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November 2008
Welcome to the November 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 November. 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 Commission Meeting Summary Default Fee Payment Policy Unchanged At its November 21st meeting, the Illinois Student Assistance Commission (ISAC) took action on several items as part of the agenda. Continued Partial Payment of Federal Default Fee for 2009-10 The Commission approved the continued payment of 25% of the federal default fee for students borrowing through the Federal Stafford (subsidized and unsubsidized) and Federal Graduate PLUS Loan Programs. The default fee paid on behalf of parents borrowing Federal PLUS loans remains at 0%. It is estimated that ISAC will waive $1.2 million of federal default fees for student borrowers in the upcoming academic year. Procedures for lender remittance of the remaining portion of the federal default fees to ISAC remain the same as are currently being used. Other Action Items Approved The following items were also approved at the meeting:
Information Items These items were presented to the Commissioners for informational purposes (no action was required):
Next Meeting The next meeting is scheduled for Friday,
Financial Aid 101: Building a Solid Foundation December 2008 Workshops
If you are interested in attending one of these Financial Aid 101 Workshops, please send an e-mail to Kim Eck, Training Coordinator, at keck@isac.org indicating which session you would like to attend. Seating at each site is limited, so please register early. Details regarding directions, parking, etc. will be provided to registered participants via e-mail a few days prior to the workshop.
Delay in Payments from State Comptroller's Office Benefits from ISAC-administered gift assistance programs are paid directly to the approved institution of record (college) that certifies an applicant's eligibility. ISAC authorizes a voucher in the amount of the college's payment claim, and submits it to the State Comptroller's Office which, in turn, issues payment to the institution. College administrators may track payments via the State Comptroller's Web site. A Vendor/Payee Alert that is posted at the State Comptroller's Web site indicates that current delays affecting payments out of the state's General Revenue Fund (GRF) - which include ISAC-administered gift assistance programs - are expected to continue. These delays are in excess of 60 business days, and are expected to increase over the next several months. We encourage our partners to periodically check for updated Vendor/Payee Alerts, which can be accessed via the "Vendor Payments" area of the State Comptroller's Web site.
November Webinar to Feature Illinois Special Education Teacher Tuition Waiver (SETTW) Program To participate in the Webinar: access the PowerPoint presentation on the Partner Training page in the e-Library at collegezone.com (it will be posted on the morning of November 25th), then dial 877.873.8017 and enter code 8324962# to access the audio portion.
Commission Meeting to be Held Friday, November 21, 2008 The tentative agenda for the meeting includes:
There are no plans for a conference call briefing following this meeting.
ING Grant Payment Request Rosters Now Available at My Zone for 2008-09 Payment Processing The content and format of the online payment request rosters are similar to the printed versions, with a few minor changes. Specific details regarding the online rosters are provided at the ING Payment Roster page at My Zone. Reminder to Submit Payment Requests for Each Term Payment request rosters will be made available at My Zone after the application deadline has passed for each term. Colleges will then have 30 days from the date on the roster to submit the completed (original) roster, and 45 days to submit a supplemental roster. In order to ensure timely claims processing, electronic payment requests must be submitted via My Zone on or before the due date for each term, as indicated on the payment request roster. The system is available each Monday through Saturday from 7 a.m. until 7 p.m. (CT). Instructions Available Online More information regarding ING Grant Payment Request Rosters at My Zone, including detailed instructions, is available via the following locations at collegezone.com:
Individuals who have been accessing ING Grant eligibility data in My Zone can now view the ING Grant payment screens online. It's important to note, however, that the security level for a staff person to request, edit or update ING Grant payment claims must be set to Level 2 ("View and Update") by the My Zone administrator at each college. The My Zone administrator should set user access to Level 1 ("View Only") for staff who will not be involved in requesting payment, but need to view ING Grant eligibility and payment information. Benefits of Electronic Process ING Grant Payment Request Rosters at My Zone streamlines the initial, subsequent, and out-of-district payment request process by allowing colleges to receive and submit payment request rosters electronically via My Zone, reducing the number of rosters that are printed and mailed each year and resulting in both financial and environmental benefits. In addition, a cumulative list of payment request rosters is available for the entire fiscal year - again, minimizing the need to print and retain hard copies of rosters. Watch for future announcements regarding additional enhancements to the ING Grant area at My Zone. The payment results phase of the online ING Grant payment process is currently under development, and colleges will be notified via the e-Messaging service when that functionality is available. Questions? If college staff or My Zone administrators have problems gaining access to ING Grant Payment Request Rosters at My Zone, or have questions regarding the new system, they should contact ISAC's School Services Department as indicated below. FINANCIAL AID ADMINISTRATORS College Awareness and Preparation Workshop for Site Coordinators Registration the day of the workshop begins at 8:30 a.m., with the session itself starting at 9 a.m. There will be a working lunch at 11:30 a.m., and the session will conclude at 12:30 p.m. Dates and Locations: November 19, 2008 John A. Logan Community College Room: TBD November 20, 2008 Loyola University Chicago - Lake Shore Campus Room: Coffey Hall, McCormick Lounge December 3, 2008 Carl Sandburg College Room: CSC Boardroom E200 To make your reservation to attend one of the workshops and/or register your outreach event as part of the statewide CAP outreach initiative, please print and complete the CAP Event Registration form. Follow the instructions provided on the form for submitting your registration. You can also register to attend a workshop by e-mailing or calling Julie Henschel at jhenschel@isac.org - 800.899.4722 ext. 3825 as soon as possible, but no later than 2 days before the scheduled date. We look forward to seeing you there!
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 October 2008 Available at College Zone The October 2008 edition of the ISAC Update is now available for your review within the ISAC Publications section of College Zone's e-Library. This version of the monthly electronic ISAC Update is a compilation of e-Messages sent to financial aid administrators and business officers in October via College Zone's e-Messaging service. Topics covered in the October 2008 ISAC Update include:
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