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VOL. 25, NO. 9IGSL, 9B
March 2008
Welcome to the March 2008 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 March. 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
New State Legislative Update Posted (March 28, 2008)
Sent to Financial Aid Directors and Financial Aid Administrators on March 28, 2008 A new State Legislative Update has been posted for your reference at collegezone.com. This Update, dated
March 28, 2008, contains the most recent status of bills which pertain to ISAC-administered programs and education in general.
Included in this edition of the State Legislative Update is information about the following proposals.
- House Bill (HB) 6137 contains the Governor's recommendation of level funding for ISAC-administered programs in the fiscal year 2009 budget.
- HB 1334 calls for the gradual phase out of the Illinois Future Teacher Corps (IFTC) Program, with funds that would have gone to IFTC instead being used to support the Golden Apple Scholars of Illinois Program.
- Three separate bills would allow College Savings Bond Bonus Incentive Grant (BIG) Program eligibility to roll over indefinitely in years of insufficient funding.
- HB 4625 calls for 50% of textbook costs to be paid for recipients of the Illinois Veteran Grant (IVG) Program.
- Senate Bill (SB) 1908 would increase the maximum Monetary Award Program (MAP) award.
The State Legislative Update can be accessed through College Zone's e-Library, #13, ISAC Announcements, Press Releases & State Legislative Updates. We will notify you when a new Update is posted.
Commission Meeting to be Held Friday, April 4, 2008
Sent to Financial Aid Directors and Financial Aid Administrators on March 28, 2008 The next regular meeting of the Illinois Student Assistance Commission is scheduled for 10 a.m. on Friday, April 4th at the University of Illinois at Springfield.
The tentative agenda for the meeting includes:
- Proposed Rules Amendments
- Institutional Application to Participate in ISAC Gift Assistance Programs - Fox College
- Student Lending Industry Update
- Debt Restructuring
- College Illinois!SM Investment Performance Report, Investment Policy and Low Income Savings Plan
Results for items requiring action from the Commission will be available following the meeting via the 2008 Agenda Books page, which is located within the ISAC's Governing Board: The Commission section of the e-Library at collegezone.com.
There are no plans for an Executive Briefing Conference Call following this meeting.
Mark Your Calendar for Upcoming Important Dates
Sent to Financial Aid Directors, Financial Aid Administrators, Public Schools - Participating in the ING Grant and IVG Programs, MAPnet Users, Business Officers and FFELP Participants on March 27, 2008 The Illinois Student Assistance Commission (ISAC) would like to make you aware of the following information, which may be of interest to you and/or your students.
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 SITE REDESIGN
Reminder regarding March 28th redesign of Mapping Your Future Web site
HOLIDAY SCHEDULES
Processing schedules for Memorial Day and Independence Day holidays
UPDATES
All links in this section launch pages located at collegezone.com.
Program-Specific Information
Urgent Need to Reconcile 2007-08 IIA Program Records
As was announced in a March 7th e-Message, schools are asked to complete a full reconciliation of 2007-08 Silas Purnell Illinois Incentive for Access (IIA) Program disbursements, and return any amounts due as soon as possible, by following the cancellation and return of funds guidance provided in the Processes section of the FAA Zone. While analysis of claim data takes place, all IIA Program claims submitted (for all terms) on or after
March 5, 2008 are being held and not being processed for payment at this time.
April 1st: 2007-08 MAP and IIA Program Second Term Payment Claims Due
2007-08 Monetary Award Program (MAP) and IIA Program payment claims are due for second semester/quarter.
April 15th: 2007-08 STS Program Second Quarter Payment Claims Due
2007-08 Student to Student (STS) Program of Matching Grants second quarter payment claims are due. Payment of second semester/second or third quarter claims will occur after June 15th (the STS claim deadline for second semester/third quarter), once we have determined what proration factor, if any, will be necessary for STS Program awards for these terms. If proration is necessary, then no late claims will be paid.
By May 1st: 2008-09 Robert C. Byrd Honors Scholars Will Be Announced
Be sure to regularly visit the Robert C. Byrd Honors Scholarship Program section of the ISAC Gift Assistance Programs area for updates regarding the announcement of 2008-09 new and renewal awards.
May 16th: 2007-08 Robert C. Byrd Honors Scholarship Payment Claims Due
Eligibility Certification/Payment Request Rosters for the 2007-08 Robert C. Byrd Honors Scholarship Program are due. Further details are available at the Payment Procedures for the Byrd Scholarship section of the ISAC Gift Assistance Programs area.
