reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.10 - Summary and Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 purposes of the Illinois Student Assistance Commission (ISAC) include:
1) Improving postsecondary educational
			 opportunities for eligible students through the centralized administration of
			 Illinois student assistance programs; and
2) Coordinating Illinois student assistance
			 programs with those of the United States Department of Education (ED), when
			 applicable.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.15 - Incorporations by Reference

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Commission incorporates by reference 34 CFR 600, 668, 674, 675, 676, 682, 685
			 and 690 (July 1, 2019). No incorporation by reference in this Section includes
			 any later amendment or edition beyond the date stated. The Code of Federal
			 Regulations is available online.
b)
			 Copies of the appropriate material are available for inspection at the Illinois
			 Student Assistance Commission offices at:
1755 Lake Cook Road, Deerfield IL 60015-5209
500 West Monroe, Springfield IL 62704-1876
100 West Randolph, Suite 3-200, Chicago IL
				60601-3219
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.30 - General Institutional Eligibility Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) ISAC Program Participation Agreement
1) All institutions shall execute an ISAC
			 Program Participation Agreement in order to participate in ISAC gift assistance
			 programs.
2) The ISAC Program
			 Participation Agreement shall identify the ISAC programs under which the
			 institution's students may receive benefits.
3) The ISAC Program Participation Agreement
			 shall include provisions requiring institutions to comply with, federal and
			 State laws and regulations.
4) The
			 ISAC Program Participation Agreement may be modified or terminated in
			 accordance with 23 Ill. Adm. Code 2790, Limitation, Suspension and Termination
			 Proceedings.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.40 - General Applicant Eligibility Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Except as otherwise provided by this
			 subsection, an applicant with a defaulted loan made pursuant to Title IV of the
			 Higher Education Act is not eligible for benefits under ISAC-administered
			 programs.
1) Eligibility for
			 federally-guaranteed loans may be reinstated in accordance with federal
			 regulations and the following provisions:
A)
			 Eligibility for federally-guaranteed loans will be reinstated when:
i) the debt has been paid in full;
ii) the borrower has made a "satisfactory
			 repayment arrangement," in accordance with
			 34 CFR
			 682.200;
iii) the borrower's prior defaulted loan has
			 been rehabilitated, in accordance with
			 34 CFR
			 682.405; or
iv) the borrower has made payments on a
			 defaulted loan to consolidate that loan in accordance with
			 34 CFR
			 682.201.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.50 - Determining Applicant Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
a) The evaluation of applicant eligibility is
			 the responsibility of both ISAC and the institution.
b) No applicant is announced eligible for
			 assistance by ISAC unless the application establishes prima facie eligibility.
			 ISAC consults with other appropriate State and federal agencies in the process
			 of reviewing application data.
c)
			 Institutions shall determine (in accordance with ISAC's rules or federal
			 regulations) whether an applicant is eligible for ISAC gift assistance based
			 upon enrollment in a particular academic program and the eligibility criteria
			 of the ISAC gift assistance being sought.
d) Specific eligibility criteria for each
			 ISAC gift assistance program can be found in its respective Section of this
			 Part.
e) The institution is
			 required to verify the residency of all applicants to ISAC gift assistance
			 programs for which Illinois residency is a requirement.
1) An institution is not required to verify
			 residency if:
A) The applicant received
			 payment of a MAP award during the previous academic year; or
B) The applicant was enrolled in an
			 ISAC-approved MAP institution or an ISAC-approved Illinois high school (see
			 Section
			 2700.30)
			 for the preceding consecutive 12 months prior to the start of the academic year
			 for which assistance is requested.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.55 - Use, Security and Confidentiality of Information

Current through Register Vol. 48, No. 28, July 12, 2024
The personally identifiable information of an ISAC program
				applicant, participant or anyone named in any materials related to program
				participation, or personally identifiable information of an individual that
				ISAC accesses, receives or maintains in relation to its research or other
				activities, is considered confidential personal information and shall be
				governed by applicable State and federal privacy laws. All educational
				institutions, lenders, holders, servicers and other entities participating in
				ISAC-administered programs or activities shall be expected to know and comply
				with all applicable federal and State laws that govern the privacy, use, access
				and security of the confidential information. (See, e.g., the Data Processing
				Confidentiality Act [30 ILCS 585 ], the Family Educational Rights and Privacy
				Act of 1974 (20 USC
				1232g) , the Identity Protection Act [5 ILCS
				179 ] and the Gramm-Leach-Bliley Act (15 USC 6801-6809) .) The confidential
				information shall not be sold or used, shared or accessed for any purpose other
				than that which is directly related to the purpose for which the confidential
				information was provided to the participating entity. Participating entities
				shall be responsible for implementing appropriate security procedures to
				protect the integrity of the confidential information when accessed, stored,
				transmitted or received. This Section shall not apply to the publication of the
				names of State Scholars pursuant to 23 Ill. Adm. Code
				2760.30.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.60 - Audits and Investigations

