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Illinois Student Assistance Commission Update

Session Agenda. ProgramsStatisticsInitiativesQ

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Illinois Student Assistance Commission Update

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    1. Illinois Student Assistance Commission Update ILASFAA Mid-Term Workshop November 6, 2008

    2. Session Agenda Programs Statistics Initiatives Q & A

    3. Program News Monetary Award Program (MAP) Maximum award is $4,968 Suspension date is July 26, 2008 Payment claim deadline dates 1st semester or quarter: January 10, 2009 2nd semester or quarter: April 1, 2009 3rd quarter/2nd semester starting after February 15: June 1, 2009 Late claims payment unlikely for 2008-09 Reconcile payments on a regular, scheduled basis

    4. Program News Silas Purnell Illinois Incentive for Access (IIA) Grant Maximum $500 award for students with $0 EFC Suspension date is July 12, 2008 Grant Programs for Dependents of Police/Fire/ Correctional Officers Fall term payment rosters due to ISAC by November 7 Bonus Incentive Grant Awards made to qualified applicantions received through August 5, 2008 Applications received after August 5 were returned to applicants

    5. Program News Illinois Veteran Grant (IVG) Program Online payment process in My Zone Payment claim deadline dates Fall term: January 15, 2009 Spring term: May 25, 2009 Funds appropriated to ICCB to cover shortfall Illinois National Guard (ING) Grant Program Online payment process available in My Zone Roster due dates are noted on the roster 30 days after the date it was generated by ISAC Supplemental rosters also in My Zone Due 45 days after initial payment roster date

    6. Program News Illinois Future Teacher Corps (IFTC) Certification and payment process in My Zone Legislative change, effective January 1, 2009 Minimum of 200 IFTC awards are to be allocated to Golden Apple Scholars of Illinois Program $2,500 scholarships will be allocated for Spring term for Golden Apple Scholars who are juniors and seniors For 2009-10, process will be incorporated to identify Golden Apple Scholars before certification begins TESP and SETTW online application will be available in mid-December

    7. College Illinois! 11th annual enrollment period opened October 29, 2008 Continues through April 30, 2009 New pricing options Choice 1: Community Colleges Choice 2: University Choice 3: University+ Pays tuition and mandatory fees Benefits can be used at almost any college in any state Online application process available at collegeillinois.com Program News

    8. College Illinois! Tax advantages Earnings are exempt from state and federal income taxes Illinois taxpayers can deduct contributions (up to $10k per year; $20k for married couples) from their state taxable income Allows gift and estate tax benefit Impact on other financial aid Value of contract is reported as parental asset on the FAFSA Minimal impact on financial need calculation Program News

    9. Program News Loans ISAC will pay .25% of the federally mandated 1% default fee for loans guaranteed on or after July 15, 2008 Illinois Designated Account Purchase Program (IDAPP) is participating in lender liquidity program authorized by the Dept. of Education Offering .25% rate reduction for auto debit payments

    10. Program News College Illinois! Capstone Loan Program Pilot program introduced in 2007-08 Currently involves small number of Illinois schools Cross section of all sectors Intended to help students in their senior year who have exhausted grants, loans and other financial aid options Interest rate starts at 8% and is reduced if students: Obtain employment in Illinois Have an annual income under $50,000 Have an annual income of $30,000 or less and make 12 consecutive on-time payments

    11. ISAC Statistics - FY2007 $456 million of college student assistance provided Record amount MAP 576,557 MAP applicants $384 million paid to students Average award was $2,613 IVG 11,781 students received benefits ING 1,821 student received benefits Source: ISAC Data Books, available on College Zone

    13. ISAC Initiatives Outreach and Access Training Electronic Tools

    14. ISAC Initiatives College Affordability Issues Average level of educational attainment is on the decline Student preparation Availability of student loans High school dropout rates Each costs the state $220,000 in taxes not paid, unemployment, welfare, etc. College dropouts Can cost the student a half million or more in lifetime earnings

    15. ISAC Initiatives State is paying a high price for college dropouts College affordability has broader applications than just the cost to the student/family students not completing what they start is costly to the state reducing time to completion, average cost would drop

    16. ISAC Initiatives Need to make the best use of our limited resources College preparation not necessarily a function of ISAC, however, its impact is significant To address, content of our outreach programs is being expanded More emphasis is being placed on choosing rigorous high school courses

    17. ISAC Initiatives KnowHow2Go college access campaign Challenges high school students to take tougher courses in preparation for college TV, radio, print, billboards, Web (via YouTube) Nationwide initiative Launched by Ad Council, Lumina Foundation and American Council on Education Partnership with U.S. Dept of Education Illinois initiative Spearheaded by ISAC, Illinois College Access Network and Chicago Public Schools www.knowhow2goillinois.org/

    18. ISAC Initiatives Funding pilot programs to test intervention strategies at secondary and postsecondary levels Near-peer Illinois Guides in high schools Pilot partnership with Illinois Education Foundation and Aetna Foundation Nursing Retention Program at Prairie State College Goal is to boost graduation rate Provides tutoring, mentoring and financial assistance These programs and partnerships will serve as a blueprint for other initiatives that can help target special needs areas such as these

    19. ISAC Initiatives Training Financial Aid 101 Workshops Two sessions offered each quarter Next sessions: December 10 in Deerfield December 12 in Springfield Monthly Webinars November Illinois Special Education Teacher Tuition Waiver December High School Scholarship Programs January 2009-2010 FAFSA Changes

    20. ISAC Initiatives Training Workshops for high school counselors and college access professionals FAFSA Made Easier How to Conduct a Financial Aid Night in Spanish Consumer Economics of Higher Education Partner Training page in E-Library for details

    21. ISAC Initiatives Electronic Tools IllinoisMentor Conducted pilot program to collect electronic transcript information (6th semester data) for the purposes of identifying HSSP recipients HSSP = State Scholar, Merit Recognition Scholarship and Robert C. Byrd Scholarship Encouraging all high schools to participate in this process MAPnet Enhancement made that will prevent students with more than 75 MPCH from being made at community colleges My Zone TESP online payment process launched for 2008-09 ING Grant online payment process launched for 2008-09

    22. ISAC Initiatives Electronic Tools Meteor Visit MeteorNetwork.org to learn more about the capabilities Mapping Your Future TEACH Grant counseling

    23. Questions or Comments?

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