
New Payment Requests
Schools that have not already done so are encouraged to submit their MAP Plus payment requests for both first and second terms as soon as possible. The next payment run is currently planned for Monday, April 2nd. You will be notified as additional MAP Plus payment runs are scheduled.
The MAP Plus Payment Chapter of the MAPnet User Guide provides instructions and sample screens for submitting MAP Plus payment requests.
As a reminder, award announcements for applications submitted after September 18, 2006 continue to be held.
Questions?
If you have questions regarding the release of MAP Plus payments, please contact a School Services Representative as indicated below.
ISAC Executive Director Responds to Chicago Tribune Article
Sent to Financial Aid Directors and Financial Aid Administrators on March 14, 2007 Many of you may have seen or heard about an article which appeared in the Sunday, March 11th Chicago Tribune which raised questions about selling a portion of the Illinois Student Assistance Commission's (ISAC's) student loan portfolio. In response, ISAC Executive Director Andrew Davis has released a statement clarifying information contained in the article.
In short, although the article implies that ISAC has proceeded with the sale of assets without legislative approval, in point of fact, ISAC was mandated to do so through Public Act 94-1056, approved by the Illinois General Assembly and signed by the governor on July 30, 2006. As required by the legislation, the capital generated by the recently completed sale, as well as through a planned subsequent sale this spring, will fund wholly and in part, the MAP Plus Program ($34.4 million) and the Monetary Award Program (MAP) ($26.8 million), respectively, during fiscal year 2007.
Andy's statement is included in its entirety below.
STATEMENT BY ANDREW DAVIS
EXECUTIVE DIRECTOR, ILLINOIS STUDENT ASSISTANCE COMMISSION (ISAC)
IN RESPONSE TO CHICAGO TRIBUNE ARTICLE
ON SUNDAY, MARCH 11, 2007
"I appreciate the interest the Chicago Tribune has demonstrated in the Illinois Student Assistance Commission (ISAC), the state's premiere agency for helping Illinois students attend college.
"Despite the many interviews and countless hours of investigative research that went into this story, the most significant factual allegation made in the story is simply and glaringly false. In paragraph three, the Tribune writes Governor Rod Blagojevich's ISAC '…commissioners have forged ahead without legislative approval,' to sell part of ISAC's student loan portfolio.
"Public Act 94-1056 - passed by the Illinois State Senate and House of Representatives on May 4, 2006, and signed into law by the Governor on July 30, 2006 – expressly authorizes ISAC to raise the funds appropriated for the financial year 2007 increase in the Monetary Award Program (MAP) and to fund the new MAP Plus initiative, by selling assets or restructuring ISAC's business.
"In following the precise instructions of Public Act 94-1056 ISAC has already funded nearly $20,000,000 in MAP Plus grants. These grants have given financial relief to nearly 40,000 middle-income Illinois families with students in college. ISAC anticipates making another 30,000 MAP Plus grants later this spring. To fund these grants we followed the directive of the General Assembly and deliberately and thoughtfully identified the most appropriate portfolio of student loans to sell. ISAC then executed that sale in an open and fair auction. A second sale that we anticipate holding later this spring will provide the financing for the historic increase in our need based MAP program.
"This agency has a proud 50-year history of service. It also has a bright future if it accepts the mandate of the Governor and support of the legislature to continue its mission of helping Illinois students overcome financial barriers so that they may start and complete the very best college education for which they are otherwise eligible."
ISAC Joins ILASFAA in "Exploring Our Professional Future"
Sent to Financial Aid Directors and Financial Aid Administrators on March 13, 2007 We hope to see you during the Illinois Association of Student Financial Aid Administrators (ILASFAA) 2007 annual conference, taking place March 18th through March 20th at the Renaissance Schaumburg Hotel & Convention Center.
