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April 2009
Welcome to the April 2009 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout April. This 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 Summary of April 3rd Commission Meeting Procedural Changes for MAP 2+2 Pilot Program Approved - Agenda Item 11 The Commission approved new procedures for calculating Monetary Award Program (MAP) eligibility and the timing of grant payment for students participating in the MAP 2+2 pilot program. The MAP 2+2 pilot program requires students who otherwise would have attended a four-year institution to select a less expensive option for their bachelor's degree by taking the first two years at a community college in a program designed to be compatible with their preferred four-year institution major. The pilot requires the community college and four-year institution to have a specific articulation agreement in place. By participating in the pilot, students would receive sufficient MAP funding (up to $4,968) to cover the full cost of tuition and fees at the community college, and would then be allowed to carry forward the difference and use it during their junior and senior years at the four-year institution. Participating students should be in a better position to minimize their debt, since the full cost of tuition and fees would be covered at the community college and a higher award would be paid at the four-year institution - while the total cost to the program remains the same. Proposed Rules Amendments - Agenda Item 12 The Commission approved submitting 2009-10 proposed rules amendments, as modified thus far during the rulemaking process, to the Joint Committee on Administrative Rules. For the 2009-10 academic year, rules amendments are being proposed to five existing Parts: General Provisions, Federal Family Education Loan Program (FFELP), Nurse Educator Scholarship Program (NESP), State Scholar Program and Illinois Future Teacher Corps (IFTC) Program. The anticipated effective date of these proposed rules amendments is July 2009. FY2010 MAP and IIA Program Authority to Suspend - Agenda Item 13 The Commission approved authorization for ISAC to suspend FY2010 MAP and Silas Purnell Illinois Incentive for Access (IIA) Program award announcements, when it becomes necessary to do so, in order to avoid overcommitting MAP and IIA appropriations. This item includes a summary of 2009-10 MAP and IIA application volume through March 10, 2009. Next Meeting The next regularly scheduled Commission meeting is set for Friday, June 26, 2009 at the University of Illinois at Chicago.
MARKETING NEWS, ANNOUNCEMENTS Don't Forget - Money Smart Week Chicago (April 18-25, 2009) Events have been planned in the Chicago metropolitan area, and throughout Illinois, to promote financial literacy and help consumers learn to better manage their personal finances. Refer to the March 30th e-Message for a listing of sessions that are being offered by ISAC staff. Note that, in addition to the events outlined in the original March 30th e-Message, an education finance planning session entitled "College Illinois!(SM) The Smart, Secure Way to Save for College" will be presented from 12 -1 p.m. on April 22nd at The Federal Reserve Bank of Chicago. Be sure to pick the event that best fits your schedule, and plan to attend - and encourage your customers to do the same. We look forward to seeing you!
ISAC UPDATE Electronic ISAC Update for March 2009 Topics covered in the March 2009 ISAC Update include:
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