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October 2007
Welcome to the October 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 October. 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 Important Update - Default Fee Policy 2007-08 academic year. As many of you have been made aware, due to a decision by the U.S. Department of Education (ED), communicated to ISAC on October 29, 2007, ISAC will no longer require lenders to pay one-half of the 1% federally-mandated default fee. Effective December 1, 2007, ISAC will, as announced earlier this fall, pay one-half of the default fee on behalf of borrowers. However, we have revised the requirement that the lender pay the remaining half of the fee, and will continue to guarantee loans for lenders currently participating in our guaranty program. The Commission will consider the revised policy at its November 16th meeting.
Mark Your Calendar for Upcoming Important Dates You may either scroll through the entire message, or click on the appropriate link(s) to go directly to details about a specific topic: UPDATES Reminders regarding upcoming operational dates and College Illinois! enrollment TRAINING EVENTS ILASFAA Mid-Term Workshops, Mapping Your Future Online Student Loan Counseling Training, and Professional Development Opportunities HOLIDAY SCHEDULES Processing schedules for upcoming holidays UPDATES October 26th: 2007-08 Byrd Payment Request Rosters Due Eligibility Certification/Payment Request Rosters for the 2007-08 Robert C. Byrd Honors Scholarship Program are due back to ISAC on or before Friday, October 26, 2007. Further details are provided at the Payment Procedures for the Byrd Scholarship page of the ISAC Gift Assistance Programs area at collegezone.com. October 29th: 2007-08 College Illinois! General Enrollment Period Opens The 2007-08 general enrollment period for the College Illinois! 529 prepaid tuition plan opens on Monday, October 29, 2007 and continues through April 29, 2008. Families can pre-enroll between now and October 29th. TRAINING EVENTS November 7th-8th, and November 15th-16th: ILASFAA Mid-Term Workshops The Illinois Association of Financial Aid Administrators (ILASFAA) is planning two Mid-Term Workshops for November. These two-day workshops are again being offered in partnership with the Illinois Student Assistance Commission (ISAC), replacing both the Winter Workshops and the ISAC Fall Seminars for Financial Aid Administrators that were held in years prior to 2006. Additional information, including the workshop agenda and registration details, is available at the Training page of the ILASFAA Web site. Continuing through Mid-November: Mapping Your Future Online Student Loan Counseling Training Mapping Your Future is providing Online Student Loan Counseling (OSLC) training for schools through mid-November. The sessions, available for both beginner and advanced users, include an online presentation with audio via conference call. Register today via the Mapping Your Future Web site. Continuing through Mid-February: 2007-08 Professional Development Opportunities ISAC is hosting a series of professional development opportunities designed to help high school counselors, community organization members, financial aid administrators and other professionals involved in assisting Illinois students and their families along the path to college. More information, including dates/locations and registration details, is available within the e-Library's Partner Training area at collegezone.com. HOLIDAY SCHEDULES ISAC and the National Disbursement Network (NDN) offices will be closed on the following dates:
Remember that you can access collegezone.com anytime, or send an e-mail message to ISAC's School Services Department. With the exception of holidays (such as those indicated above), ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8 a.m. - 5 p.m. CT). Processing Schedules Click on the appropriate link(s) to access holiday processing schedules for loan records [CommonLine and Common Account Maintenance (CAM) files] and/or Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program records.
Upcoming Mid-Term Workshops from ILASFAA and ISAC Register online today. The cost for the workshop is $25. The workshops will be offered at one downstate and one upstate location, with the same sessions being presented at each:
PUBLIC SCHOOLS - PARTICIPATING IN THE ING GRANT AND IVG PROGRAMS 2007-08 Fall Term ING Grant Payment Requests Due 2007-08 fall term Illinois National Guard (ING) Grant Payment Request Rosters and Certification Forms were mailed to colleges on Thursday, October 25th. The roster, which includes all qualified applicants whose ING Grant Program applications were received by October 1st, is a list of students who may be considered for a full-year award at your college. The roster and Certification Form are due back to ISAC on or before November 24, 2007. Any initial fall term payment requests submitted after this date will be placed in lower priority consideration for payment. An ING Supplemental Payment Request Form and an ING Out-of-District Tuition Claim Form were also included in the October 25th mailing. Out-of-district claims must be returned on or before November 24th as well. Supplemental requests must be returned to ISAC on or before December 9, 2007. Further details regarding the ING Grant payment process are available at the Payment Procedures for the ING Grant page, located within the ISAC Gift Assistance Programs area at collegezone.com. 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 September 2007 Available at College Zone Topics covered in the September 2007 ISAC Update include:
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