Commission to Meet on Friday, June 22nd

On Friday, June 22, 9:00 a.m., the Illinois Student Assistance Commission (ISAC) will convene its Board meeting at Robert Morris College, 401 S. State, Chicago.

The ISAC Board meeting is open to the public.

The Commission members will be briefed on the upcoming partial sale of its student loan portfolio.  The sale will fund ISAC’s flagship need-based Monetary Award Program (MAP).  The sale will also make the agency more “Illinois-centric” by selling more of the existing portfolio’s loans issued to students from other states, and ensuring that sale proceeds are directed to grants to benefit Illinois students attending Illinois schools.

The Commission will consider a staff recommendation about the Monetary Award Program (MAP) formula that will determine MAP award levels for the upcoming year.

The agenda also includes an update on the new College Illinois! Capstone Loan, to be launched as a pilot program later this summer.  The new loan product will help college seniors “cross the finish line” with low-interest loans which offer incentives for students to remain in Illinois and a “salary-sensitive” interest rate component. 

The agency is observing its 50th anniversary this summer.

Created in 1957, ISAC is the state’s central provider of college aid.  The agency oversees the successful Monetary Award Program (MAP), MAP Plus program, Illinois Veteran Grant program, and service-related programs to encourage more students to pursue careers in teaching or nursing.  Last year, ISAC issued 202,000 grants totaling $392 million and guaranteed $1.18 billion in loans to 222,988 students.  Its 529 prepaid tuition program – College Illinois! – has allowed Illinois families to prepay more than $1 billion in tuition and fees.