ISAC Update

Welcome to the September 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 September. 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. 

Important FY2009 Payment Processing Considerations
Sent to Financial Aid Directors, Financial Aid Administrators and MAPnet Users on September 29, 2008

At its September 19, 2008 meeting, the Illinois Student Assistance Commission approved FY2009 priority payment claim deadline dates for the Monetary Award Program (MAP) and the Silas Purnell Illinois Incentive for Access (IIA) Program. These dates are the deadlines by which initial payment requests (claims) for each term must be submitted to ISAC to be considered timely. Initial claims submitted after these dates for each term are considered late and will only be paid if funding is available after paying timely claims.

FY2009 Priority Payment Claim Deadline Dates
for MAP and IIA

Term	Deadline
1st semester or quarter	January 10, 2009
2nd semester or quarter	April 1, 2009
2nd semester starting after 2/15/09	June 1, 2009
3rd quarter	June 1, 2009

Late Claims Payment Unlikely

This year application volume is up (7% for MAP and 12% for IIA) while funding levels for both programs remain the same as last year. Typically, this means a faster expenditure of program funds. This could impact the ability to pay late claims. Also having an impact on whether late claims will be paid is the number of late claims submitted. Considering these two factors, it is unlikely that funds will be available to pay late claims as in the recent past. In order to benefit the most students, it is imperative that MAP and IIA claims are submitted timely and as accurately as possible.

Payment Processing Considerations

As you process payment for MAP and IIA, be mindful of the processing tips below that can potentially eliminate the necessity for late claim processing.  

• Make sure the payment request is verifiable and auditable before submitting it.
  • Avoid submitting a large number of  "estimated" payment requests with the plan to adjust them later during reconciliation. This practice obligates funds that could be used to pay other eligible students.
  • Submitting estimated payment requests could also cause an unnecessary or early depletion of MAP and IIA funds, resulting in the disruption of payment processing.
  • Run the "Payment Requests Not Yet Submitted" for MAP and IIA prior to completing the payment submission steps. Review the report to confirm the student records intended for submission.

• Make payment requests according to a schedule.
  • Creating a schedule for payment request submission will allow you to complete your initial requests with the deadline dates in mind. It can also assist you in making sure all the initial payment requests are submitted in a timely manner.
  • Schedule your requests to gain better control of the data. You may be able to batch your requests according to a schedule so that you can tell which students are in each batch.
  • Making requests according to a schedule makes research easier. Scheduled payment requests provide specific payment processing dates to research for reconciliation and auditing purposes. You will not have to take extra steps to find out when payments were requested.

• Make initial payment requests in a timely manner.
  • Making timely initial requests will eliminate the need for late claim processing.
  • Display the priority payment claim processing deadline dates prominently in your office as a reminder.
  • Processing late claims often involves a flurry of processing activities (including ISAC requesting the return of "Amounts Due To ISAC") late in the year when most offices are busy attempting to close out the year fiscally. These late-year, late claims processing activities will not be necessary if initial claims are timely.

• Plan ahead. Avoid making large payment request submissions on the deadline date.
  • In particular, schools using FTP should make every effort to make large payment request submissions well ahead of the priority payment claim deadline dates.
  • Submitting requests early allows time to resolve any processing issues that can occur. Early resolution prevents negative impacts to student records.

• Reconcile data after each payment processing.
  • Use the Payment Reports and the Payment Result Summary/Invoice Detail Report available in MAPnet after each payment request to verify that the enrollment hours and dollar amounts processed are still valid.
  • Retain an electronic or paper copy of these reports for your records.
  • Reconcile each payment request to obtain a snapshot of adjustments that need to be made. This will make subsequent reconciliation easier.

• Adjust student records as soon as possible after the payment processing reconciliation.
  • This is especially true for award reductions (partially reduced awards and full cancellations). Submitting reductions during periods of active payment processing allows the MAP-IIA payment system to automatically offset (adjust) future payment amounts, reducing any amounts owed to ISAC by the school.
  • Submitting reductions to some awards while processing positive payments for others will reduce the "Amount Due To ISAC" at the end of the year. If you wait until, for example, July (July 1st is when ISAC stops accepting positive payment requests) to process reductions/cancellations, the “Amount Due To ISAC” will be greater because there are no positive payments to be offset.

• Reconcile payment at the end of each term and at the end of the year.
  • As stated earlier, if you reconcile data after each payment processing, reconciling at the end of each term and at the end of the year will be much easier.
  • At a minimum, reconcile according to the ISAC rules referenced below, although you may wish to reconcile more frequently to help simplify the process at the end of the year.

September 30 Webinar to Focus on the Illinois Veteran Grant Program
Sent to Financial Aid Directors, Financial Aid Administrators, and Public Schools - Participating in the ING Grant and IVG Programs on September 22, 2008

Commission Meeting Summary - MAP & IIA Priority Payment Claim Deadline Dates Approved
Sent to Financial Aid Directors and Financial Aid Administrators on September 22, 2008

The following are highlights from the September 19th regular meeting of the Illinois Student Assistance Commission (ISAC).

FY2009 MAP and IIA Priority Payment Claim Deadline Dates Approved (Agenda Item 5)

The fiscal year (FY) 2009 priority payment claim deadline dates for the Monetary Award Program (MAP) and the Silas Purnell Illinois Incentive for Access (IIA) Program were approved as follows:

• a contract for the servicing of ISAC's Federal Family Education Loan Program (FFELP) loan portfolio;
• the issuance of Taxable Student Loan Revenue Bonds (Series 2008); and
• several agenda items related to the
  College Illinois!(SM) Prepaid Tuition Program.

