Inside This Issue...

Governor Blagojevich signed the FY2004 budget for the State of Illinois on July 3, 2003. The final state appropriation for the Monetary Award Program (MAP) provides level funding from FY2003, plus $6 million to help restore MAP eligibility beyond 4 years. Consequently, the eligibility unit cap has been increased from 48 to 54 units, giving MAP recipients eligibility for the equivalent of 4 1/2 years of full-time study.

Recompute is the process by which all previously announced MAP awards are recalculated based on the approved formula. As approved in June and then modified at the July 10^th special meeting of the Illinois Student Assistance Commission (ISAC), the 2003-04 recompute formula increases the award reduction factor from 5% (as it was in the start-up formula) to 10% for all awards. Also, to accommodate the fact that the additional $6 million earmarked for students in their 5^th year of MAP eligibility is half of what had been approved by the Illinois General Assembly, awards for this cohort of students will be further reduced by half.

Detailed information about the recompute formula is listed as Table 6 in Agenda Item 8 of the Agenda Book for the June 23^rd meeting, and specifics regarding the 50% award reduction for students in their 5^th year of MAP eligibility is provided in the Agenda Book for the July 10^th meeting. Agenda Books for all Commission meetings can be accessed at the FAA Reference Center of ISAC OnLine at isac-online.org by using the "ISAC Agenda Books" link located in the "Resources" section.

Please note: Due to adjustments made to the start-up formula and carried through to the recompute formula, applicants with a federally-determined EFC of zero will not automatically be eligible for a full MAP award for the 2003-04 academic year.

The recompute formula applies a 10% reduction factor to the award amount. Once the reduction factor has been applied, the maximum award for the 2003-04 academic year is $4,471. MAPnet and the hand calculation sheets should be used to determine award amounts since it’s important that the reduction is applied in the correct manner. The actual award amount is 90% of the calculated award. Reducing the start-up award (which already reflected a 5% reduction) amount by an additional 5% does not result in an accurate award.

For students in the 5^th year of MAP eligibility, the actual award is further reduced by 50%.

The "new" 54-unit limitation will be imposed in the same manner as the "old" 48-unit limit (that is, an eligible student can continue to receive the MAP grant until such time that the total eligibility units used equals 54 or more).

MAPnet became available for awards to be calculated using the recompute formula on July 15, 2003. These changes include the eligibility status information needed to show students who have received 53 or fewer units of eligibility as qualified, if appropriate. However, to allow the implementation of recompute in as timely a manner as possible, the 50% reduction of awards for students in their 5th year of MAP eligibility is not being accommodated in MAPnet until the payment processing cycle begins. When sending MAP award notification to students in their 5^th year of MAP eligibility, remember to reflect the 50% reduction so that these students will have accurate information when determining their finances for the 2003-04 academic year.

The MAP Formula section of the FAA Reference Center has been updated to incorporate all changes for recompute. The new formula, as well as downloadable hand calculation forms, is provided at isac-online.org/faa_manual/grants/map/map_formula.html. The information can also be accessed by selecting the "MAP Formula" link from the left margin of the "MAP" section, located within the "ISAC Gift Assistance Programs" portion of the FAA Reference Center.

To download and print copies of the hand calculation forms in PDF format, select "2003-04 Hand Calculation Forms - Recompute" from the "Calculators" page of the MAP Formula section. To print, select "File," then "Print." To save the document(s) as an electronic file in PDF format, select the "Save" icon. In the "Save As" box, indicate the location to which the file should be saved.

The Illinois Technology Office (ITO) provides guidelines for State of Illinois Web sites. Pursuant to the ITO recommendations regarding passwords, ISAC is revising its current policy for the creation of passwords for ISAC Web sites that process data related to monetary payments or data subject to the Privacy Act of 1974 and that may be exposed to possible data theft or alteration.

New password guidelines became effective when MAPnet started to reflect the 2003-04 recompute formula. This enhanced security feature is required for both the 2002-03 and 2003-04 MAPnet applications. Since the use of a single password is optimal, we encourage users to synchronize passwords between the two award years.

Once you’ve updated your MAPnet password to comply with the new guidelines, you will not be required to change it again; however, you may want to update it from time to time for security reasons.

More information regarding the new password guidelines is available in the MAP section of the FAA Reference Center.

At this point it is estimated that the new formula will allow the suspension of MAP award announcements to be postponed until early August; however, ISAC will share the official suspension date with you once it has been determined. Further information will also be provided via the ILASFAA ListServ and/or ISAC Updates regarding the projected timeframe for the beginning of the 2003-04 MAP payment cycle and any other topics related to MAP.

