 "For those who apply after the suspense date, it’s like being on a
waiting list. As we approach the limit of anticipated funding, we
need to be very cautious about spending more than we have," said
ISAC Executive Director Andrew Davis. "The state’s funds available
for MAP are limited. Unfortunately we can only help as many students
as our resources will allow."The agency projects MAP-eligible
students to number 409,000. Approximately 189,000 will have applied
before the suspension date and could claim a MAP grant. ISAC
estimates that a record 220,000 eligible applications received after
the suspense date will go unfunded. Of these, 142,000 will be
community college students.
The commission expects to make 137,000 awards during the upcoming
academic year, based on a 70 percent claim rate -- down from an
estimated 140,000 in fiscal 2010 and 144,230 in fiscal 2009.
"Given our current funding model, the state’s ability to fund the
program is at its lowest point at precisely the time when the demand
for student financial aid is at its highest," Davis continued. "We
have been working on a proposal to find additional revenue sources
for the program to help meet this unprecedented demand."
On March 26, the Illinois Student Assistance Commission gave
agency staff the authority to suspend award announcements based on
an appropriation level that is the same as the 2009-10 academic
year. The governor's proposed fiscal 2011 budget calls for level
funding of $400 million for ISAC to distribute for student financial
aid.
The maximum award a student may receive through MAP is $4,968,
and the mean award has historically been between $2,600 and $2,700.
The last time the commission paid out each of the claims it received
with no award suspensions was the 2000-01 academic year, when
139,421 were funded. The maximum MAP award that year was $4,740,
which was equal to the mean tuition and fees at an in-state public
university.
[to top of second column]
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The Illinois Student
Assistance Commission provides students of all ages and
backgrounds with the resources and support to obtain financial aid
for higher education. A state agency, ISAC has paved the path to
postsecondary education with innovative programs for over 50 years.
The commission continued its mission to make college accessible and
affordable for Illinois students by administering over 183,000
grants
and scholarships totaling over $430 million in fiscal 2009
alone.
The commission provides educational funding with student loans
and via numerous programs such as the
Monetary Award Program, the
Illinois Veteran Grant and the
College Illinois! 529
Prepaid Tuition Program. Students and families have free access
to a wealth of financial aid and college planning information at
www.knowhow2goillinois.org.
[Text from Illinois Student
Assistance Commission file received from
the
Illinois Office of
Communication and Information]
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