|
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.
The 2006-07 Gift Assistance Budget Packet is due to ISAC on or before June 1, 2006 for the 2006-07 academic year.
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.
|