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 ISAC shall audit participating institutions of higher learning. All
			 postsecondary institutions participating in ISAC gift assistance programs shall
			 be audited for compliance with ISAC administered gift assistance programs on a
			 schedule that is determined based on a risk assessment and the availability of
			 ISAC resources. The factors used to determine when a review will be scheduled
			 may include, but are not limited to, the following: dollar amounts awarded to
			 the school for ISAC gift assistance programs, time elapsed since the last ISAC
			 review, the institution's external or internal audit findings in the area of
			 financial aid administration, ED findings or issues noted, results of
			 investigations conducted by parties such as Inspectors General or Attorneys
			 General, substantial increases in students awarded ISAC gift assistance,
			 evidence that the institution is experiencing difficulty meeting the
			 requirements of ISAC's rules or federal regulations, or issues in past audits
			 conducted by ISAC. Secondary institutions may be audited when ISAC has a
			 complaint indicating an audit is appropriate. Audits shall usually be
			 announced, but ISAC reserves the right to make unannounced audits.
b) ISAC shall have access to all records
			 related to ISAC programs. These records include, but are not limited to:
			 admission records, financial records, registration records, attendance and
			 enrollment records, financial aid transcripts, grades, academic transcripts and
			 records maintained in accordance with ED verification procedures.
c) The institution shall be extended an
			 opportunity to review and comment on the auditor's preliminary findings before
			 the final audit report is submitted to the institution's chief executive
			 officer. Audit findings may be appealed in accordance with Section 2700.70
			 (Appeal Procedures).
d) If an audit
			 identifies gift assistance funds that were claimed on behalf of ineligible
			 students, the funds shall be repaid to ISAC by the institution.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.70 - Appeal Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Complainants (including applicants, institutions and lenders) may appeal an
			 ISAC administrative decision in accordance with this Section. Complainants must
			 submit their appeal within 60 days after and including the date of an
			 administrative decision by ISAC. If a complainant fails to pursue an appeal
			 within 60 days after and including the date of an administrative decision,
			 including administrative decisions rendered under subsections (d) and (e) of
			 this Section, the complainant forfeits all appeal rights.
b) All appeals shall be submitted in writing,
			 must specifically invoke the use of ISAC's appeal process and must indicate the
			 specific issues to be reviewed. Each complainant shall be sent a written
			 response within 15 working days after and including the date of receipt of
			 their appeal.
1) A complainant may submit any
			 evidence which the complainant believes relevant to the issue appealed. If ISAC
			 is not able to make a determination based on the information provided, the
			 complainant may be requested to supply additional written materials related to
			 the issue (e.g., income tax returns, ISAC correspondence).
2) The standard of review is whether, based
			 on the manifest weight of the evidence, the administrative decision being
			 appealed is consistent with statutes, rules and regulations relevant to the
			 issue appealed.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.80 - Contractual and Consortium Agreement Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) The primary purpose of a course of study
			 in a contractual or consortium agreement must be educational and must lead to,
			 and be required for, a degree or health education certificate in a published
			 course of study offered by the home institution.
b) Contractual Agreement requirements
1) All contractual agreements must involve
			 programs approved by the Illinois Board of Higher Education (IBHE) or the
			 appropriate state accrediting agency and, if applicable, licensing
			 agency.
2) The home institution is
			 responsible for all the administration of ISAC student aid including, but not
			 limited to, disbursements, refunds, maintenance of financial aid records and
			 student eligibility determinations for students attending the host institution
			 consistent with the requirements in
			 34
			 CFR 668.5(c).
3) A home institution may enter into a
			 contractual agreement with a host institution only if the home institution does
			 not have faculty and specific educational facilities available within the
			 institution to offer the approved programs.
4) Only courses required for these programs
			 that are included in the published curriculum of the home institution will be
			 eligible for ISAC payment except in relation to study abroad programs as
			 provided in
			 34
			 CFR 668.5(B).
5) The home institution must ensure that the
			 percentage of all students enrolled in the host institution who will receive
			 tuition assistance through a contractual agreement meets the requirements of
			 34
			 CFR 668.5(a) and does not
			 exceed:
A) 25% if the host and home
			 institutions are owned or controlled by the same entity; or
B) 50% if they are not, owned or controlled
			 by the same entity.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2700 - GENERAL PROVISIONS › Section 2700.90 - Consumer Protection Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a)
The primary purpose of the
			 Educational Planning Services Consumer Protection Act
(the Act)
is to protect consumers who enter into agreements with educational
			 planning service providers and to regulate educational planning service
			 providers.
[815 ILCS
			 616/40(d) ]
b) No entity shall act as an educational
			 planning service provider except as authorized by the Act.
c) All entities acting as educational
			 planning service providers shall be expected to know and comply with all
			 provisions of the Act.
d) ISAC will
			 make available on its Internet website the most current disclosure of free
			 support.
e) ISAC
may, in
			 the name of the people of the State of Illinois, through the Attorney General,
			 file a complaint for an injunction in the circuit court to enjoin such person
			 from engaging in unlawful
violations of the Act. [815 ILCS
			 616/40(d) ]
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.5 - Summary and Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Federal
				Family Education Loan Program (FFELP) is authorized by Title IV, Part B, of the
				Higher Education Act of 1965, as amended ( 20 USCA 1071 et seq.), and is
				administered by the United States Department of Education (ED), guaranty
				agencies, educational institutions and lenders.
b) This Part establishes rules which govern
				ISAC-guaranteed loan programs. Additional rules and definitions are contained
				in General Provisions, 23 Ill. Adm. Code 2700.
c) Federal regulations govern the
				responsibilities of the Illinois Student Assistance Commission (ISAC),
				educational institutions and lenders. This Subpart implements ISAC's
				discretionary authority as a guaranty agency.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.6 - Definitions (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.10 - Eligibility for ISAC Loan Guarantees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to July 1, 2010, applicants could
				apply for a loan guarantee by submitting a common ED-approved application form
				or through a comparable electronic process in accordance with federal law. (See
				15 USC
				7001 et seq.)
b) Borrower eligibility requirements for
				guaranteed loans are established by federal regulations (
				34 CFR 682.201
				).
c) The student must be enrolled,
				or accepted for enrollment, at an approved postsecondary institution which has
				certified the applicant as eligible for a guaranteed loan.
d) An applicant shall not be disqualified for
				a loan guarantee by ISAC if the lender, the institution, the student, and the
				borrower meet the eligibility requirements of Title IV, Part B, of the Higher
				Education Act of 1965, as amended (
				20
				USC 1071 et seq.), of federal regulations and
				of this Subpart.
e) No loan
				guarantee shall be issued if such loan would exceed the annual or aggregate
				amount permitted such borrower, as specified by federal regulations (
				34 CFR
				682.204 ).
f) The institution shall compute a
				recommended loan amount for each applicant in accordance with Section 425(a)(1)
				of the Higher Education Act, as amended. No guaranteed loan may exceed the
				institution's recommended amount.
1) When
				certifying loan eligibility for an academic year which will span academic
				levels, the institution's recommended loan amount shall not exceed the maximum
				permitted for the applicant's academic level at the time of
				certification.
2) Should a student
				borrow in excess of the permitted loan maximums, the student becomes ineligible
				for federal financial assistance for that academic year. (See Section 484 of
				the Higher Education Act of 1965, as amended (
				20 USC 1091 )
				and
				34 CFR
				668.32(g)(2).)
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.20 - Lender Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
a) Lender
				Agreement
1) All approved lenders must
				execute an ISAC Lender Agreement prior to participating in the Federal Family
				Education Loan Program through ISAC. Lenders wishing to serve as
				lenders-of-last-resort are required to sign an Addendum that includes the
				provisions of section 428(j) of the Higher Education Act of 1965, as amended (
				20 USC
				1078-10 ).
2) Lenders must have received ED approval
				prior to executing a Lender Agreement.
3) The Lender Agreement shall include
				provisions requiring lenders to:
A) comply
				with statutes, federal regulations and State rules; and
B) provide such information as ISAC may
				request relating to borrower demographics, collection records and other
				documents ISAC may need to comply with federal regulations. (See Sections
				2720.60(a)
				and
				2720.70(c).)
4) Lenders and ISAC shall
				electronically transmit and receive loan guarantee data. ISAC shall provide the
				lender with program documentation and reasonable technical assistance related
				to electronic data exchanges. ISAC and the lender shall agree that the
				information and data shall be confidential and shall not be used, disclosed,
				sold or shared for any purpose other than that which is directly related to the
				administration of ISAC's guaranteed loan programs.
5) Termination of the Lender Agreement may be
				made by either the lender or ISAC with 30 days' written notice. Termination
				shall not affect any obligations incurred prior to the time such termination
				becomes effective.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.25 - Educational Lender Eligibility (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.35 - Holder Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
a) All
				approved holders must execute an ISAC Holder Agreement prior to participating
				in the Federal Family Education Loan Program through ISAC.
b) Holders must have received ED approval
				prior to executing a Holder Agreement.
c) The Holder Agreement shall include
				provisions requiring holders to:
1) comply
				with statutes, federal regulations and State rules; and
2) provide such information as ISAC may
				request relating to borrower demographics, collection records and other
				documents ISAC may need to comply with federal regulations. (See Sections
				2720.60(a)
				and
				2720.70(c).)
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.40 - Procedures for Obtaining a Guaranteed Loan

