Transcript STATE UPDATE 2005 ILASFAA CONFERENCE

ISAC UPDATE
2008 ILASFAA CONFERENCE
Overcoming Challenges,
Celebrating Successes
Presented by:
Andy Davis, Executive Director
Katharine Gricevich, Special Assistant to
Executive Director
Chris Peterson - Director, Program
Services & Compliance
ISAC UPDATE
Andy Davis
ISAC Mission Statement
Making College Affordable for
Illinois Students
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
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
• Selling portfolios prudent move –
– Could have lost $12 million due to CCRAA
– And $15 million to higher cost of borrowing
Successes
• Innovations
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– College Illinois! Capstone Loan Program
– Illinois Education Foundation & Aetna
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– College Illinois! IDA Proposal
• New Programs
– Veterans’ Home Nurse Loan Repayment
– Nurse Educator Loan Repayment
Successes
• Number of Public Service staff tripled
• Excellent customer service
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College Zone Outreach Centers
collegezone.com
Publications
Counselors and constituent services staff
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
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
Commitment
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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
STATE LEGISLATIVE
UPDATE
Katharine Gricevich
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
Legislation (cont.)
• SB 1981 - tax credit for employers who
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match College Illinois! , 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
PROGRAM UPDATE
Chris Peterson
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
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
Loan Programs
• College Illinois!
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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
Other Programs
• High School Scholarship Programs (HSSP)
– electronic transcript pilot
• State Scholars
– Law changed to award $1,000 scholarships
• College Illinois!
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Prepaid Tuition
– Enrollment period ends April 29th
– Since inception, more than 59,686 prepaid tuition
contracts valued at more than $1.2 billion
Proposed Rules Amendments
• 9 different Parts
• Changes
– Illinois Residency: IRS Form 1099Miscellaneous Income Statements
– ING & IVG – In-district payment: Schools can
require students to provide proof of residency.
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
2007 - Outreach & Awareness
• 1.7 million hits on collegezone.com
• 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
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
IllinoisMentor & Illinois Electronic
Transcript Exchange
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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
Organizational Update
Celebrating Successes
ILASFAA & ISAC
• Rules & Operations Committee
• MAP Formula Committee
• CAP Committee
• Training & Professional Development
Committee
• ILASFAA Presidents’ Council