JB Pritzker, Governor, State of Illinois

37.4L Lender Update June 2020

ISAC Update

VOL. 37, NO. 4L
June 2020

Messages sent to: Operational Updates, Announcements
  ISAC Update

Welcome to the June 2020 ISAC Update for lenders and servicers, which is a quarterly compilation of e-Messages sent through ISAC's e-Messaging service throughout April, May, and June.

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@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


Upcoming Important Dates from ISAC
Sent on June 10, 2020.

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).

COVID-19 Resources and Updates

Although we are working differently during this time, we want students, families, our partners and other constituents to know that ISAC continues to be here to answer your questions and to support all Illinoisans with college planning and financial aid. Find important resources and the latest updates at the College-Going and Financial Aid Resources and Services During the Coronavirus Outbreak page of our website.

June 30: Unreported Loan Reports Responses Due

Responses to the National Student Loan Data System (NSLDS®) Lender Manifest Report of Unreported Loans (Unreported Loans Report), distributed on May 22, are due to ISAC on or before Tuesday, June 30, 2020. We provide this report to lenders and servicers twice a year, in order to assist in determining whether all loans that appear in a loan portfolio have been reported to ISAC. Further details are provided in a May 22 e-Message.

2020-21 FAFSA® Still Available

Let students and their families know that the 2020-21 Free Application for Federal Student Aid (FAFSA®) is still available online, and – if not already done – should be completed and submitted as soon as possible by students who will be attending college between July 1, 2020 and June 30, 2021. FAFSA results are used to determine eligibility for several forms of federal, state and institutional financial assistance, including the Illinois Monetary Award Program (MAP).

Details regarding the 2020-21 application cycle may be accessed via the Applying for Financial Aid section of the e-Library for Partners.

Holiday Schedules

ISAC staff will be unavailable for these holidays:

  • Friday, July 3 – Independence Day
  • Monday, September 7, 2020 – Labor Day

Staff will again be available the first business day immediately following each holiday.

Processing Schedules

Common Account Maintenance (CAM) files received on a holiday will be staged for processing that evening, with results available the morning of the next business day.

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 ISAC staff members are unavailable, we will review and respond to messages during regular business hours of Monday through Friday, 8:30 a.m. – 4:30 p.m. CT.


Unreported Loans Report Distributed
Sent on May 22, 2020.

Responses Due on or before June 30, 2020

The Illinois Student Assistance Commission (ISAC) distributed the National Student Loan Data System (NSLDS®) Lender Manifest Report of Unreported Loans (Unreported Loans Report), including a cover letter with helpful reminders, on May 22, 2020. Responses are due on or before Tuesday, June 30, 2020. We provide this report to lenders and servicers twice a year, in order to assist in determining whether all loans that appear in a loan portfolio have been reported to ISAC.

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

The Unreported Loans Report lists 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.

Please take the time to review the loans listed and make the necessary data corrections by June 30, so that these loans can be successfully reported on your next monthly Lender Manifest submission.


Unreported Loans Report in Late May
Sent on May 12, 2020.

The Illinois Student Assistance Commission (ISAC) plans to distribute the National Student Loan Data System (NSLDS®) Lender Manifest Reports of Unreported Loans (Unreported Loans Report) by the end of May 2020. We provide this report to lenders and servicers twice a year, in order to assist in determining whether all loans that appear in a loan portfolio have been reported to ISAC.

While the majority of lenders and servicers will receive the Unreported Loans Report 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 report is received, 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.


Upcoming Important Dates from ISAC
Sent on May 11, 2020.

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).

COVID-19 Resources and Updates

Although we are working differently during this time, we want students, families, our partners and other constituents to know that ISAC continues to be here to answer your questions and to support all Illinoisans with college planning and financial aid. Find important resources and the latest updates at the College-Going and Financial Aid Resources and Services During the Coronavirus Outbreak page of our website.

By End of May: Unreported Loan Reports to be Distributed

ISAC plans to distribute National Student Loan Data System (NSLDS®) Lender Manifest Reports of Unreported Loans (Unreported Loan Reports) by the end of May 2020. We provide these reports to lenders and servicers twice a year, to assist in determining whether all loans that appear in a loan portfolio have been reported to ISAC.

