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August 2007
Welcome to the August 2007 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout August. This e-Messaging service has replaced ISAC's use of printed newsletters 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 Lender 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 Lender Services by sending an e-mail message to lenderservices@isac.org or calling 800.477.4411 and speaking with one of the following staff members:
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 Mark Your Calendar for Upcoming Important Dates 2007-08 ISAC Administrative Rules Available ISAC Administrative Rules, which have been adopted for the 2007-08 academic year, are available within the e-Library at collegezone.com. Through August 19th: Illinois State Fair Visit with ISAC staff in Campus Town at the 2007 Illinois State Fair in Springfield. Campus Town is open daily from 9 a.m. to 4 p.m. during the fair, which runs from August 10th through August 19th. September 3rd: Labor Day Due to the Labor Day holiday, ISAC offices will be closed on Monday, September 3rd and will reopen on Tuesday, September 4th. Loan records received at ISAC on Labor Day, as well as disbursement records received at the National Disbursement Network (NDN), will be processed the following business day. This means that CommonLine or Common Account Maintenance (CAM) files received on September 3rd will be processed on September 4th, with results available September 5th (or the next available day for any schools opting to receive NDN files on specific days of the week). Note that ELM Resources will continue to process and transmit files on September 3rd. For Assistance Remember that you can access collegezone.com anytime, or send an e-mail message to ISAC's Lender Services Department. With the exception of holidays, ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8 a.m. - 5 p.m. CT). A complete listing of 2007 holidays on which ISAC staff will be unavailable is provided at the ISAC Events Calendar.
ISAC Business As Usual Despite State Budget Impasse - Held FY07 MAP Payments Being Released Accordingly, ISAC remains fully operational and continues "business as usual." All operations are proceeding with no interruption and there are no immediate plans for that to change. Continue to watch media reports and this e-Messaging service for updated information about the ongoing budget negotiations. With regard to last year's (FY07) budget, the recently finalized sale of a portion of ISAC/IDAPP's student loan portfolio will allow us to release the previously-held 2006-07 Monetary Award Program (MAP) payments for claims processed since March 28th. It is anticipated that vouchers for the held payment claims will be submitted to the Illinois Comptroller's office by Friday, August 3rd. Colleges can then expect to receive MAP funds within 7 - 10 days after that date. Information about how to track payments is available on the State Comptroller's Web Site page within the MAP Payment section of collegezone.com. As a reminder, the FY07 budget required that $26.8 million of MAP funding, providing grants for approximately 17,500 students, be supported by ISAC rather than by state-appropriated general revenue funds. The recent sale will satisfy that obligation.
MARKETING NEWS, ANNOUNCEMENTS ISAC Kicks Off 2007 Hispanic Heritage Month: Conducting a Financial Aid Presentation - in Spanish Spanish is the primary language spoken in more American homes than any other foreign language. Most students look to their parents for guidance in the college selection process. Unfortunately, it is not uncommon to find that many parents with limited English proficiency lack basic knowledge about the financial aid process and programs available to help meet the rising costs of a college education. As a result, their children, who may qualify for financial aid, often apply late or don't apply at all. If you, or someone in your school or organization, speak Spanish and are interested in learning more about the financial aid process in order to serve Spanish-speaking families, please join us. Based on feedback from the admission, guidance, and financial aid communities we have created a training event to help you speak "financial aid" and prepare a financial aid presentation in Spanish. The agenda includes the following:
Continental breakfast will be served. Space is limited. Register here! Tools and Resources A number of services are available in Spanish through College Zone.
2007-08 Professional Development Opportunities Offered by the Illinois Student Assistance Commission "Conducting a Financial Aid Presentation in Spanish" Spanish is the primary language spoken in more American homes than any other foreign language. Most students look to their parents for guidance in the college selection process. Unfortunately, it is not uncommon to find that many parents with limited English proficiency lack basic knowledge about the financial aid process and programs available to help meet the rising costs of a college education. As a result, their children, who may qualify for financial aid, often apply late or don't apply at all. If you, or someone in your school or organization, speak Spanish and are interested in learning more about the financial aid process in order to serve Spanish-speaking families, please join us. Based on feedback from the admission, guidance, and financial aid communities we have created a training event to help you speak "financial aid" and prepare a financial aid presentation in Spanish. These free sessions (9 a.m. – 12:30 p.m.) will be offered during September at 2 locations. Registration begins August 28th. "The FAFSA Made Easy" & "Planning a Successful Financial Aid Event" "The FAFSA Made Easy" focuses on the intricacies of the 2008-2009 Free Application for Federal Student Aid (FAFSA), student eligibility, and common mistakes. Developed as an intensive line-by-line review of the FAFSA, this training will place special emphasis on the dependency questions, financial aid worksheets, and eligible non-citizens. Several case studies, including the completion of a FAFSA, have been incorporated into this year's session. In addition, based on feedback from high school counselors and community organization members, a second training opportunity, "Planning a Successful Financial Aid Event" has been added to "The FAFSA Made Easy." Participants may now attend an afternoon session designed to help with the planning, promotion, and execution of successful financial aid presentations or other college outreach events. Those new to outreach event planning will be provided with tips, tools, and techniques for everything from cost to marketing to logistics. Experienced counselors are also highly encouraged to attend to share ideas, advice and best practices. These free sessions (9 a.m. – 3 p.m.) will be offered this fall at 8 locations throughout the state. Registration begins September 5th. "FAFSA Expert Training" & "Understanding Financial Aid Packaging" This winter, the professional development series continues with our most popular session, "FAFSA Expert Training." This session builds on the information and case studies presented in "The FAFSA Made Easy" and goes far beyond the line-by-line review of the FAFSA. Complex tax, asset, eligibility and need analysis questions are discussed. Participants will complete a hand calculation of the Federal Need Analysis Methodology and learn how the information provided on the FAFSA is used to determine the Expected Family Contribution (EFC). Again, in response to feedback from high school counselors and community based organization members, an afternoon session has also been added to this training event. Last year we introduced "Understanding Financial Aid Packaging." This highly rated session provides an overview of the elements involved in financial aid packaging as well as comprehensive consumer education information designed to assist you as you help your students prepare for the financial responsibilities associated with financing college. These free sessions (9 a.m. – 3 p.m.) will be offered this winter at 9 locations throughout the state. Registration begins December 12th. How to Register Registration details, including dates and locations, will be available online from the Partner Training area of the e-Library at collegezone.com. We will also be sending e-Messages with the latest information and updates about this series of year-round training sessions. If you have colleagues who are not already e-Messaging subscribers, now is the perfect time for them to take advantage of its convenience. Encourage them to sign up through the front page of the Lender Zone.
ISAC UPDATE Electronic ISAC Update for July 2007 Available at College Zone Topics covered in the July 2007 ISAC Update include:
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© 2003-2007 Illinois Student Assistance Commission
