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The below dates and reminders are important in monitoring the close-out activities for 2007-08 ISAC-administered gift assistance programs. Also provided is the proration rate for 2007-08 Illinois National Guard (ING) Grant Program timely spring (second and/or third) term claims, as well as the proration status for other gift assistance programs.
* Note that, for MAP and the IIA Program, July 1st is the last date to submit adjustments that will increase an award. Cancellations and adjustments to previously-paid awards that decrease an award (i.e., result in refunds) will continue to be accepted and processed via MAPnet through (including) July 25th.
Due to funding shortfalls, ISAC must prorate all 2007-08 ING Grant Program timely second and/or third term claims. Timely Second or Third Term ING Grant Claims Will Be Prorated at 72.64% Following the priorities by which claims are to be paid, ISAC has paid 2007-08 timely (in-district and out-of-district) claims for first term at 100% of the claims. Not enough funds remain to pay the timely second or third term claims at 100%. Therefore, these claims must be prorated at 72.64% (i.e., $72.64 will be paid for every $100.00 of eligibility). [Note: As has been done in past years, we are using a more specific proration rate (calculated to the nearest one hundredth of a percent) in order to optimize the remaining funds that are available for the 2007-08 ING Grant Program. A proration rate over 72.64% would overspend the remaining money, while a lower rate would underspend it.] For the 2007-08 academic year, the institution will be responsible for a percentage (27.36%) of each eligible student's ING Grant timely second or third term award, and will be responsible for 100% of all eligible students' summer claims and late claims (i.e., claims that were submitted after the due dates for each term's claims). 2007-08 ING Grant payment vouchers, along with an Illinois National Guard (ING) Grant Spring Term Claim Proration Worksheet (2007-08 Academic Year), will be sent to schools in the coming weeks. These documents will state the prorated amount paid to the institution for 2007-08 ING Grant spring term claims. Proration Status Update for Other 2007-08 Gift Assistance Programs The following outlines the current proration status for other 2007-08 gift assistance programs administered by ISAC.
Reconciliation Reminders You are encouraged to finalize reconciliation activities on your campus, and report all cancellations as soon as possible, by following the cancellation guidance provided in the Processes section of the FAA Zone. Payments must be reconciled on a student-by-student basis. If you have already finalized reconciliation activities for MAP and/or IIA and find that you need to return funds to ISAC, please follow the Returning Program Funds To ISAC guidance in the Processes section of the FAA Zone. Late Claims Promptly returning any amounts due to ISAC after a final reconciliation will assist in the decision making process regarding the release of MAP and IIA late claims. Appropriation balances (which are impacted by the return of program funds) continue to be monitored as decisions concerning releasing payment of MAP and/or IIA late claims are being considered. |
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| You are receiving this message because you registered for College Zone's e-Messaging service through one or more subscription groups within the FAA Zone. If you have any questions regarding this e-Message, please contact ISAC's School Services Department by calling toll free at 866.247.2172 or sending an e-mail message to schoolservices@isac.org. |
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© 2003-2007 Illinois Student Assistance Commission
