VOL. 26, NO. 5L
November 2008
Welcome to the November 2008 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through College Zone’s e-Messaging service throughout November. 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 800.477.4411 and speaking with one of the following staff members:
- Sharon Bankston, extension 2826
- David Barinholtz, extension 2822
- Denise Cannon, extension 2823
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
Commission Meeting Summary Default Fee Payment Policy Unchanged
Sent to Marketing News, Announcements and Operational Updates, Announcements on November 24, 2008
At its November 21st meeting, the Illinois Student Assistance Commission (ISAC) took action on several items as part of the agenda.
Continued Partial Payment of Federal Default Fee for 2009-10
The Commission approved the continued payment of 25% of the federal default fee for students borrowing through the Federal Stafford (subsidized and unsubsidized) and Federal Graduate PLUS Loan Programs. The default fee paid on behalf of parents borrowing Federal PLUS loans remains at 0%. It is estimated that ISAC will waive $1.2 million of federal default fees for student borrowers in the upcoming academic year.
Procedures for lender remittance of the remaining portion of the federal default fees to ISAC remain the same as are currently being used.
Other Action Items Approved
The following items were also approved at the meeting:
- Kendall College application for participation in ISAC Gift Assistance Programs (Agenda Item #9)
- Financing for College Illinois!(SM) Capstone Loan Program
- IDAPP Investment Policy
Information Items
These items were presented to the Commissioners for informational purposes (no action was required):
- Changes in Affordability of a College Education for Illinois Community College and Public University Students FY1997 - FY2007 (Agenda Item #7)
- FY2010 Grant Program Budget Issues
(Agenda Item #8)
Next Meeting
The next meeting is scheduled for Friday,
January 30, 2009, on the campus of Benedictine University in Lisle.
Commission Meeting to be Held Friday, November 21, 2008
Sent to Marketing News, Announcements and Operational Updates, Announcements on November 14, 2008 The next regular meeting of the Illinois Student Assistance Commission is scheduled for 9 a.m. on Friday,
November 21st at the National-Louis University North Shore Campus in Skokie.
The tentative agenda for the meeting includes:
- Partial Payment of Federal Default Fee for 2009-10 Academic Year
- Adopted Rules Amendments
- Changes In Affordability of a College Education for Illinois Community College and Public University Students FY1997 – FY2007
- Discussion of FY2010 Grant Program Budget Issues
- Institutional Application to Participate in ISAC Gift Assistance Programs (Kendall College)
- First Quarter FY09 Financials
- Financing for Academic Year 2010/Financing for College Illinois!(SM) Capstone Loan Program
- College Illinois!(SM) Prepaid Tuition Program Investment Performance and Marketing Report
- Illinois Designated Account Purchase Program (IDAPP) Investment Policy
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 a conference call briefing following this meeting.
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ISAC UPDATE
Electronic ISAC Update for November 2008 Available at College Zone
Sent on November 3, 2008 The October 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 lenders and servicers in October via College Zone's e-Messaging service.
Topics covered in the October 2008 ISAC Update include:
- Mark Your Calendar for Upcoming Important Dates
(sent October 6, 2008)
- Electronic ISAC Update for September 2008 Available at College Zone
(sent October 1, 2008)
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