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May 2009
Welcome to the May 2009 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout May. 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 Mark Your Calendar for Upcoming Important Dates Upcoming Commission Meeting The next regularly scheduled meeting of the Illinois Student Assistance Commission will take place on Friday, June 26, 2009, at the University of Illinois at Chicago. A listing of tentative agenda items will be available prior to the meeting via the ISAC's Governing Board: The Commission section of the e-Library. Dates and locations for all meetings scheduled in 2009 are available at the e-Library's Commission Meeting Schedule page. Agenda and meeting schedule information can also be accessed by selecting the link that appears beneath the "Resource Center" heading at the College Zone home page. Holiday Schedules May 25th: Memorial Day Holiday July 3rd: Independence Day Holiday In observance of the Memorial Day and Independence Day holidays, ISAC offices will be closed on Monday, May 25, 2009, and on Friday, July 3, 2009, respectively. Our offices will reopen on the first business day following each holiday. Loan records received at ISAC on the holidays, as well as disbursement records received at the National Disbursement Network (NDN), will be processed the following business day. This means that, for holidays that fall on a Monday, CommonLine or Common Account Maintenance (CAM) files will be processed on the following Tuesday, with results available on Wednesday (or the next available day for any schools opting to receive NDN files on specific days of the week). For holidays falling on a Friday, CommonLine or CAM files will be processed on the following Monday, with results available on Tuesday (or the next available day for any schools opting to receive NDN files on specific days of the week). Note that ELM Resources will continue to process and transmit files on the holidays. For Assistance Remember that you can access collegezone.com anytime, or send an e-mail message to ISAC's Lender Services Department. With the exception of holidays (such as those indicated above), ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8:30 a.m. - 5 p.m. CT).
Special Commission Meeting Scheduled for May 7th A special meeting of the Illinois Student Assistance Commission, conducted through video conference, will be held on Thursday, May 7th at 1 p.m. The agenda for the meeting includes the following items, on which action is being requested:
*The Commission will be considering the approval of the issuance of a new series of bonds, the proceeds of which will be used to purchase loans from the U. S. Department of Education that ISAC has worked with borrowers to rehabilitate. The transaction will allow the restoration of credit for approximately 5,000 Illinois student loan borrowers through the federal rehabilitation loan program, and allow ISAC access to an important federal revenue stream. Video conference locations for the meeting are: James R. Thompson Center Central Management Services Results of action taken by the Commission will be available following the meeting via the 2009 Agenda Books page, which is located within the ISAC's Governing Board: The Commission section of the e-Library at collegzone.com.
ISAC UPDATE Electronic ISAC Update for April 2009 Available at College Zone Topics covered in the April 2009 ISAC Update include:
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