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Pursuant to ISAC Rules [Section 2700.30 (e)], postsecondary institutions participating in gift assistance programs with ISAC shall annually report tuition and mandatory fee charges to ISAC on or before June 1st preceding each academic year.
Beginning with the 2006-07 academic year, the Gift Assistance Budget Packet allows schools participating in the Illinois Veteran Grant (IVG) and Illinois National Guard (ING) Grant Programs and the Monetary Award Program (MAP) to enter their budget information on one form. Schools that participate only in MAP will complete the 2006-07 Monetary Award Program Budget Packet.
Only one of the budget packets must be completed and is due to ISAC on or before June 1, 2006 for the 2006-07 acadmic year.
Use of Data Reported in Budget Packet
Tuition and mandatory fee information is gathered through this process on or before each June 1st for the upcoming academic year. During the recompute process, which is typically in the summer of each year, any changes to the MAP formula, as well as adjustments to the institution’s tuition and mandatory fee figures, may be incorporated depending on the final state appropriation for the program. (For the 2006-07 academic year, the MAP start-up formula is using the 2003-04 reported tuition and fees.) The reported tuition and fee information, as well as the term start and end dates, room and board charges and contact information, may be used by other ISAC programs and/or for research purposes within ISAC.
Tuition and/or Fee Amounts Finalized after June 1st
Under 2700.30 (e) of the ISAC Rules, any tuition and/or mandatory fee increases reported after June 1st would not be utilized in the calculation of gift assistance benefits for the coming academic year. The rules do not specify, but it is normally assumed, that such increases in tuition and/or fees would have been approved by the institution’s governing board prior to the submission of this data to ISAC.
When completing the Budget Packet, anticipated tuition and/or fee amounts should be provided if they have not been finalized. A written explanation from the Financial Aid Director stating that the institution’s governing board has not finalized budget figures must accompany the Budget Packet. If the tuition and fee increases are not adopted at the amounts reported, the Financial Aid Director must immediately contact ISAC (schoolservices@isac.org) with accurate figures and further guidance.
A letter of explanation from the Financial Aid Director should also accompany the Budget Packet if a mid-year tuition and/or fee increase is anticipated.
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