2019-20 MAP Recompute Formula Approved
Summary of June 24 Commission Meeting
The following highlights some of the agenda items included at the June 24, 2019 meeting of the Illinois Student Assistance Commission (ISAC), and any action taken. Details regarding several of the topics discussed at the meeting are provided in the June 24 Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission section of the About ISAC area at isac.org.
FY20 (2019-20 Academic Year) MAP Recompute Formula Approved – Agenda Item 5
Each year, ISAC is responsible for adopting an allocation formula for the Monetary Award Program (MAP). At its September 13, 2018 meeting, the Commission approved a start-up formula to enable financial aid administrators to calculate eligibility for applicants planning to attend college in the 2019-20 academic year. Once the MAP appropriation is determined, the Commission approves a recompute formula based on the new information.
The fiscal year 2020 (FY20) state operating budget, which was approved in early June and subsequently signed by the governor, includes a MAP appropriation of just over $451 million. This amount reflects an increase of $50 million that had not been anticipated when the current 2019-20 MAP suspense date of April 29, 2019 was originally announced.
The infusion of $50 million into MAP could be used to improve purchasing power, extend awards to more applicants, or both. ISAC staff reviewed options and consulted with the Illinois Association of Student Financial Aid Administrators (ILASFAA) Formula Committee. The consensus was that a balanced approach – comprised of improving affordability first, but also offering awards to more students – would be ideal.
As a result, ISAC staff recommended, and the Commission approved, a recompute formula for FY20 that:
- removes the 2 percent reduction factor; and
- increases the maximum award from $4,968 to $5,340.
The additional appropriated funds will also be used to release approximately four weeks of suspended award announcements. ISAC will communicate the exact date through which suspended award announcements will be released once it has been determined.
Additionally, the Commission approved reducing second- and third-term awards in the unlikely event that, following receipt of first-term claims, it is determined necessary to do so in order to stay within the appropriation.
The following items were also presented to the Commission:
- State Legislative Update – Agenda Item 4
- FY20 Budget Review and Approvals – Agenda Item 6
- College Illinois!® Prepaid Tuition Program Investment and Program Updates – Agenda Item 7
The next Commission meeting is scheduled to take place on Thursday, September 12, 2019.
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