2021-22 MAP Recompute Formula Approved
Summary of June 17 Commission Meeting
The following highlights some of the agenda items included at the June 17, 2021 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 17 Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission section of the About ISAC area at isac.org.
FY22 (2021-22 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 17, 2020 meeting, the Commission approved a start-up formula to enable financial aid administrators to calculate eligibility for applicants planning to attend college in the 2021-22 academic year. Once the MAP appropriation is determined, the Commission approves a recompute formula based on the new information.
The fiscal year 2022 (FY22) state operating budget, which was approved in late May and signed into law by the governor late last week, includes a MAP appropriation of $479.6 million, which is $28.2 million more than had been appropriated for 2020-21 MAP awards. The intent of the additional funds is to enable MAP purchasing power to keep up with tuition and fee increases, with the remainder providing awards to an increased number of eligible applicants for whom award announcements would otherwise be suspended. Although the COVID-19 pandemic dampened FY21 and FY22 MAP application volume overall, the influx resulting from Public Act 101-108 – which, starting with the Class of 2021, requires that high school seniors either file a Free Application for Federal Student Aid (FAFSA®), file ISAC's Alternative Application for Illinois Financial Aid, or sign a waiver – has bolstered FY22 volume.
As a result, ISAC staff recommended, and the Commission approved, a recompute formula that increases the maximum 2021-22 MAP award from $5,340 to $5,496 and also increases the living allowance from $4,875 to $5,020. Projections indicate these improvements will cost about $16 million, leaving approximately $12 million to provide awards for more eligible applicants. The higher living allowance combined with the additional awarding is anticipated to result in nearly 6,000 more MAP recipients.
The Commission also approved releasing some suspended awards if first-term claims are low, or reducing second- and third-term claim amounts 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.
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, including the timeframe in which the FY22 recompute formula will be reflected in the MAP system.
The following items were also presented to the Commission:
- State Legislative Update – Agenda Item 4
- FY22 Budget Review and Approvals – Agenda Item 6
- College Illinois!® Prepaid Tuition Program Investments and Program Update – Agenda Item 7
The next Commission meeting is scheduled to take place on Thursday, September 16, 2021.
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