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The most recent regular meeting of the Illinois Student Assistance Commission was held on Monday, June 23^rd, on the campus of North Park University in Chicago.

Action was taken on the following items:

• FY2004 MAP Recompute (see related article on page 1)

• FY2004 MAP and IIA Status and Request for Authority to Suspend

• FY2004 College Illinois! budget request and selection of investment manager

• adoption of ISAC Rules and Amendments for academic year 2003-04

All items on the agenda, except the Recompute item, were approved by the Commission as they were presented in the Agenda Book, which can be viewed at the "ISAC’s Agenda Book" section of ISAC OnLine at isac-online.org. (As noted in the online Agenda Book, an alternate resolution for MAP Recompute was presented to the Commission during the meeting, and was subsequently approved.) Subsequent to the June Commission meeting, the proposed rules and amendments were published and adopted as final in the July 11, 2003 Illinois Register. We anticipate that the 2003-04 ISAC Rules and Amendments will also be made available for viewing and downloading from our Web site by early August. In the meantime, highlights from the proposed rules are located in the "ISAC Agenda Book" section of ISAC OnLine, in the Agenda Book for the January 31^st meeting. The effective date of the rules and amendments is July 1, 2003.

Next Commission Meeting

The next Commission meeting is scheduled for Friday, September 19^th, at the College of Lake County in Grayslake.

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We would like to take this opportunity to recognize the sponsorship provided by lenders for various training events in Illinois throughout the year.

Bank of America
Bank One
Charter One Bank
Citibank
Commerce Bank
Corus Student Loan Center/National Education
Educaid
Fifth Third Bank
Fleet Bank
Metrobank
MOHELA
National City Bank
TCF Bank
US Bank
Wells Fargo

Providing a combined total of over $17,500, the generous support of these partners has helped to fund materials, refreshments and meals at training events, as well as scholarships for event participants to award to students at their schools.

The next time you see a representative from one of the above educational lenders, please join ISAC in expressing gratitude for all of their contributions to the financial aid community in Illinois.

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The Illinois General Assembly adjourned their spring legislative session in the early morning hours of Sunday, June 1^st. Although the overriding concern during this session was the fiscal condition of the state and its obvious impact on programs and projects, ISAC and our programs fared extremely well as a result of the high priority that Governor Blagojevich placed on access to higher education. As an example, not only did his budget proposal contain level funding from FY2003 for FY2004 Monetary Award Program (MAP) grants, but an additional $6 million was also added to the proposed MAP appropriation to restore awards for MAP eligibility beyond four years. (See the MAP Recompute article beginning on page 1 for more specifics.) In addition, funding for ISAC’s other scholarship and grant programs was maintained at FY2003 levels. Given the size of the deficit the State is facing, the significance of this action cannot be overstated.

In addition to the budget bill (House Bill 2671), several other bills impacting higher education were passed. For status updates regarding these bills, access the most recent State Legislative Update located in the "Resources" area of the FAA Reference Center at ISAC OnLine. The State Legislative Update will indicate if the Governor has signed each bill, as well as the effective date for each bill that has been signed.

One of the bills passed this session creates the Illinois Future Teacher Corps (IFTC) Program, effective July 1, 2003, for the 2003-04 academic year. IFTC replaces the ITEACH Teacher Shortage Scholarship Program, and expands both the eligibility criteria and award amount for qualified students planning to become teachers. To acquaint yourself with the specifics of this new program, visit the FAA Reference Center at ISAC OnLine. Information about IFTC can be found in the "Programs" section, under "ISAC Gift Assistance Programs."

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ED is individually posting each volume of the Federal Student Aid Handbook at the Information for Financial Aid Professionals (IFAP) Library as they become available. The IFAP Web site can be accessed via "Helpful Links" in the "Resources" section of ISAC’s FAA Reference Center. Once at the IFAP Web site, go to "Current Publications," and then select "Federal Student Aid Handbooks." A "2003-2004 Award Year" link is provided.

Dear Colleague Letter (DCL) GEN-03-07, published in May of 2003, discusses the conditions that support the use of dependency overrides by financial aid administrators and reminds schools of the documentation required by ED for such overrides. The DCL is available online at the IFAP Web site, which can be accessed via "Helpful Links" in the "Resources" section of ISAC’s FAA Reference Center. The DCL can also be accessed directly by visiting http://ifap.ed.gov/dpcletters/GEN0307.html.