Current through Register Vol. 48, No. 28, July 12, 2024
a) Borrowers who are eligible for a loan
				guarantee in accordance with Section
				2720.10
				are issued a notice of guarantee/disclosure statement. All promissory notes
				must be in a form approved by ED. No alteration or substitution may be
				used.
b) All loans are made at the
				lender's discretion. When a lender rejects a borrower's request for a FFELP
				loan, the lender shall issue a notice of non-acceptance to the
				borrower.
c) Lender-of-last-resort
				requirements:
1) An applicant who is eligible
				for a federal subsidized or unsubsidized Stafford Loan or Federal PLUS Loan
				pursuant to Section
				2720.10
				of this Part and who has been unable to obtain loans from another ISAC-approved
				lender for the same period of enrollment can request participation in ISAC's
				Lender-of-Last-Resort Program.
2)
				The applicant must be a resident of Illinois or must attend an eligible
				institution in Illinois or, for a Parent PLUS Loan, be the parent of a student
				attending an eligible institution and a resident of Illinois.
3) ISAC, within 60 days, will issue a
				guarantee for a loan under the Lender-of-Last-Resort Program or will advise
				applicants that they do not meet the eligibility requirements of Section
				2720.10.
4) ISAC will act as the
				lender-of-last-resort if it cannot arrange a loan for the applicant with a
				lender participating in ISAC's Lender-of-Last-Resort Program.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.41 - One-Lender Requirement

