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February 2008
Welcome to the February 2008 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 February. 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 ISAC Releases "A Year in Review" Publication "A Year in Review" is a celebration of ISAC's 50th year of providing access to higher education. We hope you'll take a few moments to look through it and share our pride in all that, together, we accomplished for the families of Illinois.
Financial Aid 101: Building a Solid Foundation - March 2008 Workshops
If you are interested in attending one of these Financial Aid 101 Workshops, please send an e-mail to Kim Eck, Training Coordinator, at keck@isac.org indicating which session you would like to attend. Seating at each site is limited, so please register early. Details regarding directions, parking and lunch will be provided to registered participants via e-mail a few days prior to the workshop.
New Awards Announced for 2007-08 Teacher Education Scholarship Programs Award notifications have been mailed to eligible students and new eligible award information, including funded or unfunded status, is available to colleges online at My Zone. Award announcement categories for eligible students include:
* TESP includes the Illinois Future Teacher Corps (IFTC) and Minority Teachers of Illinois (MTI) Scholarship programs.
Proration Rate for 2007-08 IVG Program Timely Fall Term Claims Timely Fall Term Claims Will Be Prorated and Paid at 86.3% Following the priorities by which claims are to be paid, ISAC has paid 2007-08 timely (in-district and out-of-district) claims for summer term at 100% of the claims. At this time, not enough ISAC funds remain to pay the timely fall term claims at 100%. Therefore, these claims must be prorated and paid at 86.3% (i.e., $86.30 will be paid for every $100.00 of eligibility). Four-year public institutions will be responsible for a percentage (13.7%) of each eligible student's IVG timely fall award, and will be responsible for 100% of all eligible students' claims that are submitted for the spring term, as well as claims submitted after the due dates for each term's claims (i.e., late claims). Please be aware that although ISAC will not be able to reimburse institutions for spring term awards, payment requests must be submitted to ISAC so eligibility units can be assessed to students' accounts. 2007-08 IVG payment vouchers, along with an Illinois Veteran Grant (IVG) Fall Term Claim Proration Invoice (2007-08 Academic Year), will be sent to schools in the coming weeks. These documents will state the ISAC prorated amount paid to the institution for 2007-08 IVG fall term claims. Note: Community colleges will receive supplemental payments directly through the Illinois Community College Board (ICCB).
Prepare for March 28th Implementation of Mapping Your Future Web Site Redesign Details Provided in Special Issue of Online Student Loan Counseling E-News To assist financial aid professionals in ensuring that their own college's Web sites are ready for the redesigned Mapping Your Future site, a special issue of the Online Student Loan Counseling E-News (February 2008) is available online. Please take the time to carefully review this newsletter, which provides important information regarding topics such as the site's design and content, linking to the redesigned site (including Online Student Loan Counseling and customized pages), student instructions for Online Student Loan Counseling, SchoolExpress, staff e-mail addresses, and upcoming training opportunities. College Zone Updates In preparation for the March 28th implementation, ISAC staff members are in the process of reviewing collegezone.com to identify Mapping Your Future links that will need to be updated with the new URLs. We encourage our college partners to do the same. Questions? Questions regarding the Mapping Your Future Web site redesign may be directed to Mapping Your Future staff by sending an e-mail message to feedback@mappingyourfuture.org. Mapping Your Future is a national collaborative public service project of the financial aid industry, including ISAC - bringing together the expertise of the industry to provide free college, career, financial aid, and financial literacy services for schools, students, and families.
Start-up for 2008-09 MAP and IIA Program Successfully Implemented ISAC is pleased to announce that 2008-09 start-up for the Monetary Award Program (MAP) and the Silas Purnell Illinois Incentive for Access (IIA) Program has officially commenced. Here is a brief listing of scheduled start-up activities and available resources for the 2008-09 cycle. 2008-09 Processing Effective today, February 7th, MAP and IIA Program data can be accessed via MAPnet. All 2008-09 Institutional Student Information Records (ISIRs) received by ISAC through (including) February 4th are now available with their accompanying eligibility status information. 2008-09 ISIR data received by ISAC from February 5th through February 7th will be processed tonight, with results available in MAPnet tomorrow (February 8th). Daily processing of 2008-09 ISIR and eligibility status information begins tomorrow, February 8th.As a reminder, when applying the 2008-09 start-up formula, the maximum annual award amount for a MAP grant is $4,968. Information Available at collegezone.com The updated MAPnet User Guide can be accessed within the Processes area of the FAA Zone. The MAP and IIA Program areas within the ISAC Gift Assistance Programs section of the FAA Zone have also been updated. An explanation of the 2008-09 start-up formula, information regarding calculating a term award for both semester and quarter schools, guidance regarding rounding, and hand calculation forms are just some of the available resources. The State & Federal Aid Estimator, which provides an estimate of MAP and federal aid, will be updated to reflect the 2008-09 start-up formula. Watch for information on the FAA Message Board as to its availability from the Calculators area within the e-Library. Notification to Applicants Samples of 2008-09 acknowledgement letters that ISAC sends to students are available within the ISAC Gift Assistance Programs area, along with the MAP Rights & Responsibilities form and the IIA Information Sheet. In order to accommodate the volume of applications submitted since January 1st, ISAC anticipates starting to mail 2008-09 acknowledgement letters to applicants by February 14, 2008. Once all letters for previously submitted applications have been sent, letters will be generated and mailed following a regular schedule.
PUBLIC SCHOOLS - PARTICIPATING IN THE ING GRANT AND IVG PROGRAMS Enhanced Reports Available via My Zone's IVG Online Payment To assist schools in the review and reconciliation of Illinois Veteran Grant (IVG) Program payment data, enhanced Payment Claim reports and Invoice reports (entitled Authorized Benefits Results reports) - including revisions to three existing reports and the addition of two new reports - have been developed for retrieval through IVG Online Payment at My Zone.
Authorized Benefits Results – Late Claims (new)
Authorized Benefits Results – Rejected Claims (revised)
Authorized Benefits Results – Summary Totals (revised)
Authorized Benefits Results Summary - Invoice (new)
Accessing the Reports The Accepted Claims, Late Claims, Rejected Claims and Summary Totals reports may be accessed via IVG Online Payment by following these steps:
To access the Summary - Invoice report via IVG Online Payment, follow these steps:
Additional information regarding the IVG payment process is available within the Illinois Veteran Grant (IVG) Program sections of the My Zone and ISAC Gift Assistance Programs areas 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 January 2008 Available at College Zone Topics covered in the January 2008 ISAC Update include:
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