FY23 MAP Recompute Formula and Budget Data Collection
Unless otherwise noted, links in this message are to corresponding pages at the Illinois Student Assistance Commission (ISAC) website (isac.org).
The purpose of this message is to provide colleges with a status update regarding determination of the fiscal year 2023 (FY23) Monetary Award Program (MAP) recompute formula, and how preparation for the implementation of the recompute formula plays a role in the budget data collection process for the 2022-23 academic year.
Preparing for FY23 MAP Recompute
As discussed during the April 14, 2022 meeting of the Illinois Student Assistance Commission (the Commission), and in preparation for the 2022-23 MAP recompute process, ISAC staff members have been monitoring FY23 application volume and using updated data to analyze possible MAP formula changes. In addition, staff have met with the Illinois Association of Student Financial Aid Administrators (ILASFAA) MAP Formula Committee to discuss recompute issues and gain insights from schools. The recommended 2022-23 MAP recompute formula will be finalized in the coming weeks, and presented to the Commission for approval at its June 16, 2022 meeting.
We anticipate the 2022-23 recompute formula utilizing 2021-22 tuition and fees. Because this is a significant change from the start-up formula (which uses 2009-10 tuition and fees), ISAC staff are analyzing the previously-reported 2021-22 tuition and fee data for all MAP-approved colleges and will reach out to any institutions from which additional information is needed. Unless contacted directly by ISAC staff, there is nothing that colleges need to do at this time.
May 25 Webinar
Discussion regarding the 2022-23 recompute process (including the use of 2021-22 tuition and fee rates) will be part of this afternoon's monthly "ISAC Operational Update and Program News" webinar, which will start at 2 p.m. (CT).
Collection of 2022-23 Budget Data
(Submission Deadline Will Be Moved to a Later Date)
Typically, colleges participating in MAP and/or the Illinois Veteran Grant (IVG) and Illinois National Guard (ING) Grant programs would need to submit required budget data for the upcoming processing cycle by June 1 preceding the start of the academic year. However, in order to best leverage the significantly increased MAP appropriation in a manner that provides meaningful awards to the highest number of students, the 2022-23 budget data collection process will include some new terminology and procedures which have not yet been finalized. Due to these unusual circumstances – and in order to provide colleges with sufficient time to report 2022-23 rates – ISAC will not require colleges to adhere to the standard June 1 deadline for submission of 2022-23 tuition and fee data.
A revised submission deadline date will be announced once the collection of 2022-23 budget data begins (anticipated for early June). Future program reviews will not cite colleges for late submissions after June 1 as long as all required 2022-23 tuition and fee data is submitted by the revised deadline.
Watch for Future Updates
More information – including announcement of when 2022-23 budget data collection has commenced and the revised data submission deadline date – will be provided in the coming weeks via ISAC's usual means of communication (i.e., the MAP, IVG and ING Grant "Program News" areas, the FAA Message Board, and this e-Messaging system).
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