JB Pritzker, Governor, State of Illinois

2024-25 MAP Recompute Formula Approved

06/24/2024

Summary of June 20 Commission Meeting

The following highlights some of the agenda items included at the June 20, 2024 meeting of the Illinois Student Assistance Commission (ISAC), and any action taken. The complete listing of agenda items is available in the June 20 Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission section of the About ISAC area at isac.org.

FY2025 (2024-25 Academic Year) MAP Recompute Formula Approved – Agenda Item 6

Each year, ISAC is responsible for adopting an allocation (or, "start-up") formula for the Monetary Award Program (MAP) and then – once the state operating budget has been signed into law – the Commission approves a recompute formula based on the MAP appropriation. At its September 21, 2023 meeting, the Commission approved a start-up formula to enable financial aid administrators to calculate eligibility for applicants planning to attend college in the 2024-25 academic year.

The fiscal year 2025 (FY2025) state operating budget has been approved and signed into law by the governor, and again includes a historic high MAP appropriation (approximately $711 million, which is $10 million more than had been appropriated for 2023-24 MAP awards). Even if FY2025 was a normal year, the appropriation increase would likely support extending award announcements rather than changes in the formula. But, challenges resulting from implementation of the FAFSA Simplification Act, along with an extensive overhaul of the federal need analysis methodology that converts Free Application for Federal Student Aid (FAFSA®) data into the Student Aid Index (SAI) that the MAP formula uses as a starting point, have meant that the FY2025 MAP cycle has been anything but typical.

Based on extensive analysis of the impact of FAFSA Simplification and taking into account both the changes in the federal need analysis methodology and the $10 million increase, ISAC staff recommended – and the Commission approved – a recompute formula that is essentially the 2024-25 start-up formula, with some additional clarification that is necessary due to FAFSA Simplification allowing for negative SAIs and parent contributions.

The approved recompute formula is outlined in Table Four of Agenda Item 6 from the June 20 Agenda Book. The formula may also be viewed in the 2024-25 MAP Formula section of ISAC's website, which has been updated to reflect "recompute."

Because the recompute formula mirrors the start-up formula, no changes are required in the MAP system and daily processing of ISIR data continues as usual.

Continue to monitor our established methods of communication (i.e., MAP Program News, the FAA Message Board and this e-Messaging service) for operational updates throughout the year.

Other Items

The following items were also presented to the Commission:

  • State Legislative Update – Agenda Item 5
  • FY2025 Budget Review and Approvals – Agenda Item 8
  • College Illinois!® Prepaid Tuition Program Investment and Program Updates – Agenda Item 9

Next Meeting

The next Commission meeting is scheduled to take place on Thursday, September 19, 2024.

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