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June 2008
Welcome to the June 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 June. 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 2008-09 Recompute Formula - Reflected in MAPnet July 8th Once verification of the system changes has been completed on July 8th, we will send a message to the "MAPnet Users" e-Messaging subscription group to announce the availability of the 2008-09 MAPnet system. At that point, all 2008-09 Institutional Student Information Record (ISIR) data received from the Central Processing System (CPS) on or before Wednesday, July 2nd will be reflected in MAPnet. On Wednesday, July 9th, ISIR information will be current through Tuesday, July 8th. As a reminder, because the 2008-09 recompute formula is the same as the start-up formula, no award amounts will change as a result of the recompute process.
Commission Meeting Summary - 2008-09 MAP Recompute Formula and Revised Default Fee Policy Approved 2008-09 MAP Recompute Formula (Agenda Item 12) Each year, ISAC is responsible for adopting an allocation formula for MAP. Typically, once the governor and General Assembly take action on the budget (which, as of the time of this message, remains unresolved), the Commission revisits the MAP formula and approves a "recompute" formula that is updated from the formula used at start-up. Although a state budget has not yet been approved, the budget proposal that was sent to the governor in late May appropriated an additional $18 million to MAP for including FY2005 tuition and fees in the allocation formula. However, the $18 million may not withstand expected budget cuts to eliminate a projected statewide budget deficit. Due to the uncertainty associated with the MAP appropriation, and knowing that ISAC staff has consulted with the ILASFAA Formula Committee, the Commission approved the FY2009 MAP recompute formula with no changes from the start-up formula. If the final state budget does include an $18 million increase in the MAP appropriation, then a second recompute could be implemented at that time in order to incorporate FY2005 tuition and fees. Current projections indicate that the approved formula, coupled with application volume that is higher than it was at the same time last year, may allow 2008-09 MAP award announcements to be made through late July. Note that MAP priority consideration dates remain in effect for the 2008-09 academic year. In order to receive full-year award consideration, the 2008-09 Free Application for Federal Student Aid (FAFSA) receipt date for continuing applicants (i.e., those applicants who submitted a FAFSA for the 2007-08 academic year) must be on or before August 15, 2008. Details of the 2008-09 MAP recompute formula are available in Table 2: FY2009 MAP Start-Up/Recommended Recompute Formula, located on page 12-4 of Item 12 of the June 27, 2008 Agenda Book. The table also incorporates changes that would be contingent upon receiving the additional $18 million in MAP appropriations. Watch for Further Details Although no formula changes will be implemented, the 2008-09 MAP Formula section (which includes the 2008-09 Hand Calculation Forms and is located within the ISAC Gift Assistance Programs area at collegezone.com) will soon be updated to reflect "recompute." You will be notified via this College Zone e-Messaging service regarding when to expect system changes related to the recompute process to be reflected in MAPnet (currently expected to take place the week of July 7th), as well as once all corresponding updates have been completed at collegezone.com. At that time, we will also announce the date(s) on which the 2008-09 MAPnet system will be temporarily unavailable in order to allow for the necessary system changes to be completed. Revised Default Fee Policy (Agenda Item 11) The Commission approved a revised policy effective for FFELP loans guaranteed on or after July 15, 2008. For ISAC-guaranteed federal Stafford and PLUS loans, ISAC will use its Student Loan Operating Fund (SLOF) to pay one-quarter (25%) of the 1% federally-mandated default fee on behalf of the student borrower. ISAC will no longer pay any of the default fee on behalf of parents borrowing federal PLUS loans. [For loans guaranteed between December 1, 2007 and July 14, 2008, ISAC has paid one-half of the default fee on behalf of student and parent borrowers. Prior to that, and beginning in 1999, no borrower with an ISAC-guaranteed FFELP loan was required to pay any of the default fee.] These policy changes have become necessary due to information provided in a May 21, 2008 letter from the U.S. Department of Education (ED), indicating that loans it purchases under the lender liquidity provisions of the Ensuring Continued Access to Student Loans Act of 2008 will be transferred to the Federal Direct Student Loan Program servicer. This transfer will remove these loans from ISAC's guarantee portfolio and eliminate the revenues that would otherwise support our ability to pay a higher percentage of the default fee. ISAC will continue to closely monitor its guarantee portfolio situation under the newly enacted lender liquidity provisions, and will keep our school and lender partners informed of new developments. Other Commission Meeting Agenda Items At its June 27th meeting, the following items were addressed as part of the agenda. Additional information regarding some of the items is provided in the June 27th Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission page at collegezone.com. Specific agenda items may also be accessed by clicking on the appropriate link(s) below.
