2020-21 MAP Recompute Formula Approved
Summary of June 18 Commission Meeting
The following highlights some of the agenda items included at the June 18, 2020 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 18 Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission section of the About ISAC area at isac.org.
FY21 (2020-21 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 12, 2019 meeting, the Commission approved a start-up formula to enable financial aid administrators to calculate eligibility for applicants planning to attend college in the 2020-21 academic year. Once the MAP appropriation is determined, the Commission approves a recompute formula based on the new information.
The fiscal year 2021 (FY21) state operating budget, which was approved in late May and subsequently signed by the governor, includes a MAP appropriation of just over $451 million. This amount, along with appropriations for other ISAC-administered programs, reflects funding that is essentially level to FY20 amounts. However, due to multiple factors – including changes made to MAP with the passage of the Retention of Illinois Students and Equity (RISE) Act and the impact the COVID-19 pandemic has had on state finances – it is important to note that future adjustments may be necessary for FY21 appropriations.
As a result, ISAC staff recommended, and the Commission approved, continuing to use the FY21 MAP start-up formula as the FY21 recompute formula.
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
- FY21 Budget Review and Approvals – Agenda Item 6
- College Illinois!® Prepaid Tuition Program Investments – Agenda Item 7
The next Commission meeting is scheduled to take place on Thursday, September 17, 2020.
You are receiving this message because you registered for ISAC's e-Messaging service through one or more subscription groups for FAAs.
If you have any questions regarding this e-Message, please contact ISAC's School Services Department by calling toll free at 866.247.2172 or sending an e-mail message to firstname.lastname@example.org.