May 25th: 2007-08 IVG Spring Term Payment Claims Due
2007-08 Illinois Veteran Grant (IVG) Program spring term payment claims are due. Although schools will not be reimbursed for spring term awards or late claims, payment requests must be submitted to ISAC so eligibility units can be assessed to student's accounts.
June 1st: 2007-08 MAP and IIA Program Payment Claims Due
2007-08 MAP and IIA Program payment claims are due for third quarter, and for second semester at institutions where the second semester begins after February 15th.
June 1st: 2008-09 Budget Packets Due
On or before June 1, 2008, all participating Illinois schools must submit either a 2008-09 Gift Assistance Budget Packet [to report budget data for the MAP, IVG and Illinois National Guard (ING) Grant programs] or a 2008-09 Monetary Award Program Budget Packet (to report budget data for MAP only). ISAC anticipates having the budget packets, along with accompanying instructions and documentation, posted at College Zone no later than mid-April.
June 5th: Last Date 2007-08 ISIR Data Will Be Accepted
June 5th will be the last day 2007-08 Institutional Student Information Record (ISIR) data will be accepted. Any
2007-08 ISIR data received at ISAC on or after June 6, 2008, will not be loaded to MAPnet or ISAC's mainframe system. Also, no 2007-08 MAP or IIA Program application receipt acknowledgement letters will be provided to applicants from ISAC after this date.
June 15th: 2007-08 STS Second Semester/Third Quarter Payment Claims Due
2007-08 STS Program second semester/third quarter payment claims are due. Payment of second semester/second or third quarter claims will occur after this date, once we have determined what proration factor, if any, will be necessary for STS Program awards for these terms. If proration is necessary, then no late claims will be paid.
July 1st: Final Close-out Date for 2007-08 ISAC Gift Assistance Programs
With the exception of the Robert C. Byrd Honors Scholarship Program (see the May 16th entry of this section, above, for information regarding the Byrd Honors Program), all submissions of 2007-08 payment requests (including initial claims and supplemental claims) for ISAC-administered gift assistance programs must be received on or before July 1, 2008. Adjustments (to cancel or reduce awards) will be accepted after this date for MAP and the IIA Program.
Specific details regarding close-out of 2007-08 ISAC-administered gift assistance programs will be provided via a separate e-Message as we move closer to July 1st. In the meantime, continue to visit the Program News sections for individual gift assistance programs for status updates and operational details (including both the 2007-08 and 2008-09 academic years).
Upcoming Commission Meetings
The next regularly scheduled meetings of the Illinois Student Assistance Commission will take place as follows:
- Friday, April 4, 2008, at the University of Illinois at Springfield
- Friday, June 27, 2008, at Carl Sandburg College in Galesburg
A listing of tentative agenda items will be available prior to each meeting via the ISAC's Governing Board: The Commission section of the e-Library. Dates and locations for all meetings scheduled in 2008 are available at the
e-Library's Commission Meeting Schedule page. Agenda and meeting schedule information can also be accessed by selecting the link that appears beneath the "Resource Center" heading at the College Zone home page.
MAPPING YOUR FUTURE SITE REDESIGN
As you know, implementation of the Mapping Your Future Web site redesign is scheduled to take place during the evening of Friday, March 28, 2008. The redesign will occur in conjunction with a new Web domain (MappingYourFuture.org), changing the site's file structure and navigation. While the new site is being implemented on March 28th, visitors may encounter periodic Web site outages between the hours of 7 p.m. and 11 p.m. (CT).
Information regarding how you can ensure that your college's Web site is ready for the redesigned Mapping Your Future site was provided in a February 11th
e-Message.
All links to Mapping Your Future that appear at collegezone.com will be updated to the new Web domain on Monday, March 31st.
The above is based on information from a Mapping Your Future E-Update. Mapping Your Future is a national collaborative public service project of the financial aid industry, including ISAC - bringing together the expertise of the industry to provide free college, career, financial aid, and financial literacy services for schools, students, and families.
HOLIDAY SCHEDULES
A complete listing of 2008 holidays on which ISAC staff will be unavailable is provided at the ISAC Events Calendar.
May 26th: Memorial Day
July 4th: Independence Day
In observance of the Memorial Day and Independence Day holidays, ISAC offices will be closed on Monday, May 26th and on Friday, July 4th, respectively. Our offices will reopen on the first business day following each holiday.