As we're "Exploring Our Professional Future" together, please also join us in celebrating a half-century's worth of providing access to higher education. Our anniversary reception - commemorating 50 years for the Illinois Student Assistance Commission (ISAC), 30 years for the Illinois Designated Account Purchase Program (IDAPP) and 10 years for the College Illinois! prepaid tuition program - will take place on Monday, March 19th, from 5:30 p.m. to 7:30 p.m. in Utopia Ballroom A & B. We are proud to commemorate all we've been able to accomplish through our partnership with the Illinois financial aid community, and look forward to working with you as we continue to serve the students of Illinois.
In addition to Monday night's reception, you'll also find us either at our booth in the vendor area, or at one of these sessions that the ISAC staff will be presenting or co-presenting:
- Basics of EFC Calculation (Sunday, March 18th, from 4 p.m. to 4:45 p.m.)
- Electronic Tools - Search Engines (Monday,
March 19th, from 9:45 a.m. to 10:30 a.m.)
- State Update from ISAC Executive Director Andy Davis (Monday, March 19th, lunch)
- ISAC Operational Update (Monday, March 19th, from 2:30 p.m. to 3:15 p.m., and then repeated from 3:45 p.m. to 4:30 p.m.)
- Project Management Essentials - What Is a Project and How to Successfully Manage One (Monday, March 19th, from 2:30 p.m. to 3:15 p.m.)
Once on site at the hotel for the conference, refer to the conference program for the location of each session. For more details regarding the 2007 ILASFAA conference, visit the ILASFAA Web site.
Special Message from ISAC's Executive Director
Sent to Financial Aid Directors and Financial Aid Administrators on March 7, 2007
Dear Colleagues:
I'm writing to you today to share my perspective on the commitment of the Illinois Student Assistance Commission (ISAC) to the students and families of the State of Illinois. In this year, which marks the 50th anniversary of the creation of the entity that is now ISAC, it is appropriate, especially for a new Executive Director, to lead an exercise of self-examination. One place that an organization such as ours should look to fully understand itself is its original and amended enabling legislation. I have done that, and am happy to say that ISAC's fundamental mission remains the same:
- informing students and families on how to overcome financial barriers to access higher education; and
- providing comprehensive, total solutions to meet those needs.
Our value is in an ISAC that increases its focus on need-based assistance programs for Illinois citizens, and in doing so utilizes the strategic advantages that are unique to us as a not-for-profit creation of the State of Illinois. Simply put, we can focus on needs that can best be identified and delivered by a trusted governmental agency that does not have shareholder-driven requirements of profitability. Any withdrawal of ISAC from certain markets, products or services should not be misinterpreted as a sign of diminished commitment to our mission, but rather should be viewed as a strengthening of our focus on programs, products and services providing unique benefits to our core Illinois constituency.
Going forward we will best serve the students of Illinois if we continue to support the Monetary Award Program (MAP) as our flagship need-based grant program, continue as the guarantor for Illinois and revamp our loan offerings to offer unique benefits exclusively to Illinois residents. The current array of ISAC services that focuses on informing students and families on how to overcome financial barriers to higher education, including College Zone and our electronic services such as IllinoisMentor and the Illinois Electronic Transcript Exchange, will be maintained in both the short and long terms. At the same time, we intend to continue encouraging Illinois families to participate in the College Illinois! prepaid tuition program.
We will do this as a collaborative effort. The ultimate goal is to offer a suite of financial assistance programs that make up a comprehensive solution to the financial problems that can prevent Illinois students from pursuing and completing the very best college programs for which they are otherwise eligible.
In closing, I'd like to invite you to stop by our 50th anniversary reception from 5:30 to 7:30 p.m. on Monday, March 19th at the 2007 Conference of the Illinois Association of Student Financial Aid Administrators (ILASFAA), Inc. It will be an excellent opportunity for us to meet.
