2008-09 Budget Packets Now Available Online - Due On or Before June 1, 2008

The annual gathering of budget information from postsecondary institutions participating in the Monetary Award Program (MAP) and the Illinois Veteran Grant (IVG) and Illinois National Guard (ING) Grant programs is upon us. For your convenience, the forms used to submit this information are available online through collegezone.com. Access budget packets, updated instructions and Frequently Asked Questions (FAQs) for the MAP, IVG and ING Grant programs by selecting the "Budget Reporting - MAP, IVG & ING" option from the left-margin menu of the FAA Zone Processes area.

The 2008-09 Gift Assistance Programs Budget Packet allows schools participating in all three programs (community colleges and four-year universities) to enter their budget information on one form. Schools that participate only in MAP will complete the 2008-09 Monetary Award Program Budget Packet. Each packet is available in both Portable Document Format (PDF) and Microsoft Word format.

E-mail Preferred Method - Due On or Before June 1, 2008

The preferred method of submitting the budget packet is electronically via the e-mail account of the Financial Aid Director. To ensure smooth and timely processing, all budget packets submitted electronically, as with paper submissions, must arrive at ISAC on or before June 1, 2008.

If you choose to mail or fax the budget packet to ISAC, note the address on the front page of each packet. The 2008-09 information is being mailed or faxed to ISAC's Springfield Office. If you have questions concerning the budget packet process, please contact a School Services Representative at 866.247.2172 or schoolservices@isac.org.

Do You Want to Change How Your MAP Awards are Calculated?

Schools have a choice in how MAP term awards are calculated. Awards may be split evenly between terms or be split by whole dollar amounts. For example, if a semester school has elected to use the "cents" option, an annual award of $4521.00 is split evenly between terms as an award of $2260.50. If the school chooses to use the "no cents" option, the annual award of $4521.00 would be $2260.00 for the first term and $2261.00 for the second term. A definition of the "cents" or "no cents" option for quarter schools can be found at the above link.
 
The majority of schools calculate term awards by the "cents" option, but if you're interested in switching to the "no cents" option (or vice versa), simply send an e-mail message to schoolservices@isac.org prior to June 1, 2008. Your awards would be re-calculated using the new method at the time of recompute later this summer.