2023-24 MAP Start-up Formula Approved
The following highlights some of the agenda items included at the September 22, 2022 meeting of the Illinois Student Assistance Commission, and any action taken. A listing of the agenda items is provided in the September 22 Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission section of the About ISAC area of ISAC's website.
FY24 (2023-24 Academic Year) MAP Start-up Formula Approved – Agenda Item 4
Because the fiscal year 2023-24 (FY24) state budget process has not yet begun, when developing the proposed start-up formula, staff assumed that the Monetary Award Program (MAP) will receive $601.6 million, which is level with the FY23 appropriation. Following the FY23 recompute formula, staff recommended and the Commission approved using 2021-22 reported tuition and fees and the 2021-22 Pell Grant Payment Schedule for 2023-24 academic year MAP grants, with a maximum award of $7,200. The approved start-up formula is outlined in the MAP section within the ISAC Gift Assistance Programs area of the website.
Encourage Students to Submit 2023-24 FAFSA® or Alternative Application after October 1
Although decreasing application volume and higher appropriations have resulted in fewer awards left in suspense status in recent years, high schools should still encourage college-bound seniors to submit the 2023-24 Free Application for Federal Student Aid (FAFSA®) or the Alternative Application for Illinois Financial Aid as soon as possible after the applications become available on October 1, 2022. MAP eligibility being expanded to include credit bearing short-term certificate programs at public schools, the FAFSA mandate for high school seniors, and – at the federal level – early implementation of some issues related to FAFSA Simplification are all factors that will be monitored by ISAC staff to determine their impact on application volume and appropriated funds.
The following additional items were presented to and approved by the Commission:
- 2023 Meeting Dates – Agenda Item 1A
- Proposed Administrative Rules Amendments – Agenda Item 5
The next Commission meeting is scheduled to take place on Thursday, December 8, 2022.
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