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6/21/2010
At its June 18 meeting, the Illinois Student Assistance Commission (ISAC) approved the 2010-11 Monetary Award Program (MAP) recompute formula, along with overall spending priorities based on the anticipated fiscal year 2011 (FY11) budget.
FY11 Budget Spending Priorities (Agenda Item 7)
Prior to adjourning in late May, both chambers of the General Assembly approved a set of budget measures for the coming fiscal year (which has not yet been sent to the governor for action) authorizing a lump sum appropriation of $425,031,100 from the General Revenue Fund (GRF) for ISAC-administered scholarship and grant programs (this amount is at the same level as the final appropriation for FY10). In addition, an Emergency Budget Act was approved to give broad authority to the governor to manage the budget for FY11, including by establishing reserves.
The Commission approved allocating the lump sum appropriation as outlined in Table 1 of the agenda item, which reflects a March proposal by the governor to maintain level funding overall for ISAC-administered scholarship and grant programs. Although the total spent on such programs would be the same as that spent in FY10, this allocation increases the dollars dedicated to MAP [including dollars shifted from the Silas Purnell Illinois Incentive for Access (IIA) Program] and to the grant programs for dependents of police, fire, and correctional officers killed or disabled in the line of duty. The Commission also delegated authority to the Executive Director to make adjustments to this allocation during the fiscal year in order to optimize use of the appropriation.
2010-11 MAP Recompute Formula (Agenda Item 8)
Each year, ISAC is responsible for adopting an allocation formula for MAP. Typically, once the governor and General Assembly take action on the budget, the Commission revisits the MAP formula and, using previous claim data to predict future application volume, approves a "recompute" formula that is updated from the formula used at start-up. This year, however, has seen marked differences in applicant behavior (higher application volume and earlier application filing) that has impacted the reliability of using previous years' claim rates to predict current year claims. As a result, and working with the same appropriation as last year, staff sought approval for a new approach in allocating MAP dollars.
The Commission approved using the FY11 MAP start-up formula as the FY11 recompute formula. If it is later determined necessary to reduce award amounts to stay within the appropriation, second- and third-term awards would be reduced accordingly (as outlined in Table 3 of this agenda item).
Watch for Further Details
The 2010-11 MAP Formula section will soon be updated to reflect "recompute." You will be notified via this College Zone e-Messaging service when the budget for FY11 MAP is finalized, and when to expect system changes related to the recompute process.
Adopted Rules and Amendments (Agenda Item 4)
The Commission approved and adopted the omnibus rules and amendments, as modified during the rulemaking process, to be effective for the 2010-11 academic year. No substantive changes were made to the rules and amendments as originally published. The full text of the rules and amendments is available as 2010-11 Proposed Rules and Amendments in College Zone's e-Library.
Other Commission Meeting Agenda Items
Also addressed as part of the agenda were the following items. Additional information is provided in the June 18 Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission page at collegezone.com. Specific agenda items may also be accessed by clicking on the appropriate link(s) below.
- The Commission approved a proclamation recognizing and thanking students for their contributions to the restoration of FY10 MAP funding, and also urging continued attention to the value of need-based student financial assistance. (Agenda Item 6)
- The Commission approved the following agenda items related to the College Illinois!® 529 Prepaid Tuition Program:
- The Commission approved the execution and delivery of a Federal Rehabilitation Loans Lender Participation Agreement with LoanAmerica. (Agenda Item 16)
June Webinar includes Commission Meeting Report
A Webinar is scheduled for Tuesday, June 29 at 2 p.m. to provide a general program and operational update covering the following topics:
- 2009-10 Program News and Close-Out
- 2010-11 Program News
- Budget and Legislative Update
- Commission Meeting Report
- ISAC Rule Changes, effective July 1
- Federal Rules and Regulations Changes, effective July 1
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