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February 2006
Welcome to the February 2006 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 February. 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 Sent to Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools Participating in the ING Grant and IVG Programs, and Business Officers on February 21, 2006 At the current time, it appears the necessary proration levels for the programs will be as follows:
 Mark Your Calendar for Upcoming Important Dates You may either scroll through the entire message, or click on the appropriate link(s) to go directly to details about a specific topic: UPDATES Operational dates and other announcements regarding ISAC-administered gift assistance programs MAPPING YOUR FUTURE CHAT EVENT Information on March 21st online chat HOLIDAY SCHEDULES Processing schedules for Presidents' Day holiday All below links launch pages located at collegezone.com. UPDATES "Program News" Even Easier to Access at collegezone.com In order to streamline accessing the latest updates regarding ISAC-administered gift assistance programs, we've made some revisions to the ISAC Gift Assistance Programs area. Now, when you select a program from this area's left-margin menu, the front page for that program will include the "Program News" section (the "Program News" section can also be accessed by clicking on the red header of the right-margin menu for each program). And, to assist you in keeping track of recent updates, a new "Last Updated On" entry will be added as each program's front page is updated from this point forward. A "Program Overview" option in the right-margin menu will provide the information that formerly appeared on each program's front page. Note that, due to these revisions, some links to ISAC Gift Assistance Programs area pages that were included in prior e-Messages may no longer be valid. February Important Reminders Calendar Available The February "Important Reminders" calendar is available via the ISAC Gift Assistance Programs front page, offering at-a-glance reminders of operational dates concerning the gift assistance programs - such as those listed below. February 17th – IVG Eligibility Data (CD-ROM) Mailed to Schools To assist in monitoring whether a veteran has remaining Illinois Veteran Grant (IVG) Program eligibility units, ISAC provides eligibility data via CD-ROM. The data reflects eligibility units used as of the date reflected on the CD-ROM. A User's Guide and information on converting data contained on the CD-ROM are available in the Eligibility Data section of the ISAC Gift Assistance Programs area. March 1st - 2006-07 SETTW, MTI Scholarship, and IFTC Program Applications Due Remind your students who plan to teach in Illinois after completing their degree that March 1, 2006 is the priority consideration deadline to apply for the 2006-07 Illinois Special Education Teacher Tuition Waiver (SETTW), Minority Teachers of Illinois (MTI) Scholarship, and Illinois Future Teacher Corps (IFTC) programs. Applications for each of these programs (the downloadable paper application for the SETTW Program, and the online interactive application for the IFTC and MTI Scholarship programs) can be accessed via College Zone. March 1st - 2005-06 ING Grant Applications Due for Second Term Remind your students that, in order to be eligible for second semester or second and/or third quarter consideration, applications for the 2005-06 Illinois National Guard (ING) Grant Program must be received at ISAC on or before March 1, 2006. MAPPING YOUR FUTURE CHAT EVENT March 21st – Mapping Your Future Chat Event The next Mapping Your Future online Chat Event, Applying to and Paying for College (Including Student Loans), is scheduled from 6 to 7 p.m. (CT) on Tuesday, March 21, 2006. Watch for more information to be posted at the FAA Message Board as this date approaches. Also, remember that the calendar of upcoming Chat Events through August 2006 is available at the Outreach Activities page. HOLIDAY SCHEDULES A complete listing of 2006 holidays on which ISAC staff will be unavailable is provided at the ISAC Events Calendar. February 20th – Presidents' Day In observance of Presidents' Day, ISAC offices will be closed on Monday, February 20th and will reopen on Tuesday, February 21st. Loan records received at ISAC on Presidents' Day, as well as disbursement records received at the National Disbursement Network (NDN), will be processed the following business day. This means that CommonLine or Common Account Maintenance (CAM) files received on February 20th will be processed on February 21st, with results available February 22nd (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 February 20th. Although ISAC's offices will be closed on February 20th, MAPnet will be available during regularly scheduled hours and will reflect 2006-07 records processed by the Central Processing System (CPS) through Friday, February 17th. 2005-06 Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program payment requests submitted from 5 p.m. (CT) Friday, February 17th through 5 p.m. (CT) Tuesday, February 21st will be processed Tuesday night, and payment results (which will show late claim indicators for 1st term claims) will be available on MAPnet the morning of Wednesday, February 22nd. The College Zone Web site is available 24 hours a day, 7 days a week - even when the ISAC offices are closed. Also, questions or inquiries may be submitted at