Sincerely,
Andrew Davis
Executive Director
Illinois Student Assistance Commission
 New Awards Announced for 2006-07 Teacher Education Scholarship Programs
Sent to Financial Aid Directors and Financial Aid Administrators on March 7, 2007 A fifth round of 2006-07 Teacher Education Scholarship Programs (TESP)* awarding took place on March 6, 2007. Award notifications have been mailed to eligible students and new eligible award information, including funded or unfunded status, is available to colleges online at My Zone. There are three award announcement categories for eligible students:
- Eligible - Funded - students who are eligible for an award;
- Eligible - Unavailable Funds - students who are eligible for the award, but for whom funds are not available; and
- Eligible - Unavailable Funds (IFTC Teachers Only) - students who are eligible for an award based on enrollment in a teacher education program, but for whom funds are not available.
* TESP includes the Illinois Future Teacher Corps (IFTC) and Minority Teachers of Illinois (MTI) Scholarship programs.
Accessing Award Information at My Zone
With TESP awards having been made on multiple dates (08/16/2006, 08/24/2006, 10/19/2006, 02/06/2007 and 03/06/2007), the filter functionality and pre-defined report that sort by "Status Date" (available within the Teacher Education Scholarship Programs (TESP) area at My Zone) may be used to help identify students that have recently been found eligible for an award. As a reminder, the "Status Date" matches the date on the student's award letter.
Access to My Zone
If your college has not yet signed up to participate in My Zone, which provides online access to student-specific data in a secure environment, access the FAA Zone front page, select the My Zone Quick Link and follow the instructions provided. Or if there's been a change in staff needing to access TESP, the My Zone Administrator for your campus should update access to TESP so staff will be able to view eligible student award notification data online.
Results of Latest 2006-07 MAP Plus Payment Run (March 2nd) Now Available in MAPnet
Sent to Financial Aid Directors, Financial Aid Administrators, MAPnet Users and Business Officers on March 5, 2007 On March 2, 2007, ISAC processed payment claims for the Monetary Award Program Plus (MAP Plus). This includes all first and second term payment requests received since the payment run that took place on February 16th.
Payment Results Available at MAPnet
MAP Plus payment results are available to view on MAPnet screens and reports as of today (Monday, March 5th). 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
Schools that have not already done so are encouraged to submit their MAP Plus payment requests for both first and second terms. The next payment runs are currently planned as follows:
- Friday, March 16th
- Monday, April 2nd
The MAP Plus Payment Chapter of the MAPnet User Guide provides instructions and sample screens for submitting MAP Plus payment requests.
As a reminder, award announcements for applications submitted after September 18, 2006 continue to be held.
Priority Payment Claim Deadline Dates
Deadline dates for the submission of payment requests for each term are provided at the MAP Plus Payment page at collegezone.com.
Questions?
If you have questions regarding the release of MAP Plus payments, please contact a School Services Representative as indicated below.
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FINANCIAL AID ADMINISTRATOR
Narrated Financial Aid PowerPoint Available at collegezone.com
Sent on March 14, 2007
A narrated PowerPoint presentation - Financial Aid for a College Education - has been added to collegezone.com. Convenient for those times when you and your staff are not available to do in-person financial aid sessions, the presentation includes information about the Free Application for Federal Student Aid (FAFSA), the expected family contribution (EFC), deadline dates, award packages, scholarship, grant and loan programs, and more.
Students and their families can access the presentation through the Quick Links of the Student Zone, and the narrated version, as well as a downloadable version with talking points, is also available to partners through College Zone's e-Library, #7 - Presentations. Both presentations contain information specific to the 2007-08 academic year.
New Test Preparation Tools in IllinoisMentor
Sent on March 9, 2007
IllinoisMentor at collegezone.com now includes a free, comprehensive, Web-based test preparation course to help students prepare for the ACT, SAT and GRE college entrance exams.
Student Friendly Services
The course allows students to reinforce the academic skills tested by the ACT, SAT and GRE exams through a series of tutorials, practice sessions and vocabulary drills. In addition, high school students can take advantage of other options like e-mail reminders with tips, word-of-the-day and question-of-the-day features, and even elect a parent, teacher or counselor as a "coach" to mentor them throughout the test preparation process. The course gives students an added advantage when it comes to preparing for their college entrance exams and raising their scores. The student must have an IllinoisMentor login to access the Test Preparation area of the site.