Current through Register Vol. 48, No. 28, July 12, 2024
a) All of a
				borrower's outstanding ISAC-guaranteed loans must be made by the same lender,
				subject to the conditions of this subsection (a). ISAC will issue a loan
				guarantee to a commercial lender provided that lender agrees to make all types
				of Federal Family Education Loan Program (FFELP) Loans to the borrower that the
				borrower requests and is eligible to receive, and:
1) the loan is the borrower's first
				ISAC-guaranteed loan;
2) the loan
				is a subsequent loan and the commercial lender has issued all of the borrower's
				previous ISAC-guaranteed loans; or
3) the loan is a subsequent loan and the
				commercial lender holds or has purchased all outstanding ISAC-guaranteed loans
				for that borrower from previous commercial lenders, in accordance with Section
				2720.42.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.42 - One-Holder Requirement

Current through Register Vol. 48, No. 28, July 12, 2024
a) All of a
				borrower's outstanding ISAC-guaranteed loans must be sold by a lender to the
				same holder.
1) If the lender has sold any of
				a borrower's previous ISAC-guaranteed subsidized or unsubsidized Federal
				Stafford Loans or Federal SLS Loans to an approved holder, the lender shall
				sell all subsequent loans to the same holder by no later than 90 days from the
				borrower's last date of attendance or 180 days following the last disbursement,
				whichever occurs later; or in the event of untimely notification to the lender
				of a student's change in enrollment status, no later than 45 days after the
				lender became aware that the student ceased to be enrolled on at least a
				half-time basis.
2) Subsidized
				Federal Stafford Loans, unsubsidized Federal Stafford Loans and Federal SLS
				Loans which were made under the same promissory note for loan periods within
				the same academic year must be sold simultaneously.
3) If the lender has sold the borrower's
				previous ISAC-guaranteed Federal PLUS Loans to an approved holder, the lender
				shall sell each subsequent Federal PLUS Loan for that borrower to the same
				holder by no later than 90 days from the last date of attendance or 180 days
				following the last disbursement, whichever occurs later; or in the case of a
				late disbursement, the subsequent loan must be sold within 45 days following
				disbursement.
4) Upon notification
				by the holder of the oldest previous loan, the holder of any subsequent loan
				must sell that loan to the previous holder, unless the borrower requests in
				writing that the previous holder sell to the subsequent holder.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.55 - Federal Consolidation Loan Program

