2010-11 MAP Applicant Notification Letters Coming Soon

In order to accommodate the volume of applications submitted since January 1st, ISAC anticipates starting to mail 2010-11 acknowledgement letters to applicants by February 19, 2010. Once all letters for previously submitted applications have been sent, letters will be generated and mailed following a regular schedule.

Based on current 2010-11 budget estimates, no Silas Purnell Illinois Incentive for Access (IIA) Program award information will appear on the acknowledgement letters sent to students by ISAC, nor will students receive the IIA Information Sheet with their acknowledgement letters.

ISAC Promotes Early FAFSA Completion as Part of Financial Aid Awareness Month

February has been designated Financial Aid Awareness Month (FAAM) by Governor Pat Quinn, and the Illinois Student Assistance Commission (ISAC) will emphasize “putting your hands on some cash” as part of its KnowHow2Go Illinois initiative focusing on early completion of the Free Application for Federal Student Aid (FAFSA).

College costs are rising. According to recently released reports, most students and their families can expect to pay, on average, seven percent more than last year for this year’s tuition and fees, depending on the type of college.

Today, there is more financial aid available than ever before—more than $135 billion, including the State of Illinois’ Monetary Award Program (MAP). Because of financial aid programs, a college education remains an affordable choice for Illinois families. Families of college-bound students, as well as those currently attending college, should complete the FAFSA by the end of February to have the best chance of garnering the financial aid for which they are qualified.

“During these challenging economic times, it is important for students and families to know how to go to college, and getting a handle on the financial aid process is an important part of that,” said ISAC Executive Director Andrew Davis. “During the month of February, ISAC’s support of our mission to make college accessible and affordable will focus on FAFSA completion, and our Illinois Student Assistance Corps (ISACorps) stands at the ready to help students along in the process throughout the state.”

Highlighting Financial Aid Awareness Month is College Goal Sunday, February 21. College Goal Sunday (CGS) is an effort that helps students and families who need assistance in completing financial aid forms. CGS is typically held a week or two after Super Bowl Sunday and has grown into a nationwide volunteer program as a result of the work of the National Association of Student Financial Aid Administrators and Lumina Foundation.

For a listing of Financial Aid Awareness Month events, visit www.collegezone.com/calendar. To complete the FAFSA online, visit www.fafsa.gov.

MAP Startup Formula Approved at Jan. 22 Commission Meeting

Under the assumption that level or nearly level funding will be received for the Monetary Award Program (MAP), the FY2011 start-up formula reflects no changes from the FY2010 recompute formula.

The Commission approves a start-up formula for MAP in January so financial aid advisors can provide aid packages to students to help them prepare to finance their education. The formula is revisited when the MAP appropriation is finalized to determine whether changes are needed. When considering a MAP formula the Commission must strike a balance between providing awards large enough to make college accessible and extending award announcements long enough to help as many students as possible. This challenge has become increasingly difficult as application volume has soared and the state’s financial condition has worsened. The number of Illinois undergraduate residents considering MAP-approved schools (announced MAP applicants) increased 32 percent between FY2002 and FY2009. Currently, FY2010 announced application volume is 17 percent higher than last year.

Further declines in MAP coverage could seriously jeopardize college access for needy students. While increasing award amounts is a worthy goal, in the current environment any additional MAP funding should be used to extend processing, as the FY2010 mid-May initial suspense date was ten weeks earlier than the second earliest suspense date. Therefore, staff recommends the FY2010 formula also be used again in FY2011.

Comments

Please feel free to post your comments under one of the following sections: Students, Parents, Communities, or Educators. You can also utilize the collection of available resources to assist in our efforts to restore MAP funding by visiting the “Toolbox” section.