Loan records received at ISAC on the holidays, as well as disbursement records received at the National Disbursement Network (NDN), will be processed the following business day. This means that, for holidays that fall on a Monday, CommonLine or Common Account Maintenance (CAM) files will be processed on the following Tuesday, with results available on Wednesday (or the next available day for any schools opting to receive NDN files on specific days of the week). For holidays falling on a Friday, CommonLine or CAM files will be processed on the following Monday, with results available on Tuesday (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 the holidays.
Although ISAC's offices will be closed on those days, MAPnet will be available during regularly scheduled hours and will reflect records processed by the Central Processing System (CPS) through the last business day immediately preceding each respective holiday. MAP payment requests submitted from 5 p.m. (CT) the preceding business day through 5 p.m. (CT) the first business day following each holiday will be processed the evening of that first business day, and payment results will be available via MAPnet the next morning. For example: with the Independence Day holiday, payment requests submitted from 5 p.m. (CT) on Thursday, July 3rd through 5 p.m. on Monday, July 7th will be processed on Monday night, and payment results will be available via MAPnet the morning of Tuesday, July 8th.
For Assistance
Remember that you can access collegezone.com anytime, or send an e-mail message to ISAC's School Services Department. With the exception of holidays (such as those indicated above), ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8:30 a.m. - 5 p.m. CT).
Money Smart Week Chicago: April 20-26, 2008
Sent to Financial Aid Directors, Financial Aid Administrators, Business Officers and FFELP Participants on March 26, 2008 Money Smart Week (MSW) Chicago 08 will occur April 20th – 26th in the greater Chicago metropolitan area. The Illinois Student Assistance Commission (ISAC) is partnering with The Federal Reserve Bank of Chicago for the fourth consecutive year to promote financial literacy through this weeklong event, which is designed to help consumers learn to better manage their personal finances.
This year, ISAC will be presenting the topic Consumer Economics of Higher Education twice on Monday,
April 21st. This highly rated session provides an overview of the elements involved in financial aid packaging as well as comprehensive consumer education information designed to assist students prepare for the financial responsibilities associated with financing college. The morning session will be presented at 9:30 a.m. at ISAC's Deerfield office in Room 3030, and the afternoon session will be presented at the James R. Thompson Center (located downtown at 100 W. Randolph) in the Assembly Hall Auditorium at 1 p.m.
The official Money Smart Week calendar of events is available online at moneysmartweek.org (click on Chicago, and then choose the online calendar of events) to search over 350 financial education events by date, topic or neighborhood.
2007-08 IIA Program Payment Alert
Sent to Financial Aid Directors, Financial Aid Administrators, and MAPnet Users on March 7, 2008 Payment claim data for the 2007-08 Silas Purnell Illinois Incentive for Access (IIA) Program is currently being analyzed. While this analysis takes place, all IIA claims submitted (for all terms) on or after March 5, 2008 are being held and not being processed for payment at this time.
Urgent Need to Reconcile 2007-08 IIA Program Records
What can you do to help? Complete a full reconciliation of IIA Program disbursements and return any amounts due as soon as possible by following the cancellation and return of funds guidance provided in the Processes section of the FAA Zone at collegezone.com.
As additional details are finalized, they will be shared following ISAC's established methods of communication (i.e., IIA Program News, FAA Zone Message Board and e-Messages).
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FFELP PARTICIPANTS
Latest School DAAR Report Available
Sent on March 3, 2008 and March 18, 2008
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.
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ISAC UPDATE GROUP
Electronic ISAC Update for February 2008 Available at College Zone
Sent on March 3, 2008
The February 2008 edition of the ISAC Update is now available for your review within the ISAC Publications section of College Zone's e-Library. This version of the monthly electronic ISAC Update is a compilation of e-Messages sent to financial aid administrators and business officers in February via College Zone's e-Messaging service.
Topics covered in the February 2008 ISAC Update include:
- Enhanced Reports Available via My Zone's IVG Online Payment
(sent February 25, 2008)
- ISAC Releases "A Year in Review" Publication
(sent February 19, 2008)
- Financial Aid 101: Building a Solid Foundation - March 2008 Workshops
(sent February 14, 2008)
- New Awards Announced for 2007-08 Teacher Education Scholarship Programs
(sent February 13, 2008)
- Proration Rate for 2007-08 IVG Program Timely Fall Term Claims
(sent February 12, 2008)
- Prepare for March 28th Implementation of Mapping Your Future Web Site Redesign
(sent February 11, 2008)
- Start-up for 2008-09 MAP and IIA Program Successfully Implemented
(sent February 7, 2008)
- Latest School DAAR Report Available
(sent February 4, 2008 and February 20, 2008)
- Electronic ISAC Update for January 2008 Available at College Zone
(sent February 4, 2008)
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