A reminder notice from ED regarding FAFSA Drug Conviction Question #35 is posted online at the IFAP Library, under the section entitled "Electronic Announcements." The reminder notice is dated April 23, 2003. The IFAP Web site can be accessed via "Helpful Links" in the "Resources" section of ISAC’s FAA Reference Center. The online posting can also be accessed directly by visiting http://ifap.ed.gov/eannouncements/0423FAFSADrug35.html.

The reminder is aimed to remedy the confusion between an applicant’s response to FAFSA Drug Conviction Question #35 and the Department of Justice (DOJ) data match regarding the Anti-Drug Abuse Act of 1988. If an applicant is on the DOJ Drug Abuse file, the Institutional Student Information Record (ISIR) will reflect Reject 19 and Comment 009, and an expected family contribution (EFC) will not be calculated.

For responses on the FAFSA Drug Conviction Question #35, students should follow the guidance provided in the Student Aid Report (SAR) comment text.

A Frequently Asked Questions (FAQ) document regarding the recently implemented eZ-Audit process is available at the IFAP Web site, which can be accessed via "Helpful Links" in the "Resources" section of ISAC’s FAA Reference Center. The document is located at http://ifap.ed.gov/eannouncements/attachments/0603eZAuditFactSheetAtt.pdf.

The Federal Register dated May 16, 2003, reads in part: "Beginning on June 16, 2003, all institutions are required to use eZ-Audit for submitting electronically any required audit that is due on or after that date." The full text of this Federal Register is available on the IFAP Web site, and can be accessed directly at http://ifap.ed.gov/fregisters/FR051620033.html.

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The U.S. Department of Education (ED) has announced the variable interest rates for Federal Family Education Loan Program (FFELP) loans for the period July 1, 2003 through June 30, 2004. This information is provided in the chart attached to this ISAC Update to assist schools in counseling students and parents, and answering questions about these loans.

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Since early June, ISAC has been accepting and processing for guarantee Federal PLUS Loan Application and Master Promissory Note (PLUS MPN) records submitted via CommonLine versions 4 or 5, through the blanket guaranty process, or submitted on the school certification form.

The U.S. Department of Education (ED) is providing for a one-year transition period for the new form. The PLUS MPN is available for loan periods beginning on or after July 1, 2003, but must be used for all Federal PLUS Loans for loan periods beginning on or after July 1, 2004, or for any loan certified on or after July 1, 2004, regardless of the loan period. This one-year transition period allows 2003-04 academic year loans to continue to be processed as they have been in the past, while schools prepare their internal systems and operational procedures for use of the new PLUS MPN with 2004-05 loans.

• The PLUS MPN is a common form and can be accepted by any guaranty agency, regardless of the guarantor that may be identified in the upper right corner of the form.

• The PLUS MPN is designed for a parent borrower to use as a multi-year (serial) note for one dependent student. The serial loan feature allows a borrower to sign the MPN once, at the time he or she first borrows, and receive additional loans for that one dependent student during the same year or in subsequent years without signing a new promissory note (for up to ten years after the date the parent first signed the PLUS MPN). However # as with the Federal Stafford Loan MPN for student borrowers # the parent borrower, the school or the lender may request that a new PLUS MPN be signed for each new loan period even if doing so would not otherwise be required.

• The PLUS MPN works most efficiently with, and was designed for, electronic school certifications. For FFELP schools that do not process loans electronically, a paper Federal PLUS Loan Information and School Certification form is available.

• The requested loan amount item (#17 of the "Borrower Request, Certifications, and Authorizations" section) has been streamlined to eliminate the need for the borrower to request an actual amount. This item now indicates that the borrower is requesting the maximum amount allowable based on the student’s cost of attendance minus other aid received each academic year. It also states that the borrower may decline a loan or request a lower amount by contacting the lender or school. Note that if a specific requested loan amount is not collected by the school, it is the lender’s responsibility to obtain this information before disbursement.

• There is no separate electronic funds transfer (EFT) authorization box. The authorization to permit schools to transfer loan proceeds to the student’s account via EFT (and/or master check) is in item #19, paragraph D, of the "Borrower Request, Certifications, and Authorizations" section. This authorization does not require a school to offer EFT, but streamlines the process for those schools that offer EFT and/or master check.

• Schools choosing to implement the PLUS MPN for 2003-04 processing should communicate this decision to their preferred lenders to determine whether they are ready to begin accepting and processing these records.

