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December 2005
Welcome to the December 2005 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 December. 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
2006-07 Teacher Program Applications Available - Due on or before March 1, 2006 2006-07 TESP Interactive Application Launched  IllinoisMentor at collegezone.com
IllinoisMentor is accessed from College Zone's home page through a link on the right side, directly above the Parent and Student Zones access areas. While we were changing things, we also decided to make a few other enhancements to College Zone's home page. A new Career Center, with general information, a self-assessment area and a listing of careers, has been added to the left side of the home page. The Career Center links directly to IllinoisMentor information.
MAPnet Users Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program Update and Reminders The MAP-Automated Delivery Process (ADP) File Specifications are ready for the 2006-07 processing cycle. This 160-byte file layout is pertinent to schools utilizing the file extraction features of MAPnet, or sending payment requests for MAP or IIA to ISAC via File Transfer Protocol (FTP). No changes have been made for 2006-07 processing or field layout. The 2006-07 MAP-ADP File Specifications are also available within the Electronic Tools section of the e-Library at collegezone.com. 2005-06 – January 13th Payment Request Deadline Date MAP and IIA payment claims for the first semester/quarter are due to ISAC by 5 p.m. on Friday, January 13, 2006. Any initial claims for first semester/quarter made after the deadline date will be paid only if funds permit, on a first-come, first-served basis beginning after June 9, 2006. Further details are available at the MAP Payment page and IIA Payment page, both located within the ISAC Gift Assistance Programs area of the FAA Zone. When to Expect MAP Payment Please be aware that submitting payment requests for individual students will result in delayed processing. Schools are encouraged to batch payment requests in dollar amounts that are neither excessively large nor excessively small. The State of Illinois Comptroller's Office has been remitting payments within 4-6 weeks. Once ISAC has issued a payment voucher, schools may track the status of that payment at the Comptroller's Web Site. Reconciliation Reminder Institutions are required to reconcile payments received through MAP and IIA and, as applicable, submit all necessary corrections to student records on a timely basis. While ongoing data reconciliation is required, it is important to note that any funds determined to be owed to ISAC as a result are to be held until the end of the regular school year. A student's account must be credited within 30 days of the institution receiving the funds. ISAC is to be notified no later than 60 days following the end of the academic term (or the date the funds are received if received after the end of the term) if the student is not eligible to receive the MAP or IIA funds (this includes adjustments to awards). Offset Process Payment for both MAP and the IIA Program is made to schools through an offset process. As part of this process, new payment requests are compared to outstanding amounts owed to ISAC, and payment is made accordingly. This system was developed to accommodate the many changes in student eligibility that can occur during the awarding and disbursement of financial aid. Therefore, funds should be returned to ISAC only after a final reconciliation has been completed at the end of the regular school year. In addition, all schools with an outstanding amount owed to ISAC at the end of the school year will receive a notice indicating the total amount to be refunded.
FFELP PARTICIPANTS
Latest School DAAR Report Available Sent on December 5, 2005 and December 19, 2005 The Notification of Student Loan Borrower DAAR Status report (School DAAR Report) for your school is now available on College Zone's My Zone. This online version has replaced the paper rosters ISAC sent in the past. 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 November 2005 Available at College Zone Topics covered in the November 2005 ISAC Update include:
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