Dynamic Vocabulary Builder
A 2,000 word vocabulary builder makes learning words easy and enjoyable and automatically adapts to the student's ability level. The Vocabulary Builder presents words based on its assessment of the student's vocabulary skills. When the student gets a word right twice, it is added to their personal list of the mastered words and stored on an electronic flashcard for subsequent review.
Self-Paced Tutorials
User-friendly, in-depth tutorials are available for each subject area and/or question type covered on the entrance exams. The tutorials are designed to reinforce relevant academic skills by teaching students how to approach each kind of question, letting them practice questions at their own pace, and monitoring their progress.
To learn more about the new test preparation section of IllinoisMentor, as well as all of the available Modules - including the Career Center, Plan for College, Find a College, Applications & Transcripts and more - access IllinoisMentor through the collegezone.com home page.
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FFELP PARTICIPANTS
Latest School DAAR Report Available
Sent on March 5, 2007and March 19, 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.
ED Issues Revised Stafford MPN Addendum and Plain Language Disclosure
Sent on March 2, 2007
The Higher Education Reconciliation Act (HERA) enacted in 2006 made several changes to Federal Family Education Loan Program (FFELP) loans. To inform borrowers of the changes to the terms and conditions of their loan(s), the U. S. Department of Education (ED) issued addenda and revised Plain Language Disclosures (PLD's) to be used in conjunction with the current Stafford and PLUS Master Promissory Notes (MPN's), and the Consolidation Application and Promissory Note. The one change that was not included in the previous Stafford MPN Addendum and PLD was the annual loan limit increases for first and second year students that are effective on July 1, 2007.
On March 1, ED issued Dear Colleague Letter (DCL) FP-07-02, which publishes revised versions of the Stafford MPN Addendum and PLD to include these loan limit increases. The PLD also includes a change to Item 9, which clarifies that some loans with a variable interest rate have a rate that is lower during in-school, grace, and deferment periods, and higher during repayment and forbearance periods.
The revised addendum and PLD must be used with the current Stafford MPN until a revised MPN is developed and approved (the current form has an expiration date of 2/29/08). FFELP participants must discontinue use of the addendum and PLD that were published in 2006 and begin using the revised forms as soon as possible.
No changes were made to the PLUS MPN Addendum and PLD, the PLUS Endorser Addendum or the Consolidation Application and Promissory Note Addendum.
Please continue to refer to DCL FP-06-05 for guidance in using the addenda and PLD's.
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ISAC UPDATE GROUP
Electronic ISAC Update for February 2007 Available at College Zone
Sent on March 1, 2007 The February 2007 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 February via College Zone's e-Messaging service.
Topics covered in the February 2007 ISAC Update include:
- Easy Access to Financial Aid Information
(sent February 23, 2007)
- Results of Latest 2006-07 MAP Plus Payment Run (February 16th) Now Available in MAPnet
(sent February 20, 2007)
- Reconciling 2006-07 MAP Plus Payments
(sent February 14, 2007)
- Mark Your Calendar for Upcoming Important Dates
(sent February 14, 2007)
- Start-up for 2007-08 MAP and IIA Programs Successfully Implemented
(sent February 7, 2007)
- New Awards Announced for 2006-07 Teacher Education Scholarship Programs
(sent February 7, 2007)
- Financial Aid 101: Building a Solid Foundation - February 2007 Workshops
(sent February 6, 2007)
- Results of Latest 2006-07 MAP Plus Payment Run (February 2nd) Now Available in MAPnet
(sent February 5, 2007)
- 2007-08 MAP and IIA Program Start-up Scheduled for February 7th
(sent February 2, 2007)
- 2006-07 MAP Plus Payment Status Update
(sent February 1, 2007)
- Latest School DAAR Report Available
(sent February 5, 2007 and February 20, 2007)
- Electronic ISAC Update for January 2007 Available at College Zone
(sent February 1, 2007)
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