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June 2007
Welcome to the June 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 June. 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 2007-08 Recompute Formula - Reflected in MAPnet June 29th Once verification of recompute data has been completed on June 29th, we will send a message to the "MAPnet Users" e-Messaging subscription group to announce the availability of the 2007-08 MAPnet system. At that point, all 2007-08 Institutional Student Information Report (ISIR) records received from the Central Processing System (CPS) on or before Monday, June 25th will have been updated to reflect eligibility using the 2007-08 MAP recompute formula.
2006-07 MAP Plus Late Claims Released on June 22, 2007 Late claims (payment requests received after the applicable priority claim deadline) for the 2006-07 Monetary Award Program Plus (MAP Plus) received at ISAC on or before June 22, 2007 were released for payment on Friday, June 22nd. MAP Plus records held as late claims are identified in MAPnet with a Payment Results Code of "Y" (Held payment request - Late Claim). All late payment requests that were submitted on or before June 22, 2007 were automatically processed, with results available via MAPnet today (Monday, June 25, 2007). 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. ISAC does not anticipate any additional release of MAP Plus late claims. However, cancellations to previously paid awards that result in refunds will continue to be accepted and processed through MAPnet until July 27, 2007.
Commission Meeting Summary: 2007-08 MAP Recompute Formula Approved No Reduction Factor Each year, ISAC is responsible for adopting an allocation formula for MAP. Typically, once the governor and General Assembly take action on the budget (which, as of the time of this message, remains unresolved), the Commission revisits the MAP formula and approves a "recompute" formula that is updated from the formula used at start-up. Although a state budget has not yet been approved, two budget proposals include slight increases for MAP – one of $4.8 million and the other $7.3 million. The $26.8 million provided by the Student Loan Operating Fund in FY2007 is expected to be covered either by the state's general revenue fund or by another sale of loan assets. Either budget would basically cover the increased costs to MAP caused by changes made through the Higher Education Reconciliation Act (HERA) to the federal formulas that calculate students' expected family contributions. The larger increase would allow for a few more days of award announcements. With level funding, award announcements would need to be suspended about a week earlier than if the HERA changes had not occurred. Given the expectation of a FY2008 MAP appropriation that is at least equal to the FY2007 MAP appropriation, and level application volume, a recompute formula which eliminates the reduction factor used in the start-up formula has been approved by the Commission. This formula increases the maximum MAP award to its $4,968 statutory amount (the average announced award should increase from about $3,000 to $3,300). In summary, the FY2008 recompute formula approved by the Commission contains the following elements:
Details of the 2007-08 MAP recompute formula are available in Table 4: Staff Recommendation for FY2008 MAP Recompute Formula, located on page 12-4 of Item 12 of the June 22, 2007 Agenda Book. The 2007-08 MAP start-up formula is also provided on this same page, as Table 3: FY2008 MAP Start-Up Formula. Watch for Further Details The 2007-08 MAP Formula section (located within the ISAC Gift Assistance Programs area at collegezone.com), including the 2007-08 Hand Calculation Forms, will soon be updated to reflect the recompute formula. You will be notified via this College Zone e-Messaging service regarding when to expect the recompute formula to be reflected in MAPnet (currently expected to take place in early to mid July), as well as once all corresponding updates have been completed at collegezone.com. At that time, we will also announce the date(s) on which the 2007-08 MAPnet system will be temporarily unavailable in order to allow recompute to be moved into production. Other Commission Meeting Agenda Items At its June 22nd meeting, the following items were addressed as part of the agenda. Details are provided in the June 22nd Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission page at collegezone.com. Specific agenda items may also be accessed by clicking on the appropriate link(s) below.
IVG Payment Online Status Update Effective for 2007-08 processing (which begins with the 2007 summer term), IVG Payment Online replaces the paper and diskette processes with a secure, electronic method of submitting payment claims for the IVG Program. In order to safeguard your students' confidential data, please do not submit any 2007-08 payment claims (for any terms, including summer) via diskette or paper. ISAC will notify schools once we are ready to begin accepting summer term claims for IVG (currently, anticipated for late summer). Features Once available, IVG Payment Online will enhance the IVG payment request process with the following features:
Future Updates
Commission Meeting to be Held Friday, June 22, 2007 The tentative agenda for the meeting includes:
There will be no Executive Briefing Conference Call following the June Commission Meeting.
