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November 2007
Welcome to the November 2007 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout November. 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 College Zone and Related Internet Applications Temporarily Unavailable on November 30 On November 30th, the following Internet applications will be unavailable beginning at 7 p.m. (CT) and continuing until approximately 1 a.m. (CT) on Saturday, December 1st:
Default Fee Change Approved and Other Action Taken at November 16, 2007 Commission Meeting Revised Federal Default Fee Payment Policy for 2007-08 Academic Year Approved The Commission approved a revised policy effective for Federal Family Education Loan Program (FFELP) loans guaranteed on or after December 1, 2007. ISAC will pay one-half of the 1% federally-mandated default fee on behalf of the borrower, with the remaining half to be paid by either the lender or the student borrower. This is a change from what the Commission had approved at its September 2007 meeting, at which time ISAC had indicated that only those loans for which the lender agreed to pay the remaining 50% of the fee would be guaranteed. The change in policy is the result of a decision by the U.S. Department of Education (ED), as was previously communicated to our partners in an October 30th e-Message. Please Note: Because ISAC will continue to guarantee loans regardless of whether the lender pays one-half of the default fee, a listing of those lenders opting to pay the remaining half of the fee will not be posted at College Zone (this is a change from what had originally been indicated following the September Commission meeting). Student borrowers and financial aid administrators will need to learn from lenders whether the remaining one-half of the default fee is to be paid by the lender or by the borrower. Reminder for Lenders: Lenders are to return their completed Default Fee Data Sheet to Lender Services on or before November 28th. Other Action Items Approved The following items were also approved at the November 16th Commission meeting:
These items were presented to the Commissioners for informational purposes (no action was required):
Once the 2008 Commission meeting schedule has been finalized, it will be posted to theISAC's Governing Board: The Commission section of the e-Library at collegezone.com.
Commission Meeting to be Held Friday, November 16, 2007 Assistance Commission is scheduled for 9 a.m. on Friday, November 16th at Morton College in Cicero. The tentative agenda for the meeting includes:
2007 Agenda Books page (which is located within the ISAC's Governing Board: The Commission section of the e-Library at collegezone.com). There will be no Executive Briefing Conference Call following the November Commission Meeting.
ISAC Announces Workforce Reduction In determining how to reduce headcount, the priority was to identify positions that, although critical when created, are no longer crucial to the agency's mission, due to changes in the operation over the years. A structured and consistent process was used to identify those non-mission critical positions throughout the agency. ISAC staff remain committed to serving the students and families of Illinois as they pursue their higher education goals. As stated by Executive Director Andy Davis in a press release announcing this action, "Through this restructuring, we can focus our efforts on core operations that ISAC does so well: providing outreach and other services to Illinois students to ensure they have the financial tools they need to achieve a college education."
MARKETING NEWS, ANNOUNCEMENTS CAP Committee Seeking Your Help to Make a Difference The College Awareness and Preparation (CAP) committee invites high school counselors and college admission and financial aid professionals across the state to participate in the 2008 FAFSA Workshops this coming winter. With your help, our goal this year is to continue raising the awareness about college financial aid for the thousands of families who will be filing their 2008-2009 Free Application for Federal Student Aid (FAFSA).
Register now via e-mail at outreachtraining@isac.org and include your name, institution and the location you want to attend, and you will receive room and parking details. Continental breakfast and lunch will be provided. Registration will be open up to three days before the training. Volunteer to help at a FAFSA Workshop. You may not be able to hold a Workshop at your site, but there's bound to be one near you. Each site needs volunteers that can help with a wide variety of tasks, such as greeting and guiding participants, presenting information, answering FAFSA questions and helping in a PC lab with FAFSA on the Web. Please consider being a volunteer, and copy and distribute the Volunteer Form among your colleagues as soon as possible and encourage them to volunteer as well. The Volunteer Committee is eager to begin organizing the volunteers and will contact each at a later date. The deadline for returning the Volunteer Form is January 15, 2008. The 2008 CAP Committee would like to thank you in advance for your continued support of the annual FAFSA Workshops and other CAP activities. Please do not hesitate to contact Janet Ingargiola at 217-443-8760 or jingarg@dacc.edu with any questions you may have. Let us continue to work together to help Illinois students and families achieve their higher education goals.
"The Financial Aid Process" PowerPoint Presentation Available Created with input from high school counselors, financial aid professionals and community organization representatives, this presentation focuses on need-to-know basics, discussed in the following sections:
Please take advantage of this comprehensive presentation to assist your students and their families through the college planning process.
New "Loan Repayment/Forgiveness Programs" Section Added to Student Zone Borrowers can learn about programs designed to help with student loan repayment (for Illinois residents who qualify based on certain eligibility requirements, such as making a commitment to work in Illinois for a specific amount of time as a teacher or nurse) within the Financing areas of the 8th-12th Grades, College, Advanced Degree and After College sections of the Student Zone. Applicants also are now able to download and print applications for the new Nurse Educator Loan Repayment Program and the Veterans' Home Nurse Loan Repayment Program from within the Student Zone. Be sure your student loan borrowers are aware that these resources are available. These new sections, along with all the resources available at collegezone.com, are part of ISAC's ongoing commitment to ensuring that the students and families of Illinois have access to affordable educational opportunities.
Additional "The FAFSA Made Easy" Site Added "The FAFSA Made Easy" portion of the session focuses on the intricacies of the 2008-09 Free Application for Federal Student Aid (FAFSA), student eligibility, and common mistakes students make when completing the form. 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 day's agenda. 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 invited to attend to share ideas, advice and best practices. Space is limited so choose from the remaining dates and locations below and register here. Dates & Locations November 9, 2007 Southeastern Illinois College, 3575 College Rd, Harrisburg, IL B137 - Private Dining Room Campus Map November 16, 2007 Kishwaukee Community College, 21193 Malta Rd, Malta, IL A-225 Campus Map November 30, 2007 Parkland College, 2400 West Bradley Ave, Champaign, IL Conference Room D244 Campus Map December 6, 2007 John Wood Community College, 1301 S. 48th St, Quincy, IL Paul Heath Center and Fine Arts Center – Room D022 Campus Map December 7, 2007 Moraine Valley Community College, 9000 W. College Pkwy, Palos Hills, IL Moraine Room 2 & 3 Campus Map December 14, 2007 Black Hawk College, 6600 34th Ave, Moline, IL Building 4, Lecture Room 1&2 Campus Map Continental breakfast will be provided and registration begins at 8:30 a.m. We look forward to seeing you at one of our upcoming sessions. Make sure you submit your registration and print the confirmation page for your records.
ISAC UPDATE Electronic ISAC Update for October 2007 Available at College Zone Topics covered in the October 2007 ISAC Update include:
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© 2003-2007 Illinois Student Assistance Commission