June 18: Next Commission Meeting

The next meeting of the Illinois Student Assistance Commission is currently scheduled to take place at the Michael A. Bilandic Building (Chicago), starting at 1 p.m. (CT) on Thursday, June 18, 2020.

If the COVID-19 situtation necessitates any changes – for example, moving the meeting to a virtual format, as was done for the April 28, 2020 Commission meeting – that information will be shared with the financial aid community.

Specific details, including 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 a listing of all meetings scheduled in 2020.

2020 College Changes Everything® Conference Update

A May 7 e-Message announces that, due to the COVID-19 pandemic and the parameters of the recent Restore Illinois regional, five-phase plan to reopen Illinois, ISAC will not be hosting the in-person College Changes Everything (CCE) Conference® that had been planned for July 9, 2020. ISAC staff members are working to determine how we might best provide sessions and speakers to support efforts across the state that promote college access and success and career readiness for students. Watch the CCE website and this e-Messaging service for future updates.

2020-21 FAFSA® Still Available

Let students and their families know that the 2020-21 Free Application for Federal Student Aid (FAFSA®) is still available online, and – if not already done – should be completed and submitted as soon as possible by students who will be attending college between July 1, 2020 and June 30, 2021. FAFSA results are used to determine eligibility for several forms of federal, state and institutional financial assistance, including the Illinois Monetary Award Program (MAP).

Details regarding the 2020-21 application cycle may be accessed via the Applying for Financial Aid section of the e-Library for Partners.

Check out the Financial Aid Planning section of the Students & Parents area for information regarding resources that are available to help students complete the financial aid process. In addition, access is provided to a listing of several events that are being offered for students. Typically, these opportunities would include in-person college planning and financial aid presentations but, during the COVID-19 pandemic, focus on weekly Facebook Live Events. Encourage your customers to attend the event that best fits their schedule.

Holiday Schedules

ISAC staff will be unavailable for these holidays:

  • Monday, May 25 – Memorial Day
  • Friday, July 3 – Independence Day

Staff will again be available the first business day immediately following each holiday.

Processing Schedules

Common Account Maintenance (CAM) files received on a holiday will be staged for processing that evening, with results available the morning of the next business day.

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 ISAC staff members are unavailable, we will review and respond to messages during regular business hours of Monday through Friday, 8:30 a.m. – 4:30 p.m. CT.


2020 CCE Conference Update
Sent on May 7, 2020.

CCE Conference Logo

In-Person Conference Canceled

Due to the COVID-19 pandemic and the parameters of the recent Restore Illinois regional, five-phase plan to reopen Illinois, we will not be hosting the July 9th in-person College Changes Everything (CCE) Conference®.

As we all continue to adapt, plan, and respond to the new challenges brought by the pandemic, we are working to determine how we might best provide sessions and speakers to support efforts across the state that promote college access and success and career readiness for students. Stay tuned for more details as we'll be providing updates on the 2020 CCE Conference website and in future e-Messages.

We understand this is a challenging time for schools, colleges and universities, and other organizations and their students and staff as they are adapting to remote learning and work environments, in addition to all the other aspects of the COVID-19 pandemic. We encourage you to visit ISAC's web page, entitled College-Going and Financial Aid Resources and Services During the Coronavirus Outbreak, for information on how ISAC can assist you and your students and families during the current circumstances.


2020 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
  • 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


March 2020 Electronic ISAC Update
Sent on April 3, 2020.

The March 2020 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 for Partners 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 March 2020 ISAC Update include:

  • Time Is Running Out – Submit Your Proposal
    (sent March 9, 2020)
  • Join ISAC at the 2020 ILASFAA Conference
    (sent February 28, 2020)
  • Deadline Extended – Submit Your Proposal
    (sent February 26, 2020)
  • Don't Forget – Submit Your Proposal
    (sent February 13, 2020)
  • Register Now for ILASFAA Annual Conference
    (sent February 11, 2020)
  • Reminder – Call for Proposals
    (sent January 28, 2020)
  • Upcoming Important Dates from ISAC
    (sent January 15, 2020)
  • Call for Interest Session Proposals
    (sent January 14, 2020)
  • December 2019 Electronic ISAC Update
    (sent January 2, 2020)

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