JB Pritzker, Governor, State of Illinois

ISAC Update

VOL. 39, NO. 2L
  December 2021

Messages sent to: Operational Updates, Announcements
  ISAC Update

Welcome to the December 2021 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 8, 2021.

Season's Greetings 2017

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

As we look forward to the start of a new year, we remain committed to serving your organization by providing access to the information and financial assistance that can help students achieve their educational goals.

Best wishes for a healthy and successful 2022.

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 23, 2021
  • Friday, December 24, 2021

New Year's

  • After 2 p.m. (CT) on Thursday, December 30, 2021
  • Friday, December 31, 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 22, 2021.

Responses Due on or before January 31, 2022

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 19, 2021. Responses are due on or before Monday, January 31, 2022. 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 31, so that these loans can be successfully reported on your next monthly Lender Manifest submission.


Unreported Loans Report in Late November
Sent on November 8, 2021.

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 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 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.


2022-23 FAFSA®, Alternative Application, and Important Dates
Sent on October 1, 2021.

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).

2021-22 ISAC Administrative Rules Available

ISAC Administrative Rules, which were adopted for the 2021-22 academic year, are available within the e-Library for Partners and may be viewed in two formats: "Listed Alphabetically" and "Listed by Program Type/Topic."

2022-23 FAFSA® and Alternative Application Now Available

The 2022-23 Free Application for Federal Student Aid (FAFSA®) cycle, including FAFSA on the Web, opened – and the Central Processing System (CPS) began processing 2022-23 FAFSA data – on October 1, 2021. Details regarding the 2022-23 application cycle may be accessed via the Applying for Financial Aid section of the e-Library for Partners.

The 2022-23 Alternative Application for Illinois Financial Aid is also available (in English and Spanish). As a reminder, 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. Because the failure to register for Selective Service no longer disqualifies an applicant from receiving federal student aid, students who have not registered may want to consider completing the FAFSA instead of the Alternative Application to maximize their financial aid opportunities. 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 2021: 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 2021. 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 2021 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 2: Next Commission Meeting

The next meeting of the Illinois Student Assistance Commission is scheduled to take place at 1 p.m. (CT) on Thursday, December 2, 2021. Further 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.

The Commission Meeting Schedule page will soon be updated with information regarding all meetings scheduled in 2022.

Holiday Schedules

ISAC staff will be unavailable for these holidays:

  • Monday, October 11 – Columbus Day
  • Thursday, November 11 – Veterans Day
  • Thursday, November 25 – Thanksgiving Day
  • Friday, November 26 – Day after Thanksgiving
  • Friday, December 24 – Christmas (observed)
  • Friday, December 31 – New Year's (observed)

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 the following business day, with results available on the morning of the second business day after the holiday. 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 2021 Electronic ISAC Update
Sent on October 1, 2021.

The September 2021 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 2021 ISAC Update include:

  • Ready to View – CCE Conference Recordings
    (sent July 28, 2021)
  • Still Time to Register – CCE Conference
    (sent July 12, 2021)
  • Get Ready! CCE Conference Starts Next Week
    (sent July 6, 2021)
  • June 2021 Electronic ISAC Update
    (sent July 1, 2021)

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