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ISAC UPDATE 2008 ILASFAA CONFERENCE Overcoming Challenges, Celebrating Successes.

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Presentation on theme: "ISAC UPDATE 2008 ILASFAA CONFERENCE Overcoming Challenges, Celebrating Successes."— Presentation transcript:

1 ISAC UPDATE 2008 ILASFAA CONFERENCE Overcoming Challenges, Celebrating Successes

2 Presented by: Andy Davis, Executive Director Katharine Gricevich, Special Assistant to Executive Director Chris Peterson - Director, Program Services & Compliance

3 ISAC UPDATE Andy Davis

4 ISAC Mission Statement Making College Affordable for Illinois Students

5 Challenges Stem losses from student loan portfolio –Loans to out-of-state residents attending out-of state schools Sold $3 billion of $4.2 billion portfolio

6 Successes Illinois-nexus loans from 29% to 75% Debt restructured, paid for MAP Plus & boosted funding for FY2007 MAP grants $448 million in scholarships and grants $250 million in student loans Guaranteed another $1.8 billion in loans to 208,000 students and families

7 Selling portfolios prudent move – –Could have lost $12 million due to CCRAA –And $15 million to higher cost of borrowing

8 Successes Innovations –College Illinois! SM Capstone Loan Program –Illinois Education Foundation & Aetna –College Illinois! SM IDA Proposal New Programs –Veterans’ Home Nurse Loan Repayment –Nurse Educator Loan Repayment

9 Successes Number of Public Service staff tripled Excellent customer service –College Zone Outreach Centers – –Publications –Counselors and constituent services staff

10 Higher Education Initiatives Task Force on Higher Education and the Economy/Public Agenda Illinois P-20 Council/Illinois College & Work Readiness Partnership Economic Development Subcabinet

11 ISAC Pays for All Services No cost to taxpayers Administrative costs paid for with revenues generated through loan programs Thank you to those who help support this

12 Commitment Serve loan needs of our Illinois clients ISAC is mission-driven ISAC is here for the long haul ISAC is not-for-profit Making College Affordable for Illinois Students


14 Spring Session - Legislation House Bill (HB) 6137 - FY2009 level funding for ISAC-administered programs HB 1334 - IFTC Program and Golden Apple Scholars of Illinois Program HB 5109 - MAP Challenge program Senate Bill (SB) 1908 - increase maximum MAP grant

15 Legislation (cont.) SB 1981 - tax credit for employers who match College Illinois! SM, Bright Start, or Bright Directions plans/accounts SB 1923 - Public Assistance Attorneys Loan Repayment Program HB 4156, HB 4193, HB 4790 - BIG Program HB 4625 - 50% of textbook costs for recipients of IVG

16 PROGRAM UPDATE Chris Peterson

17 2007-08 Program Expenditures MAP & IIA –MAP – late claims should be OK –IIA – late claims ? IVG –prorated fall term at 86.3%, no payment for spring term –Community colleges, no additional payment until further notice

18 Program Expenditures (cont.) ING Grant –Spring claim deadline 4/16 –Spring term could be prorated if claims similar to fall term amount, if so, no summer Police/Fire/Correctional Officers – summer ? Bonus Incentive Grant –No applications funded after August 21st

19 Loan Programs College Illinois! SM Capstone Loan Program –Pilot expanded –Volume for 2007-08 1% Default Fee - ISAC pays half and 15 lenders pay other half. Lender list at College Zone Lender of Last Resort Program –Submitting program to ED –Utilizes current electronic processes

20 Other Programs High School Scholarship Programs (HSSP) –electronic transcript pilot State Scholars –Law changed to award $1,000 scholarships College Illinois! SM Prepaid Tuition –Enrollment period ends April 29 th –Since inception, more than 59,686 prepaid tuition contracts valued at more than $1.2 billion

21 Proposed Rules Amendments 9 different Parts Changes –Illinois Residency: IRS Form 1099- Miscellaneous Income Statements –ING & IVG – In-district payment: Schools can require students to provide proof of residency.

22 Proposed Rules Amendments (cont.) Changes: –When submitting payment requests, school is certifying each recipient’s eligibility –BIG certification – accepted for enrollment Public comment period ended March 24th Effective date – July 2008

23 2007 - Outreach & Awareness 1.7 million hits on Financial aid events impacted 457,800 Illinois residents 43 events conducted in Spanish for 6,500 64,533 contacts to College Zone Counselors 1.5 million brochures distributed

24 Public Service & Outreach Professional Development Workshops –FAFSA Made Easy –Financial Aid Workshop in Spanish –FAFSA Expert Training –Understanding Financial Aid Packaging National Training for Counselors & Mentors (NT4CM) Initiative

25 IllinoisMentor & Illinois Electronic Transcript Exchange 46,000 online applications 230,000 student accounts created 237 counselor accounts created 34 colleges & universities receive electronic transcripts 67 receive online applications 23 high schools sending transcripts

26 Organizational Update

27 Celebrating Successes ILASFAA & ISAC Rules & Operations Committee MAP Formula Committee CAP Committee Training & Professional Development Committee ILASFAA Presidents’ Council

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