• In working with the PLUS MPN, the school is responsible for the following:

• determining the borrower’s Federal PLUS loan eligibility;

• certifying the loan, either manually using the Federal PLUS Loan Information and School Certification form, or electronically; and

• delivering loan funds to the borrower.

The Order Form for Postsecondary Schools includes the PLUS MPN and all accompanying documents. The order form can be accessed via the "Ordering ISAC Materials" section that is located within the "Resources" area of ISAC’s online FAA Reference Center. [Note: A minor printing error, which does not hinder the completion or processing of the document, has been identified on ISAC’s current supply of PLUS MPN forms. In item 9 (lender information) of the "Borrower (Parent) Section" there is extra spacing in the word "City."]

For more details regarding implementation of the PLUS MPN, please refer to Dear Colleague Letter (DCL) GEN-03-03. This DCL was posted online at the Information for Financial Aid Professionals (IFAP) Library on February 7, 2003, and can be accessed directly by visiting http://www.ifap.ed.gov/dpcletters/GEN0303.html.

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Financial aid administrators are in an ideal position to help student borrowers, especially those who may be at risk for defaulting on an educational loan, understand the importance of paying their debts. To support the aid community in this effort ISAC offers, free of charge, what many consider to be industry leading Default Prevention programs and materials designed to keep your institution’s Cohort Default Rate (CDR) in check. High default rates will threaten a school’s ability to participate in federal and state financial aid programs. Taking full advantage of ISAC’s Default Prevention programs can help to manage your institutional CDR.

By taking the steps outlined below, students at your school can become educated about personal finance, which just may have a positive effect on your institution’s CDR.

ISAC offers unique Default Prevention Outreach materials designed to motivate students to understand their responsibilities and the many benefits of being credit worthy, and all are free of charge. These materials include Loan Information Portfolios, "Keep in Touch" postcards, Loan Repayment Maps, Contact Information cards, posters, pens, caps and indoor/outdoor banners. To request a supply of materials, call School Services at 866-247-2172, or send an e-mail to schoolservices@isac.org.

Personal financial literacy is one of the cornerstones of ISAC’s default prevention outreach efforts. Because of this, ISAC staff are available to visit school campuses in order for qualified instructors to provide a one hour interactive presentation on personal finance. We encourage schools to schedule a seminar during student orientation or early in the student’s college career.

Mapping Your Future is a national collaborative financial aid industry organization sponsored by guaranty agencies, including ISAC, who participate in the Federal Family Educational Loan Program (FFELP) and are committed to providing information about higher education and career opportunities. Mapping Your Future provides a non-profit, public service Web site providing many college and career-related services, and is quickly becoming the premiere Default Prevention Web site. Visitors to Mapping Your Future may choose from several options, a few of which are Financial Fitness Tools, a budget calculator, CAREERSHIP, the Debt/Salary Wizard, the Deferment Navigator, and online entrance and exit counseling for participating schools. Chat Events, such as the one offered on September 9^th on Deferments, Forbearances and Default Prevention, are also available to students. (See the related article on page 13.)

In addition to training seminars, annual conferences, and workshops, ISAC provides individual and group train-the-trainer workshops for staff at Illinois postsecondary institutions participating in FFELP. These workshops are free of charge and provide specialized direction and strategies to utilize and implement Default Prevention programs at the institution.

ISAC has developed a Default Prevention Plan – Guide that includes a Default Prevention Survey, which can help you perform an assessment of your institution’s Default Prevention efforts. This model can be used to develop and implement your own specific Default Management Plan and has been proven to reduce default populations and decrease institutional CDRs.

The twice monthly Default Aversion Assistance Request (DAAR) reports sent by ISAC help schools to work with lenders/servicers and ISAC by identifying delinquent borrowers so that the schools may attempt to contact borrowers to encourage repayment, deferment or forbearance in order to avoid default.

To schedule a Personal Finance Presentation or an on-site training visit, please contact Tom Cox by calling 800-899-ISAC (4722), extension 3706, or by sending an e-mail message to tcox@isac.org.

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The July 2003 version of the Common Manual…Unified Student Loan Policy is now available. This year, ISAC will provide the manual on our Web site and as part of the Common Manual e-Collection CD-ROM.

Web-based Versions

To access the Web-based versions of the manual, go to the FAA Reference Center on ISAC OnLine. The "Common Manual" link (where you can access both electronic versions of the manual, as explained below) is located in the "Resources" section, or you can access them directly at isac-online.org/faa_manual/rscr/1373.htm.