Current through Register Vol. 48, No. 28, July 12, 2024
a) ISAC shall guarantee Federal Consolidation
				Loans pursuant to Section 428C of the Higher Education Act of 1965, as amended
				( 20 USCA 1078-3 ).
b) Lenders may
				make Federal Consolidation Loans provided participation in the Federal
				Consolidation Loan Program is authorized by the Lender Agreement. (See Section
				2720.20(a).)
1) ISAC shall initially authorize a lender to
				issue no more than $5,000,000 in guaranteed Federal Consolidation
				Loans.
2) A lender may receive
				additional lending authority provided an ISAC compliance review indicates the
				lender is complying with federal regulations, statutes and rules. (See Section
				2720.20(f).)
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.60 - Default Aversion Assistance

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				ISAC functions in a supplementary role to assist the lender or holder in its
				collection of a loan that is at least 60 days delinquent. After requesting
				default aversion assistance, the lender or holder shall continue with normal
				collection activity.
b) The request
				for default aversion assistance must be sent to ISAC in accordance with the
				time frames specified in federal regulations and the Higher Education Act of
				1965, as amended.
c) For 10 or more
				requests submitted in one month, the default aversion assistance request and
				subsequent default aversion transactions must be submitted electronically, in a
				format approved by ISAC, from which collection action can begin or cease
				immediately.
d) If a borrower's
				address is unknown, the lender shall attempt to locate the borrower pursuant to
				federal regulations. (See CFR 682.411.) If it has not already done so, the
				lender shall file for assistance in accordance with the time frames specified
				in federal regulations and the Higher Education Act of 1965, as
				amended.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.80 - Federal Default Fee

Current through Register Vol. 48, No. 28, July 12, 2024
a) ISAC
				must charge a federal default fee on each loan guaranteed on or after July 1,
				2006 and prior to July 1, 2010. The fee must be collected from the borrower or
				from any non-federal source. If assessed to the borrower, the fee must be
				deducted proportionally from each disbursement of the loan. The fee must be
				remitted to ISAC by the lender no less frequently than monthly.
b) The amount of the federal default fee
				collected on each loan shall be equal to one percent of the principal amount of
				the loan (see
				20
				USC 1071 et seq.).
c) Refunds of any federal default fees
				assessed the borrower shall be made in accordance with federal regulations.
				(See
				34 CFR
				682.401(b)(3)(v) &
				(vi).)
d) The federal default fees
				shall be deposited in the Federal Student Loan Reserve Fund. In accordance with
				federal regulations, a guaranty agency shall not use such proceeds for
				incentive payments to lenders and shall only use these proceeds for costs
				incurred as outlined in
				34 CFR
				682.419(c).
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart A - FEDERAL LOAN PROGRAMS: THE FEDERAL STAFFORD LOAN PROGRAM, FEDERAL PLUS PROGRAM, FEDERAL SUPPLEMENTAL LOANS FOR STUDENTS (SLS) PROGRAM, AND FEDERAL CONSOLIDATION LOAN PROGRAM › Section 2720.90 - Guarantee Transfers

Current through Register Vol. 48, No. 28, July 12, 2024
a) ISAC may
				transfer loan guarantees to or from another guarantor, as specified in Section
				428(b)(2)(E) of the Higher Education Act of 1965 (HEA), as amended ( 20 USCA
				1078(b) ), provided:
1) the loan guarantees
				are insured (see Section 428(b) of the HEA);
2) an agreement has been entered into between
				ISAC and:
A) the other guaranty
				agency;
B) an agent of the guaranty
				agency, who has been approved by the U.S. Secretary of Education; or
C) the U.S. Secretary of Education or an
				agent thereof;
3) the
				transfer has been approved by the holder of the loan.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart B - ILLINOIS DESIGNATED ACCOUNT PURCHASE PROGRAM (IDAPP) › Section 2720.105 - Summary and Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Commission provides a secondary market for ISAC Guaranteed Loans through the
				Illinois Designated Account Purchase Program (IDAPP). ISAC's secondary market
				reduces the administrative expenses of lenders and increases the availability
				of education loans.
b) Through
				IDAPP, ISAC purchases and/or services eligible loans from IDAPP-eligible
				lenders.
c) Services provided
				pursuant to this Subpart are conditional upon the execution of a contract
				between the eligible lender and ISAC, and the eligible lender's good faith
				compliance with the contract.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart B - ILLINOIS DESIGNATED ACCOUNT PURCHASE PROGRAM (IDAPP) › Section 2720.120 - IDAPP Eligible Loans

