Illinois Student Assistance Commission Update

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. Program News • 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

8. Program News • 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

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?