MAP and IIA Refunds Due to ISAC June 30th Earlier this month, institutions with amounts due to ISAC for MAP and IIA were mailed letters indicating those amounts owed as of June 2, 2008. However, any institution that has processed payment requests, adjustments, refunds or cancellations for MAP or IIA since June 2nd will need to review the latest Payment Results/Summary Invoice Detail Reports for the current amounts due to ISAC. Please be sure to include the Gift Assistance Programs Check Return Form when refunding amounts due to ISAC, and provide the appropriate adjustment data via MAPnet. See the June 5th e-Message for more information about the reconciliation process.
Commission Meeting to be Held Friday, June 27, 2008 - Conference Call Briefing Scheduled for June 30th The tentative agenda for the meeting includes:
Conference Call Briefing - June 30th On Monday, June 30th, ISAC staff will offer a conference call briefing to provide an overview of the June 27th Commission meeting and an update on other ISAC-related topics. The conference call, for any interested financial aid staff, will be held at 10 a.m. To participate, dial 888.767.9380 and enter the passcode: 9767339#.
Change in Date for 2007-08 MAPnet Historical View Originally, this date had been announced as August 1st; however, upon further review, it has been determined that the 2007-08 application for MAPnet will become available only for historical view on July 26, 2008. This is the day immediately following the last date that 2007-08 cancellations, refunds, or reductions may be submitted via MAPnet for the Monetary Award Program (MAP) and the Silas Purnell Illinois Incentive for Access (IIA) Program (submissions will be accepted through 7 p.m. on Friday, July 25th). Although the report function remains available after a MAPnet application becomes historical view only, schools may choose to generate 2007-08 reports (including Payment Results Reports and Payment Results Summary Reports) prior to July 26th (instructions for generating reports are provided in the MAP and IIA Program Payment chapter of the 2007-08 MAPnet User Guide). As a reminder, July 1st is the last day to submit 2007-08 payment requests (including initial claims and supplemental claims for all terms) for the following ISAC-administered gift assistance programs (click on the following links to access payment information for each program):
* 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.
New State Legislative Update Posted (June 16, 2008) A new State Legislative Update has been posted for your reference at collegezone.com. This Update, dated The Update also contains information about bills from this session which were not passed by both Houses and, as a result, are highly unlikely to be acted upon this year.
FAA Conference Call Schedule Change
Reference materials for the ISAC calls will be made available on the e-Library's Conference Call Materials & Presentations page on the afternoon of June 16th.
Returning Amounts Owed for 2007-08 MAP and IIA A prompt return of funds is necessary for ISAC to determine its ability to pay MAP and IIA late claims. Consequently, you are encouraged to finalize reconciliation activities on your campus as soon as possible. In addition, earlier this week letters were mailed to financial aid directors detailing the “Due to ISAC” amount for each institution as of the June 2nd MAP and IIA payment processing run. Please review the letter and return the appropriate amount. Return Amounts Due by June 30th The outstanding amount due, with proper documentation, should be returned to ISAC on or before June 30, 2008. Please be sure to use the current version of the Gift Assistance Programs Check Return Form, which includes a field to specify the term(s) for which funds are being returned and is dated "4/06" in the footer. This document may be accessed within the Refunds and Unpaid Claims portion of the FAA Zone's "Processes" area at collegezone.com. As a reminder, due to the offset process, do not send refund checks to ISAC without providing the appropriate adjustment data via MAPnet. Details regarding the use of MAPnet are available at the 2007-08 Processing and User Guide area, which is located within the MAP-Automated Delivery Process (ADP) portion of the FAA Zone's "Processes" area at collegezone.com.
June Conference Calls - ISAC, State and Federal Updates Please join us on one of the following dates/times:
Reference material for the conference calls will be made available on the e-Library's Conference Call Materials & Presentations page on the afternoon of Monday, June 16th. Return to Top 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. 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 May 2008 Available at College Zone Topics covered in the May 2008 ISAC Update include:
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