2024-25 MAP Start-up Formula Approved
The following highlights some of the agenda items included at the September 21, 2023 meeting of the Illinois Student Assistance Commission, and any action taken. A listing of the agenda items is provided in the September 21 Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission section of the About ISAC area of ISAC's website.
FY25 (2024-25 Academic Year) MAP Start-up Formula Approved – Agenda Item 5
Because the fiscal year 2024-25 (FY25) state budget process has not yet begun, when developing the proposed start-up formula, staff assumed that the Monetary Award Program (MAP) will receive $701 million, which is level with the FY24 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. Following the FY24 recompute formula, staff recommended and the Commission approved using the following in the start-up formula for 2024-25 MAP grants:
- 2021-22 reported tuition and fees;
- the 2021-22 Pell Grant Payment Schedule;
- a $5,200 living allowance; and,
- an $8,400 maximum award.
In addition, as necessitated by FAFSA Simplification, the 2024-25 MAP start-up formula replaces "Expected Family Contribution (EFC)" with "Student Aid Index (SAI)" and includes clarification regarding how to handle negative SAIs. MAP is mirroring the federal methodology that allows students with negative and zero SAIs to receive the same maximum Pell amount.
Encourage Students to Submit 2024-25 FAFSA® or Alternative Application, Once Available
High schools should encourage college-bound seniors to submit the 2024-25 Free Application for Federal Student Aid (FAFSA®) or the Alternative Application for Illinois Financial Aid (Alternative Application) as soon as possible after the applications become available. The U.S. Department of Education anticipates that the FAFSA will be released in December 2023 for the 2024-25 academic year (allowing them time to implement changes set forth in the FAFSA Simplification Act), and ISAC plans to release the Alternative Application at the same time. As is standard protocol, ISAC staff will monitor application volume and appropriated funds throughout the year.
The following additional items were presented to and approved by the Commission:
- 2024 Meeting Dates – Agenda Item 1
- College Illinois!® Prepaid Tuition Program Updates – Agenda Item 7
- Outreach Update – Agenda Item 8
The next Commission meeting is scheduled to take place on Thursday, December 7, 2023.
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