Update on MAP Payment Status As a follow-up to an e-Message dated April 6th, in which we reported a possible delay in 2006-07 Monetary Award Program (MAP) funds to schools due to this year's funding structure, we want to update you on the situation. Because the state-appropriated General Revenue Funds (GRF) for payment of MAP awards have been depleted, the remaining eligible awards will be paid by ISAC-provided funds. It is anticipated that funds to pay the remaining MAP awards (payment claims received by ISAC on or after March 28th) will be available around late July or early August. At that time, a decision will also be made as to whether late claims can be released for payment. Watch for further e-Messages and/or the FAA Message Board for updated information about the status of MAP payment.
State Legislative Update Posted (June 8, 2007) A new State Legislative Update has been posted for your reference at collegezone.com. This Update, dated June 8, 2007, reflects activity that has taken place during the 95th Illinois General Assembly spring session since the date of our last Update. As you no doubt are aware, the General Assembly is now considered to be in "overtime," not having been successful in establishing a spending budget for Illinois for fiscal year 2008 (FY08). As a result, any legislation with an immediate effective date still awaiting passage (including the budget) will now require a three-fifths majority vote in each chamber. Items of note in this Update include:
Results of 2006-07 MAP Plus Payment Run (June 1st) Now Available in MAPnet February 15th) and third quarter, since the payment run that took place on May 11th. Because June 1st was the final 2006-07 MAP Plus payment claim deadline date, this was the last regularly-scheduled MAP Plus payment run. Payment Results Available at MAPnet MAP Plus payment results are available to view on MAPnet screens and reports as of today (Tuesday, June 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. Late Claims Any MAP Plus payment requests submitted after June 1st are considered late claims. The 2006-07 MAP Plus appropriation balance will be monitored, and a decision concerning whether late claims can be paid will be made in the coming weeks. If there are sufficient funds to pay any late claims, a subsequent payment run will be scheduled and announced. Questions? If you have questions regarding the release of MAP Plus payments, please contact a School Services Representative as indicated below.
Returning Amounts Owed for 2006-07 IIA As part of the close-out process for the 2006-07 Silas Purnell Illinois Incentive for Access (IIA) Program, reporting award cancellations via MAPnet needs to be accomplished as soon as possible. A prompt notification of expected return of funds due to cancellations is necessary for ISAC to determine our ability to pay IIA late claims. As a result, you are encouraged to finalize reconciliation activities on your campus as soon as possible. Payments must be reconciled on a student-by-student basis. Early next week, letters will be mailed to financial aid directors containing the projected outstanding amount each institution is expected to refund to ISAC. The amount indicated in the letter is reflective of activity reported to ISAC to date. Any subsequent reconciliation transactions would impact the final returned amount. Due to the offset process, funds are to be returned to ISAC only after a final reconciliation has been completed to close out the regular school year. Business officers are encouraged to work with staff from their institution's financial aid office to reconcile student awards and accounts. The final outstanding amount due, with proper documentation, is to be returned to ISAC on or before June 29, 2007. Be sure to use the current version of the Gift Assistance Programs Check Return Form, which includes a field to specify the term(s) for which funds are being returned and is dated "4/06" in the footer. As a reminder, do not send refund checks to ISAC without providing the appropriate corresponding adjustment data via MAPnet.
MAPNET USERS MAP Recompute Successfully Implemented - 2007-08 MAPnet System Available All 2007-08 Institutional Student Information Report (ISIR) records received from the Central Processing System (CPS) on or before Monday, June 25th have now been updated to reflect eligibility using the 2007-08 MAP recompute formula. On Saturday, June 30th, ISIR information will be current through Friday, June 29th (today). At that time we will return to daily processing of ISIR data. The 2007-08 MAP Formula section at collegezone.com, including the 2007-08 Hand Calculation Forms page, has been updated to reflect the recompute formula. As always, refer to the MAP Program News for the most up-to-date information. FFELP PARTICIPANTS Latest School DAAR Report Available 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. ISAC UPDATE GROUP Electronic ISAC Update for May 2007 Available at College Zone Topics covered in the May 2007 ISAC Update include:
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© 2003-2007 Illinois Student Assistance Commission