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Loans that are eligible for purchase and/or servicing by IDAPP:
1) are not in default. Loans that are in
				default should be submitted for reimbursement in accordance with Section
				2720.70.
2) are in compliance with federal regulations
				and ISAC rules up to the date of the sale. ISAC will decline to purchase any
				account if the lender cannot demonstrate the loan was originated and serviced
				in accordance with all program requirements.
3) have not been rejected for purchase by a
				different secondary market unless the account is current (not in delinquency
				status) and has an outstanding balance of at least $3,500.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart B - ILLINOIS DESIGNATED ACCOUNT PURCHASE PROGRAM (IDAPP) › Section 2720.130 - IDAPP Eligible Lenders

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Prior to submitting accounts for purchase, the lender and ISAC must execute an
				IDAPP contract. The contract requires lenders to comply with statutes, federal
				regulations and State rules.
b)
				ISAC will purchase loans only from those lenders that have no inappropriate
				relationships with the institutions certifying the loans. An inappropriate
				relationship includes, but is not limited to, fiscal or loan service
				arrangements between commercial lenders and institutions which are not
				permitted by law or federal regulation (
				34 CFR
				682.212 ) and/or is of such a special nature
				that all institutions or all lenders under similar circumstances do not receive
				similar terms, conditions or services from the lender.
c) If it appears that the lender has violated
				one or more of ISAC's rules in the handling of any account, and if such
				violation contributed to the delinquent status of the account, ISAC will
				decline to purchase the account.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart C - ISAC ORIGINATED LOANS › Section 2720.200 - ISAC Originated Consolidation Loans

Current through Register Vol. 48, No. 28, July 12, 2024
a) ISAC shall serve as a direct lender of
				Federal Consolidation Loans in accordance with Section
				2720.55,
				Federal Consolidation Loan Program.
b) A recipient of an ISAC-originated Federal
				Consolidation Loan must be an eligible borrower as established by Section 428C
				of the Higher Education Act of 1965, as amended. (See 20 USCA 1078-3.) Subject
				to the availability of funds, no eligible borrower shall be denied a Federal
				Consolidation Loan by ISAC.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart C - ISAC ORIGINATED LOANS › Section 2720.210 - Illinois Opportunity Loan Program

Current through Register Vol. 48, No. 28, July 12, 2024
a) ISAC may serve as a direct lender of
				non-subsidized Federal Stafford Loans through the Illinois Opportunity Loan
				Program.
b) Each recipient of an
				Illinois Opportunity Loan must be an eligible borrower as established by
				Section 428 et seq. of the Higher Education Act of 1965, as amended. (See 20
				USCA 1078 et seq.)
c) In addition
				to the eligibility criteria established by federal law for all Federal Stafford
				Loan borrowers, each recipient must satisfy the following requirements to
				receive an Illinois Opportunity Loan.
1) Each
				borrower must be a full-time student who is enrolled in a degree program. The
				borrower must be classified at an academic level of sophomore or above in the
				degree program. The institution shall verify the borrower's enrollment status
				prior to disbursement.
2) Each
				borrower must be a resident of Illinois. For purposes of this Part, an
				applicant for an Illinois Opportunity Loan is a resident of Illinois
				notwithstanding the applicant's temporary absence from the State in order to
				enroll at an out-of-state institution.
3) The Illinois Opportunity Loan Program
				shall have a minimum loan size of $1000 per academic year.
4) No applicant may receive an Illinois
				Opportunity Loan if the total student assistance available to the borrower
				would exceed the borrower's cost of attendance. No applicant may receive an
				Illinois Opportunity Loan unless the institution's financial aid administrator
				determines the borrower needs an Illinois Opportunity Loan to finance his/her
				education. (See, e.g., Title IV, Part F of the Higher Education Act of 1965, as
				amended ( 20 USCA 1087 kk et seq.).)
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2720 - FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) › Subpart C - ISAC ORIGINATED LOANS › Section 2720.220 - Federal Family Education Loan Program (FFELP) Loans