There are two electronic versions, the Electronic Common Manual (ECM) and the Integrated Common Manual (ICM). The ECM has been updated to reflect the July 2003 version that was recently released by the Common Manual guarantors. The ICM is used to reflect policy proposals that are approved by the Common Manual Governing Board each month, making it the most up-to-date source of FFELP policy. At this point, there are no changes to the July 2003 version; therefore, the ICM has not been updated.

The Common Manual e-Collection contains the July 2003 version of the manual, as well as a number of resources essential for the financial aid professional. From the Higher Education Act (HEA) to common forms, the CD-ROM has it all. The following items are included:

• July 2003 version of the Common Manual…Unified Student Loan Policy

• 2003-04 Federal Student Aid Handbook

• Common Forms

• HEA

• NCHELP Integrated HEA

• NCHELP Integrated Regulations – Parts 600, 668, and 682

• NCHELP Topical Index of the HEA and Regulations

• Dear Colleague/Partner Letters

• Department of Education Announcements

To order the e-Collection CD-ROM, complete the attached form and mail or fax it as the directions indicate.

Recent Common Manual changes are included in the July 2003 Electronic Common Manual located on NCHELP’s Web site, which can be accessed via the Resources section of the FAA Reference Center of ISAC OnLine and the e-Collection CD-ROM. The changes deal with a variety of topics, including:

• the multi-year feature of the Stafford MPN;

• record-keeping requirements;

• return of unearned Title IV funds and cash reserve requirements;

• attendance recording;

• timely return of FFELP funds;

• entrance and exit counseling;

• overpayment tolerance;

• ability-to-benefit tests;

• reduced academic years;

• applying Stafford annual loan limits;

• students returning after withdrawal;

• elimination of confirmation requirement for electronic notice; and

• rehabilitation of defaulted loans, and the PLUS MPN.

A compilation of the above changes that were made to the 2002 Common Manual…Unified Student Loan Policy is attached to this ISAC Update. We encourage you to review the changes and place them in the appropriate section of your paper manual.

With the move to providing the Common Manual in electronic formats, we will no longer be attaching paper copies of the Common Manual changes to ISAC Updates. Rather, they will be made available via the "Resources" section of the FAA Reference Center as a downloadable file.

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Here’s an overview of some of the newest happenings at IDAPP, ISAC’s secondary market providing loan servicing and origination services.

If you haven’t visited IDAPP’s Web site lately, you’ll notice several changes the next time you access idapp.com. These changes allow borrowers, schools and lenders to take advantage of new expanded product offerings, including:

• Information on Federal Stafford, Federal PLUS and IDEAL Loans

• Federal Stafford, Federal PLUS and IDEAL Loan Applications

• Borrower Loan Account Information

• Current Interest Rate Information

• Downloadable Forms

• Repayment Calculators

• Repayment Benefit Program

• Instant Credit Approval

• Breaking News

• Press Releases

• IDAPP History

• Online surveys

Along with the above services, we’ve also added an electronic signature process. IDAPP is offering this exciting new feature for borrowers completing an online application for Federal Stafford and/or IDEAL Program loans. No more waiting for mail, lost promissory notes, or for forms to catch up with the process. Borrowers may electronically sign their Federal Stafford or IDEAL application anytime! The application can be completed online at idapp.com and then "e-signed" by the borrower, using their Personal Identification Number (PIN) which was supplied when they completed the Free Application for Federal Student Aid (FAFSA). It’s fast and easy! If your school’s students do not have a PIN number, they can apply online at pin.ed.gov.

The online process doesn’t stop with just the e-signature. IDAPP also offers an immediate credit approval on PLUS and IDEAL Alternative Loans. Borrowers can electronically sign the forms and receive their credit approval within 10-15 seconds.

IDAPP’s One Loan. One Payment. 2.25% Interest Rate Incentives

One Loan. One Payment. It’s possible with IDAPP’s unILoan program, a Federal Consolidation Loan Program. By consolidating existing student loans, we can help make repayment more manageable. First, we pay off the borrower’s current student loans. Then we consolidate them into one manageable, simple interest loan. Because unILoans can be repaid over a longer period of time, the required monthly payments are usually lower.

