ISAC to Complete Workforce Reduction By End Of FY ‘10

Restructuring necessary to maximize efficient delivery of services

CHICAGO—The Illinois Student Assistance Commission (ISAC) announced a reduction in workforce resulting from continuing reorganization of the agency in an effort to make the agency more agile, effective and efficient.  Employee notifications will take place over a two-week period beginning February 2.
 
“This reduction in workforce is a prudent measure in response to continued changes in the higher education and governmental landscapes. We have made these decisions carefully with a balance to keep ISAC financially viable, maintain our ability to best serve Illinois students and families, and deliver the level of service for which we have been known for over 50 years,” said ISAC Executive Director Andrew Davis.
 
The moves are another facet of an organizational makeover undertaken over the past three years. This continuing evolution will have eliminated approximately 145 filled and vacant positions, sold approximately $3 billion in predominantly out-of-state student loans, and paid down approximately $3.3 billion in debt since 2007.

The reorganization was first announced in summer, 2009, and the 29-person layoff is the second phase in restructuring and consolidating student loan origination and servicing operations from the Illinois Designated Account Purchase Program (IDAPP) to a single third party entity. A third and final phase in the agency-wide reorganization is expected to take place in second quarter, 2010.
 
 “We remain committed to serving our higher education partners and Illinois students and families at a high level,” Davis continued, indicating the Commission will continue to focus on five core areas of operations:  research, planning and policy analysis; program services (scholarships and grants administration); college access and outreach; the College Illinois!® 529 Prepaid Tuition Program; and student lending.

The Illinois Student Assistance Commission currently employs 349 people at offices in Chicago, Deerfield and Springfield.   It provides students of all ages and backgrounds with the resources and support to obtain financial aid for higher education in support of its mission to make college both accessible and affordable for all Illinois students.

 “Our challenge remains making college accessible and affordable for Illinois students with a goal of 40 percent post-secondary completion rates by students whose families are in the lowest 40 percent by income,” concluded Davis. “The changes we are making will allow us to best utilize the resources we have to work with in accomplishing this goal.”

The Illinois Student Assistance Commission has paved the path to post-secondary education with innovative programs for over 50 years. Last year alone, ISAC continued its mission to make college accessible and affordable for Illinois students by issuing 186,000 grants and scholarships totaling nearly $431 million.  

The Commission provides educational funding with student loans, and via numerous programs such as the $400 million Monetary Award Program (MAP), the Illinois Veteran Grant and College Illinois! 529 Prepaid Tuition Program. Students and families have free access to a wealth of financial aid and college planning information at ISAC’s family of websites available at www.knowhow2goillinois.org/.