Current through Register Vol. 48, No. 28, July 12, 2024
a) ISAC may serve as a direct lender of
				educational loans under FFELP.
b)
				Each borrower must be an eligible borrower as established by the Higher
				Education Act of 1965, as amended (see 20 USCA 1078 et seq.), and must meet the
				eligibility requirements set forth in Section
				2720.10
				of this Part, Eligibility for ISAC Loan Guarantees.
c) The amounts, terms and conditions of loans
				made under this Section shall be in accordance with the provisions of the
				Higher Education Act of 1965, as amended (see 20 USCA 1078 et seq.).
d) Educational loans may be made to borrowers
				referred by lenders which have executed a Community Educational Loan
				Partnership agreement with ISAC.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2721 - ALTERNATIVE LOAN PROGRAM › Section 2721.10 - Summary and Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) In order to
			 make postsecondary educational opportunities more accessible for qualified
			 students, ISAC offers a program of alternative loans to supplement existing
			 federal and State student financial assistance programs.
b) This Part establishes the rules which
			 govern alternative loans made or administered by ISAC. Additional rules and
			 definitions are contained in General Provisions, 23 Ill. Adm. Code
			 2700.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2721 - ALTERNATIVE LOAN PROGRAM › Section 2721.20 - Borrower Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
			 borrower for an alternative loan must be a student, parent or legal guardian of
			 such a student who is:
1) enrolled, or
			 accepted for enrollment, at an ISAC-approved institution which has certified
			 the applicant as eligible for an alternative loan;
2) enrolled on at least a half-time basis,
			 unless the student is employed full-time while she/he is in school, in which
			 case she/he may receive a loan while enrolled less than half-time;
3) in good standing in accordance with the
			 institution's policy of satisfactory academic progress; and
4) a citizen or eligible noncitizen of the
			 United States or attending an ISAC-approved institution on a student
			 visa.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2721 - ALTERNATIVE LOAN PROGRAM › Section 2721.40 - Institutional Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Institutions must have executed Program Participation Agreements with ED and
			 with ISAC in order to participate in ISAC-administered Alternative Loan
			 Programs.
b) Institutions must
			 demonstrate administrative capability and financial responsibility, as defined
			 by federal regulations (see, e.g.,
			 34
			 CFR 668.15 and
			 668.16
			 ), in order to begin and to continue participation in ISAC-administered
			 Alternative Loan Programs.
c)
			 Eligible institutions may not have federal cohort default rates, calculated and
			 announced by ED for the three most recent fiscal years, in excess of the rates
			 annually established and publicized as acceptable by ISAC.
d) Institutions shall be subject to the audit
			 and investigation conditions outlined in General Provisions, including those
			 relating to audits and investigations, 23 Ill. Adm. Code
			 2700.60.
e) Institutions not maintaining the standards
			 of administrative capability or financial responsibility demonstrated in their
			 original application for participation, or required by federal regulations, may
			 be subject to administrative Limitation, Suspension or Termination Proceedings.
			 (See 23 Ill. Adm. Code 2790.)
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2722 - ADMINISTRATIVE WAGE GARNISHMENT › Section 2722.15 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For purposes of this Section, the following terms have the
				meanings ascribed in this Section:
"Act" means the Higher Education Student Assistance Act [110
				ILCS 947 ].
"AWG Order" - An administrative wage garnishment order issued
				by ISAC to a borrower's employer or employers to withhold the borrower's
				compensation and remit the withheld compensation to ISAC pursuant to Section
				80(1-5) of the Act.
"Borrower" - Includes all original borrowers, cosigners,
				endorsers or co-makers on a loan or loans.
"Compensation" - Any salary, wages, commissions and bonuses due
				to the borrower.
"Date of First Delinquency" - The day following the borrower's
				first failure to make a scheduled monthly payment in accordance with the terms
				of the promissory note governing a loan or loans to which this Section
				applies.
"Default" - The status of a borrower's loans as a result of the
				borrower's failure to make a total of three cumulative, regularly-scheduled
				payments after the date of first delinquency.
"Loan" or "Loans" - All loans owned, serviced or held by ISAC
				unless otherwise excluded. This Part shall not apply to any loans owned,
				serviced or held as a result of ISAC's participation in programs administered
				by the U.S. Department of Education under Title IV of the Higher Education Act
				of 1965, as amended (
				20 USC
				1070 ).
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2722 - ADMINISTRATIVE WAGE GARNISHMENT › Section 2722.20 - Administrative Wage Garnishment Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a) If a borrower is in default on a loan to
			 which this Part applies, ISAC shall be entitled to issue an AWG order for
			 purposes of satisfying the borrower's debt on the defaulted loans. The AWG
			 order shall be a lien upon the borrower's compensation.
b) At least 30 days before issuing an AWG
			 order, ISAC shall mail to the borrower's last known address a written notice of
			 the nature and amount of the debt, the intention of ISAC to initiate
			 proceedings to collect the debt through an AWG order, and an explanation of the
			 borrower's rights. ISAC shall send the notice by first-class mail. The notice
			 must inform the borrower that:
1) ISAC will
			 permit the borrower to inspect and copy agency records related to the
			 debt;
2) The borrower may request
			 an opportunity to enter into a written repayment agreement to avoid the AWG
			 order. ISAC shall grant the borrower's request only if the terms of the
			 repayment agreement amortize the debt within the original period permitted for
			 repayment of the loans; and
3) Upon
			 request, the borrower is entitled to a hearing described in subsection (c). All
			 requests for a hearing shall be made in writing. The date of ISAC's receipt of
			 the request in writing shall be used to determine the borrower's right to a
			 hearing before issuance of the AWG order.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2730 - ILLINOIS NATIONAL GUARD (ING) GRANT PROGRAM › Section 2730.10 - Summary and Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) As described
			 in this Part, eligible recipients are entitled to an exemption from payment of
			 tuition and certain fees at State universities and community colleges. If funds
			 appropriated for the Illinois Student Assistance Commission (ISAC) are
			 insufficient to reimburse public postsecondary institutions for all recipients,
			 the obligation to pay is transferred to the institution.
b) This Part establishes rules which govern
			 the Illinois National Guard Grant Program. Additional rules and definitions are
			 contained in General Provisions, 23 Ill. Adm. Code 2700.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2730 - ILLINOIS NATIONAL GUARD (ING) GRANT PROGRAM › Section 2730.20 - Applicant Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
a) Students
			 must file an application annually indicating the institution to be attended. No
			 payment will be authorized for any applicant until a current application is on
			 file.
1) Qualified applicants will receive an
			 eligibility letter from ISAC for each academic year following the filing of the
			 application. Ineligible applicants will receive written notification from ISAC
			 of their ineligibility to receive program benefits.
2) ISAC will verify application data in
			 consultation with the Illinois Department of Military Affairs (DMAIL) when
			 reviewing an application. Changes to a recipient's National Guard status must
			 be reported to ISAC by DMAIL.
3) To
			 receive an Illinois National Guard Grant, a qualified applicant must notify the
			 institution of the qualified applicant's eligibility no later than the last
			 scheduled day of classes for the term for which a grant is
			 requested.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2730 - ILLINOIS NATIONAL GUARD (ING) GRANT PROGRAM › Section 2730.30 - Program Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 recipient is exempt from paying the following:
1) tuition;
2) registration fees;
3) graduation fees;
4) general activity fees;
5) matriculation fees; and
6) term fees.
Illinois Administrative Code › Title 23 - EDUCATION AND CULTURAL RESOURCES › Part 2730 - ILLINOIS NATIONAL GUARD (ING) GRANT PROGRAM › Section 2730.40 - Institutional Procedures

