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November 2008
Welcome to the November 2008 ISAC Update for lenders and servicers, which 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 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 Lender 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 Lender Services by sending an e-mail message to lenderservices@isac.org or calling 800.477.4411 and speaking with one of the following staff members:
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,
Commission Meeting to be Held Friday, November 21, 2008 November 21st at the National-Louis University North Shore Campus in Skokie. The tentative agenda for the meeting includes:
There are no plans for a conference call briefing following this meeting.
ISAC UPDATE Electronic ISAC Update for November 2008 Available at College Zone Topics covered in the October 2008 ISAC Update include:
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