 Welcome to the FAA Zone
At your fingertips, Financial Aid Administrators, Business Officers, and other school personnel have access to a centralized source of information and financial aid guidance concerning ISAC's programs, processes, and resources.
FAA Message Board
The FAA Message Board is updated each week. New messages for the week are identified by the  Items under the More section, located toward the bottom of the page, provide links to information on topics that were recently listed on this Message Board.
A State Legislative Update, which was last updated on July 2nd, contains the status of bills that pertain to programs administered by the Illinois Student Assistance Commission (ISAC) and higher education in general.
A July 2nd e-Message reminds financial aid administrators that, in order for ISAC to determine its ability to pay 2008-09 Monetary Award Program (MAP) late claims, schools are encouraged to finalize reconciliation activities and then return the outstanding amount due to ISAC on or before July 10, 2009. Letters detailing the 2008-09 MAP "Due to ISAC" amount for each institution (as of the June 8th MAP payment processing run) were mailed to financial aid directors in June.
There are insufficient funds available from the
2008-09 Student to Student Program of Matching Grants appropriation to pay second semester/third quarter claims at 100%. Therefore, timely second semester/third quarter payment claims have been prorated at 57.46% (i.e., $57.46 will be paid for every $100.00 of eligibility). Late claims will not be paid for the 2008-09 academic year.
In observance of the Independence Day holiday, ISAC offices will be closed on Friday, July 3rd, reopening on Monday, July 6th. Access collegezone.com anytime, or send an e-mail message to a School Services Representative for questions or inquiries.
Information regarding schedules for Title IV processors and call centers for the Independence Day holiday is provided in a June 19th electronic announcement from the U.S. Department of Education (ED).
On June 18th, letters were mailed to financial aid directors outlining the outstanding amount each institution must refund to ISAC for the 2008-09 Illinois Veteran Grant (IVG) Program. IVG Program funds must be returned to ISAC after a final reconciliation has been completed to close out the regular school year. The outstanding amount due, with proper documentation, should be returned to ISAC on or before July 18, 2009.
Make sure your students are aware that information regarding the new Income Based Repayment (IBR) plan for federal student loans, which takes effect on July 1, 2009, is provided at the Student Aid on the Web site. Included are details regarding eligibility requirements, the benefits of IBR, and an IBR payment calculator.
An Electronic Announcement from the U.S. Department of Education (ED) provides updated customer service contact information for purchased Federal Family Education Loan Program (FFELP) loans serviced by the Department of Education Student Loan Servicing Center. ED is providing toll-free phone service and Web site access for both borrowers and schools for those loans sold by FFELP lenders/holders to ED through the "PUT" process.
A June 8th electronic announcement from the U.S. Department of Education (ED) provides an updated version of the September 15th listing of colleges that have been approved as "TEACH Grant Eligible Institutions" for the 2008-09 academic year.
A May 27, 2009 electronic announcement from the U.S. Department of Education (ED) provides a summary of interest rates for Stafford and PLUS loans, effective
July 1, 2009. For loans first disbursed from July 1, 2009 through June 30, 2010, subsidized Stafford loans for undergraduate students will carry a lower interest rate (5.6%) than subsidized Stafford loans for graduate students and unsubsidized Stafford loans for all students (6.8%). PLUS loans for parent and graduate student borrowers continue to have a rate of 8.5%.
Charts providing information regarding Federal Family Education Loan Program (FFELP) interest rates, loan limits, and fees - effective July 1, 2009 through June 30, 2010 - are available via the e-Library's Federal Information page.
A May 26th press release announces that ISAC has named the Illinois 2009-10 Robert C. Byrd Honors Scholars. Congratulations to these Illinois high school students who have been recognized for their outstanding academic achievement.
Earlier this spring, recipients were sent notification letters that contain Eligibility Certification forms and Information and Student Responsibilities documents. New (incoming freshmen) and renewal Byrd Honors Scholars must return the Eligibility Certification form to ISAC on or before
July 15, 2009, so that you will be able to request payment on their behalf for the fall term.
More
Outreach Calendar/Events
Dear Colleague Letter (DCL) GEN-08-12/FP-08-10 [Higher Education Opportunity Act (HEOA)]
2009-10 State Scholar Announcements
List of ISAC's Participating Lenders
State & Federal Aid Estimator
FAFSA Completion Information
Important Reminders calendar
Most Recent ISAC Update:
June 2009
| 