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 institution must establish a qualified applicant's initial eligibility before
			 requesting payment from ISAC. A valid Illinois National Guard Grant eligibility
			 letter may be used for this purpose.
b) If a student is eligible for, and has
			 indicated to the institution the intent to receive, educational assistance
			 through the Post-9/11 GI Bill (38 USC, Chapter 33), the institution must first
			 apply Post-9/11 GI Bill benefits to the student's financial aid award. ING
			 Grant benefits can then be used to cover the remaining ING Grant eligible
			 tuition and fees.
c) Institutions
			 must report the total number of hours for which payment is being requested
			 (including credit and noncredit hours) so that ISAC can accurately track the
			 recipient's use of eligibility units.
d) ING Grants are paid directly to the
			 approved institution of record that certifies to ISAC that the applicant is an
			 eligible recipient.
1) ISAC will annually
			 establish priority claim dates for the submission of payment requests and
			 inform institutions of the required priority dates. For the fall term, the
			 priority claim date will be during the month of December; for the spring term,
			 the priority claim date will be during the last two weeks of March or the first
			 two weeks of April; for the summer term, the priority claim date will be during
			 the month of July.
2) Late payment
			 requests will result in delayed processing of payments. Payment requests are
			 processed in the sequence of receipt by ISAC and as funds are
			 available.
3) Institutions may
			 submit payment requests beginning 10 days prior to the start of classes for the
			 term for which payment is being requested.