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April 2006
Welcome to the April 2006 ISAC Update for Lenders and Servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout April. This e-Messaging service has replaced ISAC's use of printed newsletters 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 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 800.899.ISAC (4722) 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 ISAC to Pay Default Fee on Behalf of Borrowers 2006-07 academic year. Although the recently enacted Higher Education Reconciliation Act of 2005 requires guarantors to assess this fee and deposit it into the Federal Student Loan Reserve Fund for loans guaranteed on or after July 1, 2006, ISAC has chosen to pay this fee on behalf of borrowers rather than pass the cost on to students and their families. Maintaining a policy that began in July of 1999, paying this fee on behalf of borrowers reduces the cost of borrowing and results in a greater percentage of loan proceeds being available to offset educational expenses. This subsidy is estimated to save Illinois student loan borrowers and their families $13 million per year, or approximately $50 per loan. This benefit for borrowers, as well as all other agency programs and activities which facilitate access to education, are supported solely by ISAC's loan operations. All state funds allocated by the General Assembly are awarded to students and paid directly to colleges and universities on their behalf. Therefore, we greatly appreciate the support received through participation in ISAC's loan programs, as the revenue generated is reinvested into programs and benefits for students.  ISAC Loan Options Expand for Graduate Students of 2005 (HERA). To help you become better acquainted with the provisions of the HERA, we are preparing a series of Q & A's. The first of the series addresses Federal PLUS loans for graduate students and is posted in the Federal Information area of collegezone.com's e-Library. As more Q & A's on other topics are posted, we'll notify you via our usual communication avenues of e-Messages and Message Board postings. The expansion of the Federal PLUS Loan Program will begin with loans certified by the college on July 1, 2006, at which time students classified at the graduate level by their colleges will be able to borrow Federal PLUS loans guaranteed by the Illinois Student Assistance Commission (ISAC). Here's how the loans will work:
Commission Meeting to be Held Friday, April 28, 2006 The tentative agenda for the meeting includes:
The Agenda Book, which confirms each meeting's start time and provides a final agenda with a full description of each agenda item, will be available four to seven days prior to the meeting via the ISAC's Governing Board: The Commission section of the e-Library at collegezone.com.
ISAC Update Electronic ISAC Update for March 2006 Available at College Zone Topics covered in the March 2006 ISAC Update include:
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