The benefits of loan consolidation don’t stop at just extending the repayment period. IDAPP also provides a repayment incentive in two ways. First, IDAPP will lower the loan’s interest rate by .25% if the payments are deducted from the borrower’s checking or savings account. Then, after making 24 consecutive, on-time monthly payments, the interest rate will be reduced by 1%. If on-time payments continue, the rate will be reduced by an additional 1% after the 48th consecutive payment. In total, the borrower’s interest rate could be reduced up to 2.25%. Student loan borrowers can visit idapp.com or contact one of IDAPP’s Loan Consolidation Experts at 800-366-5755 or via e-mail at 1loan@isac.org for more information.

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Please mark your calendars now to attend one of the new 2003 Fall Seminars for Partners!

This year the fall seminar series is being designed for all of ISAC’s partners # counselors, financial aid administrators and lenders. A general session will start the day to provide information that is common to all partners, and then a separate session will follow for each partner group to cover topics specific to each group. Participants will receive the information they need to assist students through the financial aid process and have the opportunity to network with their colleagues from other partner groups, since we’re all partners working in the best interests of students. To accommodate busy schedules and limited budgets, each seminar will conclude at 1 p.m., and there will be no registration fee.

We’re excited about introducing you to College Zone # Powered by the Illinois Student Assistance Commission. College Zone, at collegezone.com, is our new Web presence that will be launched later this summer. As a preview, College Zone will have a fresh design and increased functionality and capabilities. Five different Zones – Student, Parent, Counselor, FAA, and Lender – will offer information specifically for the user, depending on their reason for visiting College Zone. The FAA Zone, especially for you, will give you fingertip access to all the latest information. You’ll have the ability to order materials online and to subscribe to an e-mail service that will notify you when we’ve posted new items to the site. These methods of providing information will eventually replace our printed communications materials.

Attached to this Update is a listing of the dates and locations for this year’s seminar series. Note that it is different from what was announced in the April 14, 2003 ISAC Update.

Registration materials, including a complete listing of agenda items, will be available on our Web site later this summer.

Mapping Your Future Chat Events

Following is the schedule for the upcoming regularly scheduled Mapping Your Future Chat Events. Be sure to mark these Chat Events on your calendars and pass the details to your students so they can take advantage of the information that will be provided.

*  Daytime chats are scheduled form 2 p.m. to 3 p.m. (Central), and Evening chats are scheduled from 6 p.m. to 7 p.m. (Central).

Anyone with Internet access who is interested in participating may do so by visiting the Mapping Your Future Web site at the appropriate time on the date of the event. Students will find a link to Mapping Your Future at the ISAC OnLine homepage (isac-online.org), and financial aid professionals can access the site via the FAA Reference Center.

If you have not participated in previous Chat Events, but would like to see the topics discussed, you can review the archived "Questions and Answers" from earlier chats by visiting the section entitled "Previous Chat Events" at mapping-your-future.org/services/chatnight.htm.

A group of guaranty agencies, including ISAC, along with supporting Friends - members that participate in the Federal Family Education Loan Program (FFELP) - sponsor Mapping Your Future and are committed to providing information about higher education and career opportunities.

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ISAC offices and the ELM NDN both will be closed on all of the following days in 2003.

Labor Day	Monday, September 1, 2003
Veterans Day*	Tuesday, November 11, 2003
Thanksgiving Day	Thursday, November 27, 2003
Day after Thanksgiving	Friday, November 27, 2003
Christmas Day	Thursday, December 25, 2003

* Note that some previously published holiday schedules indicated ISAC would commemorate Veterans Day on November 10^th. We have since received clarification that ISAC will be closed for Veterans Day on Tuesday, November 11, 2003.

Loans will not be processed or disbursed on the previously listed holidays.  Schools and lenders/servicers can transmit CommonLine or Common Account Maintenance (CAM) files on dates when ISAC is closed, but those files will be processed on the following business day and results will be available the second business day. For example, if files are transmitted to ISAC on Labor Day, September 1^st, those files will be processed by ISAC on September 2^nd and results will be available on September 3^rd.

If you have disbursements scheduled on a holiday and would like to reschedule them, please call the ELM NDN Hotline at 800-285-3708. Remember that the ELM NDN requests at least a 10-day notice to honor such a request.

Although ISAC’s offices will be closed on the aforementioned holidays, MAPnet will be available during regularly scheduled hours and will reflect records processed by the Central Processing System (CPS) through the previous business day.

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ISAC disclaims all responsibility and liability for the reader's reliance on information contained in this publication as it may represent only part of the complete guidance on a topic or have been superseded by subsequent publication(s) or changes in State or Federal law.