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ISAC Update

VOL. 35, NO. 1L
July 2017 – September 2017

Messages sent to: Operational Updates, Announcements
  ISAC Update

Welcome to the July – September 2017 ISAC Update for lenders and servicers, which is a compilation of e-Messages sent through ISAC's e-Messaging service throughout July, August and September.

The articles in this Update have been organized according to the Lender subscription groups to which the messages were distributed.

Questions?

Questions regarding information in this ISAC Update can be directed to Lender Services by sending an e-mail message to ISAC.lenderservices@isac.illinois.gov or calling 800.477.4411.

On occasion, you may be directed to a specific contact person or area; when this occurs, we will provide the appropriate information in the individual article or message.


OPERATIONAL UPDATES, ANNOUNCEMENTS


Reminder: Unreported Loans Report
Sent on September 15, 2017.

Review and Correct Data from May 2017 Unreported Loans Report

The Illinois Student Assistance Commission (ISAC) last distributed the National Student Loan Data System (NSLDS®) Lender Manifest Reports of Unreported Loans (Unreported Loans Report) during the month of May 2017. We provide these reports to lenders and servicers twice a year in order to assist them in determining whether all loans that appear in their loan portfolios have been reported to ISAC via their NSLDS Lender Manifest Report (Lender Manifest).

Lenders and servicers are required by the U.S. Department of Education (ED) to report specific Federal Family Education Loan Program (FFELP) loan data elements to their guaranty agencies via Lender Manifest on a monthly basis for inclusion in the guarantor's monthly reporting to NSLDS.

If you have not already done so, please take the time to review the loans listed on the May 2017 Unreported Loans Report and make the necessary data corrections so that these loans can be successfully reported on your next monthly Lender Manifest submission.

Next Unreported Loans Report Scheduled for November 2017

ISAC plans to distribute the next round of Unreported Loans Reports during the month of November 2017.

While the majority of lenders and servicers will receive the Unreported Loan Reports electronically via the File Transfer Protocol (FTP) process, those who have not taken the steps necessary to exchange NSLDS-Lender Manifest data via FTP will receive the reports via fax.

The Unreported Loans Report will list the following:

  • open loans that have not been updated via Lender Manifest (this could be due to the inability to match incoming loan records to information on ISAC's database, or due to errors causing the record to reject); and
  • any loan with an open loan status that does not reflect an update within the past 180 days.

Once the new report is received in November, please take the time to review the loans listed and make the necessary data corrections so that these loans can be successfully reported on your next monthly Lender Manifest submission.


Mark Your Calendar for Upcoming Important Dates
Sent on August 29, 2017.

The Illinois Student Assistance Commission (ISAC) would like to make you aware of the following information, which may be of interest to you and/or your customers.

Unless otherwise noted, links in this message are to corresponding pages at ISAC's website (isac.org).

2017-18 ISAC Administrative Rules Available

ISAC Administrative Rules, which have been adopted for the 2017-18 academic year, are available within the e-Library and may be viewed in two formats: "Listed Alphabetically" and "Listed by Program Type/Topic."

Student Loan Interest Rates (for period July 1, 2017 through June 30, 2018)

The U.S. Department of Education (ED) has announced the following student loan interest rates, which are in effect for the period July 1, 2017 through June 30, 2018.

  • For undergraduate students, the interest rate on subsidized and unsubsidized Federal Stafford loans disbursed on or after July 1, 2016 is fixed at 4.45%.
  • For graduate students, unsubsidized Federal Stafford loans disbursed on or after July 1, 2017 have a fixed rate of 6.00% (graduate students are not eligible for subsidized loans).
  • The interest rate on Federal PLUS loans (for parents and for graduate/professional students) disbursed on or after July 1, 2017 is fixed at 7.00%.

Further information may be accessed via the Interest Rates page of the Lenders area, as well as in a May 30 ED electronic announcement.

September 13: Next Commission Meeting

The next meeting of the Illinois Student Assistance Commission is scheduled to take place at 1 p.m. (CT) on Wednesday, September 13, 2017, at the James R. Thompson Center in Chicago. A listing of tentative agenda items will be available prior to the meeting via the ISAC's Governing Board: The Commission section of the About ISAC area. Visit the Commission Meeting Schedule page for information regarding the dates and locations of meetings scheduled in 2017.