any time by sending an e-mail message to ISAC's School Services Department. With the exception of holidays, ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8 a.m. - 5 p.m. CT). FY2007 Governor's Budget Proposal Based on information contained in the Governor's budget book, a sale of some student loans in IDAPP’s portfolio or a restructuring of the debt supporting the loan portfolio are mentioned as ways to fund some higher education needs. The Governor makes the commitment of continuing all student services provided by ISAC, including important outreach, research, scholarship and grant administration, and support services. Similar proposals involving the sale of other state assets are likely to be discussed as well. Our objective at this point is to keep you informed. Please, however, know that the inclusion of a proposal in a multi-billion dollar budget is just that – a proposal. Start-up for 2006-07 MAP and IIA Programs Successfully Implemented ISAC is pleased to announce that 2006-07 start-up for the Monetary Award Program (MAP) and the Silas Purnell Illinois Incentive for Access (IIA) Program has officially commenced. Here is a brief listing of scheduled start-up activities and available resources for the 2006-07 cycle. 2006-07 Processing Effective today, February 9th, MAP and IIA Program data can be accessed via MAPnet. All 2006-07 Institutional Student Information Records (ISIRs) having Central Processing System (CPS) processed dates of January 3rd through (including) February 8th are now available with their accompanying eligibility status information. Daily processing of 2006-07 ISIR and eligibility status information begins today, February 9th. As a reminder, when applying the 2006-07 start-up formula, the maximum annual award amount (due to the 9% reduction factor) for a MAP grant is $4,521. Information Available at collegezone.com The College Aid Calculator, which provides an estimate of MAP and federal aid, is being updated to reflect the 2006-07 start-up formula. It will be available shortly. Watch for information on the FAA Message Board as to its availability from the Calculators area within the e-Library. Notification to Applicants Samples of 2006-07 acknowledgement letters that ISAC sends to students are available within the ISAC Gift Assistance Programs area, along with the MAP Rights & Responsibilities form and the IIA Information Sheet. In order to accommodate the volume of applications submitted since January 1st, ISAC anticipates starting to mail 2006-07 acknowledgement letters to applicants on February 16th. Once all letters for previously submitted applications have been sent, letters will be generated and mailed following a standard schedule. 2006-07 MAP and IIA Program Start-up Scheduled for February 9th Please note the following regarding MAPnet availability:
Information Available at collegezone.com
Close of SAR/ISIR Processing Cycle for 2005-06 MAP & IIA Programs February 8th Close Date for 2005-06 MAP & IIA Any 2005-06 SAR/ISIR records with a Central Processing System (CPS) transaction processed date on or after February 8, 2006 will not be loaded to MAPnet or ISAC's mainframe system. The process of closing the MAP and IIA ISIR processing cycle will be the same as what has occurred in previous years at the close of the academic cycle (typically in June). No SAR/ISIR Corrections on or after February 8th for MAP or IIA Program Awards An applicant's MAP and IIA eligibility will be "frozen" as of the award amount calculated based on valid ISIR transactions that were processed prior to February 8th. Please note that closing is based on the date an ISIR transaction is processed by CPS [as opposed to the Free Application for Federal Student Aid (FAFSA) received date used to determine whether an initial application should be placed in suspension status]. Reductions to a student's eligibility or award amount based on data verified after the time of closing should be reflected in any payment requests submitted. No SAR/ISIR changes processed on or after February 8th, including school changes, can be used to increase a MAP or IIA award when submitting 2005-06 payment requests. Initial Applications Also Affected The closing of the MAP and IIA ISIR processing cycle also affects any initial 2005-06 FAFSA records with a CPS transaction processed date on or after February 8th. These records, which would have been in suspension status, will not be loaded to MAPnet or ISAC's mainframe system. MAP and IIA Payment Request Cycle Remains the Same The payment request cycle for 2005-06 MAP and IIA remains the same. Timely payment requests submitted for ISIR transactions processed prior to February 8th will continue to be processed. The 2005-06 second term priority claim deadline date is April 7, 2006, and the third quarter (or second semester for institutions where the second semester begins after February 15th) priority claim deadline date is June 9, 2006. More Information to Follow As additional details become available, you will be notified via this e-Messaging service and/or updates to the appropriate pages within the MAP and IIA Program areas of the ISAC Gift Assistance Programs section at collegezone.com. Return to top
FFELP Participants Latest School DAAR Report Available 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 January 2006 Available at College Zone Topics covered in the January 2006 ISAC Update include:
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