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July 2008
Welcome to the July 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 July. 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 2007-08 MAP and IIA Late Claims All review has now been completed, and no additional 2007-08 MAP or IIA Program late claims will be released for payment. Please note that Friday, July 25th is the last date for cancellations, refunds, or reductions to be submitted via MAPnet for these programs. Submissions will be accepted until the site becomes unavailable at 7 p.m.
Suspension of 2008-09 MAP Award Announcements Due to current trends in the number of eligible applicants and expected payment claim rates, the anticipated appropriations for the 2008-09 Monetary Award Program (MAP) are fully committed. As a result, ISAC will suspend the announcement of MAP grants for all students whose initial 2008-09 Free Application for Federal Student Aid (FAFSA) is received by the Central Processing System (CPS) on or after July 26, 2008. ISAC will evaluate the status of suspended awards as more information becomes available and, if application volume and claim rates support such action, may release some suspended awards. In the event any suspended awards are released, they would be subject to the 2008-09 MAP priority consideration dates. The "Suspension of MAP Award Announcements" page, located within the MAP section of the ISAC Gift Assistance Programs area at collegezone.com, will soon be updated to reflect the suspension of 2008-09 MAP award announcements. Student Award Announcements Colleges will need to suspend announcements of MAP awards to students whose initial FAFSA receipt date is on or after July 26, 2008. ISAC will be notifying all affected applicants whose initial FAFSA reflects an expected family contribution (EFC) of 8999 or below that their awards have been placed in suspension status. A sample copy of this notification will soon be available at the 2008-09 Acknowledgement Letters page, located within the MAP section of College Zone's ISAC Gift Assistance Programs area. Identifying Records in Suspension Status MAP records in suspension status will be indicated by an Eligibility Code of "S" ("Suspended -- indicates student is temporarily suspended from processing due to insufficient funding. Not eligible for payment for any terms") on MAPnet and in the Eligibility Status File (ESF). Reminder of IIA Program Records in Suspension Status The announcement of awards for the 2008-09 Silas Purnell Illinois Incentive for Access (IIA) Program has been suspended for all students whose initial 2008-09 FAFSA is received by the CPS on or after July 12, 2008. Questions? As new information becomes available throughout the year, ISAC routinely updates the MAP and IIA "Program News" pages within the ISAC Gift Assistance Programs area at collegezone.com. Be sure to check back periodically for the current processing status of these programs.
2007-08 MAP Late Claims & Close-out No additional 2007-08 MAP late claims will be released for payment. Please note that Friday, July 25th is the last date for cancellations, refunds, or reductions to be submitted via MAPnet for MAP. Submissions will be accepted until the site becomes unavailable at 7 p.m.
New State Legislative Update Posted July 17, 2008, contains the most recent status of bills which pertain to ISAC-administered programs and higher education in general. Highlights of this Update include the fact that a motion filed in the House on July 15th, to restore an $18 million Monetary Award Program (MAP) increase previously vetoed by the Governor, failed along with other veto overrides that would have increased fiscal year (FY) 2009 appropriations. Consequently, MAP and all ISAC scholarship and grant programs are operating on FY2009 funding levels that are the same as those in FY2008. Included in the Update is information regarding FY2009 appropriations for other higher education priorities, such as Illinois Board of Higher Education (IBHE) programs, community colleges and public universities. The Update also contains information about bills from this session which were not passed by both Houses and, as a result, will likely not be considered by the General Assembly prior to November. The State Legislative Update can be accessed through College Zone's e-Library, #13, ISAC Announcements, Press Releases & State Legislative Updates. We will notify you when a new Update is posted.
Governor Approves Budget - MAP Increase Vetoed Included among the governor's vetoes was the proposed $18 million increase to the appropriation for ISAC's Monetary Award Program (MAP). Had the increase passed, it would have allowed FY2005 tuition and fees to be incorporated into the MAP formula. Because no increase was approved for MAP, no changes will be made to the recently implemented recompute formula (which is identical to the 2008-09 start-up formula). Therefore, each of ISAC's scholarship and grant programs received funding for academic year 2008-09 that is the same as the appropriation for 2007-08. An override of the governor's veto would require a three-fifths majority in both chambers of the General Assembly, and would need to occur within 15 calendar days. We will keep you informed of any changes that may occur in the budget, although it's unlikely that anything will happen to impact ISAC's appropriations.
Suspension of 2008-09 IIA Program Award Announcements July 12, 2008 Due to current trends in the number of eligible applicants and expected payment claim rates, the anticipated appropriations for the 2008-09 Silas Purnell Incentive for Access (IIA) Program are fully committed. As a result, ISAC will suspend the announcement of IIA grants for all students whose initial 2008-09 Free Application for Federal Student Aid (FAFSA) is received by the Central Processing System (CPS) on or after July 12, 2008. This affects freshman students with zero expected family contributions (EFC's) regardless of enrollment status. The Suspension of IIA Award Announcements page has been updated at collegezone.com. ISAC will evaluate the status of suspended awards as more information becomes available and if application volume and claim rates support such action, may release some suspended awards. Information regarding anticipated suspension of Monetary Award Program (MAP) award announcements is provided in the last section of this message. Student Award Announcements Colleges will need to suspend announcements of IIA awards to students whose initial FAFSA receipt date is on or after July 12, 2008. Identifying Records in Suspension Status Student records with IIA awards in suspension status will be notated in MAPnet and the Eligibility Status File (ESF) by a code of "S" in the "IIA Suspend" field, and IIA records not in suspension status will show a code of "N" in this field. The "IIA Suspend" code displays in MAPnet on the "Student Detail," "Edit MAP Code," and "Student List Eligibility: View" screens, and is included as a selection option for viewing on the Filter screen. The field is also included on the IIA Eligibility Report within MAPnet. Suspension of 2008-09 MAP Award Announcements Anticipated for Late July If current trends continue, ISAC anticipates suspending the announcement of 2008-09 MAP grants in late July. As specific details become available, we will keep you apprised via standard College Zone communications (e.g., Message Boards, e-Messages and/or Program News updates.)