Holiday Schedules

  • September 4: Labor Day – ISAC offices will be closed on Monday, September 4 and will reopen on Tuesday, September 5.
  • October 9: Columbus Day – ISAC offices will be closed on Monday, October 9 and will reopen on Tuesday, October 10.
  • November 10: Veterans Day – ISAC offices will be closed on Friday, November 10 and will reopen on Monday, November 13.

Common Account Maintenance (CAM) files received on a holiday will be processed the following business day, with results available the morning of the second business day. For example: CAM files submitted on Monday, September 4 will be processed the evening of Tuesday, September 5 – and results will be available the morning of Wednesday, September 6.

For Assistance

Access the Lenders area anytime, or send an e-mail message to ISAC's Lender Services Department. With the exception of days when the ISAC offices are closed, ISAC staff will review and respond to messages during regular business hours (Monday through Friday, 8:30 a.m. – 4:30 p.m. CT).


Final Agenda Available for the 2017 College Changes Everything Conference
Sent on July 11, 2017.

CCE Conference Logo
Register Now to Avoid the Wait List
2017 College Changes Everything® Conference
July 20, 2017 – 8 a.m. -4:30 p.m.
Tinley Park Convention Center, Tinley Park, Illinois

We look forward to seeing you next week at the conference as we focus attention on the challenges and opportunities to support all students as they navigate their education pathways for personal success. The full conference agenda is now available on the conference website.

As we consider the various student populations that will help our state achieve Goal 2025, it's essential we recognize the different needs and requirements some populations have, as well as the obstacles and barriers they face. We need to examine how we can reduce or eliminate opportunity gaps to improve outcomes for underrepresented students and how we can engage all students in ways that are inclusive, culturally responsive, and socially just. Our success as a state depends upon all students having the opportunities to reach their fullest potential.

If you haven't had a chance to register, do it now as registrations are filling up. Register here.

See you in Tinley Park!

2017 College Changes Everything Conference Planning Committee

  • Illinois Student Assistance Commission
  • Illinois Board of Higher Education
  • Illinois Community College Board
  • Illinois Department of Commerce and Economic Opportunity
  • Illinois State Board of Education
  • Illinois College Access Network
  • Federation of Independent Illinois Colleges and Universities
  • Advance Illinois
  • Center for the Study of Education Policy at Illinois State University
  • Council for Adult and Experiential Learning
  • Education Systems Center at Northern Illinois University
  • Generations Serving Generations
  • ACT Now
  • Women Employed
 
The College Changes Everything® Conference is sponsored
by the Illinois Student Assistance Commission.
 
Helping Illinois reach its Goal 2025: to increase the proportion
of adults in Illinois with high-quality college degrees and
postsecondary credentials to 60% by the year 2025


CCE

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ISAC UPDATE


Electronic ISAC Update for April – June 2017 Now Available
Sent on July 3, 2017.

The April – June 2017 edition of the ISAC Update is now available for your review, and may be accessed via the Partner e-Messages & Newsletters section of the e-Library at isac.org. This version of the electronic ISAC Update is a compilation of e-Messages sent to lenders and servicers via ISAC's e-Messaging service over the past quarter.

Topics covered in the April – June 2017 ISAC Update include:

  • Reminder: Register Now for the 2017 College Changes Everything Conference
    (sent June 28, 2017)
  • Preliminary Agenda Available for 2017 College Changes Everything Conference
    (sent June 15, 2017)
  • 2017 College Changes Everything Conference Keynote Speaker Announced
    (sent June 7, 2017)
  • Mark Your Calendar for Upcoming Important Dates
    (sent May 25, 2017)
  • Unreported Loans Report Distributed – Responses Due on or before June 30, 2017
    (sent May 19, 2017)
  • 2017 College Changes Everything Conference Registration Now Open
    (sent May 16, 2017)
  • Unreported Loans Report to Be Distributed by End of May
    (sent May 5, 2017)
  • Mark Your Calendar for Upcoming Important Dates
    (sent April 4, 2017)
  • Electronic ISAC Update for January - March 2017 Now Available
    (sent April 3, 2017)

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