TESP Payment Online Now Available for 2008-09 IFTC & MTI Scholarship Payment Processing
Sent to Financial Aid Directors and Financial Aid Administrators on September 19, 2008

• My Zone - Teacher Education Scholarship Programs (TESP)
• IFTC Program News
• MTI Scholarship Program News
• Payment Procedures for IFTC
• Payment Procedures for MTI

Coming Soon ... TESP Payment Online
Sent to Financial Aid Directors and Financial Aid Administrators on September 17, 2008

ISAC Offers September "Back-to-School" Conference Calls
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users, Business Officers, and FFELP Participants on September 15, 2008

• ISAC Payment Processing for Fall 2008
• MAPnet and My Zone Enhancements
• Reconciliation Reminders
• State Legislative Update
• Higher Education Opportunity Act
  • Changes effective August 14, 2008
  • Changes for 2009-10 and beyond

Commission Meeting to be Held Friday, September 19, 2008
Sent to Financial Aid Directors and Financial Aid Administrators on September 15, 2008

• FY2009 Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program Status Report and Approval of Payment Claim Deadline Dates
• Federal Family Education Loan Program (FFELP) Loan Portfolio Servicing Contract
• College Illinois!SM Prepaid Tuition Program

Financial Aid 101: Building a Solid Foundation - September 2008 Workshops
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users, Business Officers, and FFELP Participants on September 4, 2008

• Thursday, September 18 in ISAC's Springfield Office, 3rd Floor, and
• Tuesday, September 23 in ISAC's Deerfield Office, Room 3030.

• basic financial aid principles
• the Free Application for Federal Student Aid (FAFSA)
• need analysis and the Expected Family Contribution (EFC)
• federal financial aid programs
• student loan basics
• ISAC's scholarship and grant programs.

ISAC Seeks Your Feedback - Survey to Close Soon
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users and FFELP Participants on
September 3, 2008

Get Involved - CAP Committee Seeking Hosts and Volunteers
Sent on September 30, 2008

• Host a FAFSA Workshop in your community
  
  CAP is requesting that those who are interested in hosting a workshop at their facility serve as a "Site Coordinator" and complete an Event Registration Form. These workshops are devoted to providing a location for students and parents who are seeking professional assistance to complete the FAFSA using FAFSA on the Web. For maximum assistance with your college access event, please return the Event Registration Form no later than
  November 15, 2008.
  
  We are committed to providing each site coordinator with the guidance and supplies necessary to help make your workshop a success. There will be three site coordinator training sessions to accommodate different areas of the state.  
  
  November 19th at John A. Logan College
  November 20th at Loyola University – Chicago
  December 3rd at Carl Sandburg College
  
  During these sessions, site coordinators will meet with CAP Committee members to discuss organizing, marketing and evaluating their events. Please register for one of these training sessions on the Event Registration Form.
   
• Volunteer to help at a FAFSA Workshop
  
  There are various challenges at each site that require volunteers from both the counseling and financial aid professions. It is not necessary to be a financial aid or FAFSA expert to help families at a FAFSA completion workshop. Please consider volunteering your time to assist the site coordinator at a location in your area. The Volunteer Form will be accepted through the month of February.

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MAPnet Enhancement Regarding Students at Two-Year Colleges
Sent on September 2, 2008

• On the MAP Payment Results Report and MAP Payment Exceptions Report in the Result Code column.
• On the Payment Summary Results/Invoice Detail Report with the following language: V - With this payment, student attains 75 MAP Paid Credit Hours. Student no longer eligible for MAP payment at academic levels 1 and 2.
• On the Student Detail: Payment Screen in the "Results" field.

• Student List Eligibility: Filter
• Student List Payment: Filter
• Submit Payment Requests

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Latest School DAAR Report Available
Sent on September 3, 2008 and September 18, 2008

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.

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Electronic ISAC Update for August 2008 Available at College Zone
Sent on September 3, 2008

• New State Legislative Update Posted
  August 29, 2008
  (sent August 29, 2008)
• New Awards Announced for 2008-09 Teacher Education Scholarship Programs
  (sent August 28, 2008)
• Message from ISAC Executive Director Andy Davis
  (sent August 25, 2008)
• FAA Training Opportunities for Fall 2008
  (sent August 19, 2008)
• 2008-09 MAP and IIA Payment Processing Available
  (sent August 18, 2008)
• Awards Announced for 2008-09 Teacher Education Scholarship Programs
  (sent August 14, 2008)
• 2008-09 ING Grant Announcement Roster Cycle Begins - Data Available at My Zone
  (sent August 14, 2008)
• 2007-08 IVG Program Outstanding Amounts Due September 30th
  (sent August 13, 2008)
• 2008-09 TESP Certification Available at My Zone - Results from First Round of Awarding Available on August 14th
  (sent August 12, 2008)
• 2008-09 MAP & IIA Payment Processing Anticipated for August 18th - MAPnet To Be Temporarily Unavailable
  (sent August 12, 2008)
• 2008-09 TESP Certification Temporarily Unavailable - First Round of Awarding Delayed
  (sent August 11, 2008)
• Mark Your Calendar for Upcoming Important Dates
  (sent August 8, 2008)
• 2008-09 TESP Awarding Scheduled - Results Available at My Zone on August 12th
  (sent August 6, 2008)
• Compliance Rosters for ISAC-Administered Teach Programs Due September 30, 2008
  (sent August 6, 2008)
• BIG Applications No Longer Accepted
  (sent August 6, 2008)
• 2008-09 IVG Payment Online Available - ISAC Accepting Summer Term Payment Requests
  (sent August 5, 2008)
• Latest School DAAR Report Available
  (sent August 4, 2008 and August 18, 2008)
• Electronic ISAC Update for July 2008 Available at College Zone
  (sent August 1, 2008)

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