JB Pritzker, Governor, State of Illinois

ISAC Update

VOL. 38, NO. 2L
December 2020

Messages sent to: Operational Updates, Announcements
  ISAC Update

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

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


A Holiday Wish from ISAC
Sent on December 11, 2020.

Season's Greetings

Illinois Student Assistance Commission (ISAC) staff wish our lender and servicer partners a safe and peaceful holiday season.

As we approach the end of a year that has been challenging for all of us, and look forward to the start of another, we remain committed to serving you, your clients, and all Illinois families by providing access to the information and financial assistance that can help students pursue their educational goals.

Best wishes for a healthy and prosperous 2021.

ISAC's Holiday Schedule

In observance of the holidays, ISAC staff will be unavailable as indicated below:

Christmas

  • After 2 p.m. (CT) on Thursday, December 24, 2020
  • Friday, December 25, 2020

New Year's

  • After 2 p.m. (CT) on Thursday, December 31, 2020
  • Friday, January 1, 2021

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

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

Processing Schedules

Click on the following link to access holiday processing schedules for Common Account Maintenance (CAM) files.

CAM Files


Unreported Loans Report Distributed
Sent on November 20, 2020.

Responses Due on or before January 29, 2021

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 November 20, 2020. Responses are due on or before Friday, January 29, 2021. 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 January 29, so that these loans can be successfully reported on your next monthly Lender Manifest submission.


Unreported Loans Report in Late November
Sent on November 9, 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 November 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.


2021-22 FAFSA®, Alternative Application, and Important Dates
Sent on October 7, 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 to remind students, families, our partners and other constituents 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.

2021-22 FAFSA® and Alternative Application Now Available

The 2021-22 Free Application for Federal Student Aid (FAFSA®) cycle, including FAFSA on the Web, opened on October 1, 2020. The Central Processing System (CPS) began processing 2021-22 FAFSA data on October 2. Details regarding the 2021-22 application cycle may be accessed via the Applying for Financial Aid section of the e-Library for Partners.

The 2021-22 Alternative Application for Illinois Financial Aid is also available (in English and Spanish). As a reminder, undocumented students and transgender students meeting the criteria of the Retention of Illinois Students and Equity (RISE) Act may file the Alternative Application – which is patterned after the FAFSA – to apply for the Monetary Award Program (MAP) grant. Further details are provided at ISAC's RISE Act page.

Encourage your customers to check out the Financial Aid Planning area for information regarding resources that are available to help students complete the financial aid process.

November 2020: Next Unreported Loans Report to Be Distributed

ISAC plans to distribute the next National Student Loan Data System (NSLDS®) Lender Manifest Report of Unreported Loans (Unreported Loans Report) during the month of November 2020. This report is provided 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).

If you have not already done so, please take the time to review the loans listed on the May 2020 Unreported Loans Report and make the necessary data corrections so that these loans can be successfully reported on your next monthly Lender Manifest submission.

December 3: Next Commission Meeting

The next meeting of the Illinois Student Assistance Commission is scheduled to take place as a WebEx virtual event, starting at at 1 p.m. (CT) on Thursday, December 3, 2020. Further details, including a listing of tentative agenda items and participation instructions, 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 all meetings scheduled in 2021.

Holiday Schedules

ISAC staff will be unavailable for these holidays:

  • Monday, October 12, 2020 – Columbus Day
  • Tuesday, November 3, 2020 – Election Day
  • Wednesday, November 11, 2020 – Veterans Day
  • Thursday, November 26, 2020 – Thanksgiving Day
  • Friday, November 27, 2020 – Day after Thanksgiving
  • Friday, December 25, 2020 – Christmas Day
  • Friday, January 1, 2021 – New Year's 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. Click on the following link to access the upcoming holiday processing schedule for CAM files.

CAM Files

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 a.m. – 4:30 p.m. CT.

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ISAC UPDATE


September 2020 Electronic ISAC Update
Sent on October 1, 2020.

The September 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 September 2020 ISAC Update include:

  • Upcoming Important Dates from ISAC
    (sent sent September 2, 2020)
  • 2020 CCE: Live Session Recordings Posted
    (sent August 10 , 2020)
  • 2020 CCE New Live Session – Financial Aid Form Filing: The New Public HS Graduation Requirement in Illinois
    (sent August 4 , 2020)
  • 2020 CCE Reminder: State Agency Panel Live Session
    (sent August 3 , 2020)
  • 2020 CCE State Agency Panel Live Session
    (sent July 27, 2020)
  • 2020 CCE Additional Live Sessions
    (sent July 22, 2020)
  • 2020 CCE Conference: Recorded Sessions Available
    (sent July 15, 2020)
  • 2020 CCE Conference Re-imagined
    (sent July 8, 2020)
  • June 2020 Electronic ISAC Update
    (sent July 1, 2020)

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