ISAC is Committed to Serving Illinois Students Although we're faced with upheavals in the federal guaranteed loan programs, the shortage of state and federal funds for higher education and need-based grant aid, and the rising cost of college attendance, we are more determined than ever to help pave the way to college for Illinois students. We are maintaining our high standard of quality in the delivery of our financial aid products and services, and we continue working as a guarantor to keep down the cost of borrowing for students. Despite the challenge it poses in light of cuts made by the federal government in payment for our guarantee services, we are paying 25% of the federally-mandated 1% default fee. In the coming academic year, we will also strive to meet the borrowing needs of Illinois students. ISAC's lending division, the Illinois Designated Account Purchase Program (IDAPP), and many other lenders are ready to serve the Federal Family Education Loan Program (FFELP) Illinois borrowers for 2008-09. ISAC/IDAPP will be funding FFELP loans through the lender liquidity programs as authorized by the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA), and offered through the U.S. Department of Education (ED). In order to participate in the liquidity programs, all lenders must abide by the terms and conditions established by ED. Under these terms, eligible loans exclude FFELP Consolidation loans and any loans having ongoing borrower benefits other than a 0.25% interest rate reduction for borrowers paying their accounts using an automatic monthly debit process. As a result, in order to preserve our ability to use ED financing, ISAC/IDAPP will be unable to offer either Consolidation loans or any borrower benefits other than the 0.25% rate reduction for automatic debit payments. Please click on the word IDAPP for more details. We are actively pursuing other financing sources, and if capital should become available, we are committed to providing the best possible loan terms we can offer to our Illinois borrowers. For a full list of lenders participating with ISAC's guarantee, please access the list in the Student and Parent Zones at collegezone.com. If students attending your institution have any difficulty obtaining a lender, please contact ISAC's School Services immediately at 866.247.2172 or at schoolservices@isac.org so we can provide assistance. In short, ISAC remains committed to our partnership with you, and to working together with you as we serve the families of Illinois.
2007-08 Held Timely IIA Claims and Late MAP Claims Being Released for Payment Held Timely IIA Program Claims - Processed July 8th As was announced in April, all claims submitted on or after April 14, 2008 for the 2007-08 Silas Purnell Illinois Incentive for Access (IIA) Program have been held and not processed for payment, in order to allow ISAC staff to analyze payment claim data. At that time, schools were asked to complete a full reconciliation of IIA Program disbursements and report all cancellations. Based on our analysis, and thanks to the reconciliation efforts of our school partners, all timely 2007-08 IIA Program payment claims that have been held since April 14th will be processed the evening of Tuesday, July 8, 2008. Records that will be included in the July 8th payment run are currently in an "Exported" status (Status Flag = "E") in MAPnet. Payment results for these records will be available in MAPnet on Wednesday, July 9, 2008. MAP Late Claims - Processed July 11th Late claims (payment requests received after the applicable priority claim deadline) received at ISAC for the 2007-08 Monetary Award Program (MAP) will be released for payment according to the following schedule:
Claims received after July 1, 2008 will not be paid since July 1st was the final date by which claims were to have been received at ISAC for 2007-08 payment processing. Return to Top MAPNET USERS 2008-09 MAP Suspension Status Available in MAPnet ISAC will evaluate the status of suspended awards as more information becomes available and, if application volume and claim rates support such action, may release some suspended awards. In the event any suspended awards are released, they would be subject to the 2008-09 MAP priority consideration dates. Student Award Announcements Colleges must suspend announcements of MAP awards to students whose initial FAFSA receipt date is on or after July 26, 2008. ISAC is notifying all affected applicants whose initial FAFSA reflects an expected family contribution (EFC) of 8999 or below that their awards have been placed in suspension status. A sample copy of this notification is available at the 2008-09 Acknowledgement Letters page, located within the MAP section of College Zone's ISAC Gift Assistance Programs area. Identifying Records in Suspension Status MAP records in suspension status are indicated by an Eligibility Code of "S" ("Suspended -- indicates student is temporarily suspended from processing due to insufficient funding. Not eligible for payment for any terms") on MAPnet and in the Eligibility Status File (ESF). As a reminder, MAPnet contains filters that will allow you to identify student records and create a report of those records placed in suspension status. Reminder of IIA Program Records in Suspension Status The announcement of awards for the 2008-09 Silas Purnell Illinois Incentive for Access (IIA) Program has been suspended for all students whose initial 2008-09 FAFSA is received by the CPS on or after July 12, 2008. Questions? As new information becomes available throughout the year, ISAC routinely updates the MAP and IIA "Program News" pages within the ISAC Gift Assistance Programs area at collegezone.com. Be sure to check back periodically for the current processing status of these programs.
MAP Recompute Successfully Implemented - 2008-09 MAPnet System Available All 2008-09 Institutional Student Information Record (ISIR) data received from the Central Processing System (CPS) on or before Wednesday, July 2nd is now reflected in MAPnet. On Wednesday, July 9th, ISIR information will be current through Tuesday, July 8th (today). At that time we will return to daily processing of ISIR data. The 2008-09 MAP Formula section at collegezone.com, which includes 2008-09 Hand Calculation Forms, has been updated based on the recompute process. As always, refer to the MAP Program News for the most up-to-date information. FFELP PARTICIPANTS Latest School DAAR Report Available 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 June 2008 Available at College Zone Topics covered in the June 2008 ISAC Update include:
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