ISAC Gift Assistance Programs

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ISAC Gift Assistance Programs Grant Programs for Dependents of Police/Fire/Correctional Officers Bonus Incentive Program Student to Student Grant Program Higher Education License Plate Program June 2011

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ISAC Gift Assistance Programs. Grant Programs for Dependents of Police/Fire/Correctional Officers Bonus Incentive Program Student to Student Grant Program Higher Education License Plate Program June 2011. Grant Programs for Dependents of Police/Fire/Correctional Officers. - PowerPoint PPT Presentation

Transcript of ISAC Gift Assistance Programs

Page 1: ISAC Gift Assistance Programs

ISAC Gift Assistance Programs

Grant Programs for Dependents of Police/Fire/Correctional Officers

Bonus Incentive ProgramStudent to Student Grant Program

Higher Education License Plate Program

June 2011

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Grant Programs for Dependents of Police/Fire/Correctional Officers

Grant program for the spouse and children of Illinois police, fire and correctional officers killed or at least 90% disabled in the line of duty

Recipients must be enrolled at least half-time in undergraduate or graduate study

Provides payment toward tuition and mandatory fees for 8 semesters or 12 quarters

Factored into the financial aid package prior to receiving MAP gift assistance

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P/F/C Eligibility

To be eligible, a student must either be: a natural or legally adopted child or a

child in the legal custody of the police, fire or correctional officer who was disabled or killed in the line of duty

the spouse of the individual who was disabled or killed in the line of duty

Common law partners are not eligible

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P/F/C Eligibility

A student must also be: a U.S. citizen or eligible noncitizen enrolled at least half-time at a MAP-approved

school making satisfactory progress toward a degree

or certificate A student does not have to:

be an Illinois resident at the time of enrollment

demonstrate financial need

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P/F/C Eligibility

An applicant is ineligible if he or she is: A spouse who remarries after a police,

fire or correctional officer is killed A spouse who divorces a permanently

disabled police, fire or correctional officer A stepchild who, at the time of an

officer’s death or permanent disability, was not in the legal custody of the officer

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Eligibility Clarification

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Applying for P/F/C

An ISAC application must be submitted each year by the deadline dates:

October 1 for consideration for all terms March 1 for consideration for second

semester/second and third quarter June 15 for consideration for summer term

Eligibility in one academic year does not carry over into future years

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Applying for P/F/C First-time applicants must also submit a

certified death certificate or certified physician’s statement Documentation must also prove that the death

or disability occurred in the line of duty Once eligibility has been established for

one member of a family, it is established for all qualified applicants in the family.  Thereafter, a simplified application will be

required from each student on an annual basis.

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P/F/C Benefits

Pays tuition and mandatory fees At a public institution, student may receive a

grant that does not exceed its cost of tuition and mandatory fees

At a private institution, student may receive a grant that does not exceed the maximum amount payable to a student enrolled in the most expensive comparable program of study at a public institution.

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P/F/C Benefits May receive eight semesters or 12

quarters of full-time enrollment for undergraduate or graduate study

Funds are disbursed in multiple installments unless eligibility is not determined until final term

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P/F/C Payment Certification of Enrollment for Payment

Rosters are sent to schools each term after the application deadline has passed.

Must return the roster even if a student isn’t eligible Provide the reason for ineligibility

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P/F/C Payment If funds are insufficient to pay all

eligible applicants, determinations will be made based on application date

In a withdrawal situation, the recipient can receive the grant for costs incurred, up to the term award

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P/F/C Resources ISAC Administrative Rules

Part 2731 (Dependents of Correctional Officers) Part 2732 (Dependents of Police or Fire

Officers) Grant Program for Dependents of Police,

Fire or Correctional Officers Application Explains eligibility requirements, benefits and

application procedures College Zone, FAA Zone, Gift Assistance

Programs section

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Bonus Incentive Grant (BIG)

Provides an incentive to use proceeds from Illinois College Savings Bonds at Illinois colleges and universities

Incentives range from $40 to $440 Application will be made available at

collegeillinois.org Web site on August 1

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BIG Eligibility To be eligible for the grant, bondholder must:

Have continuously owned the bond(s) for at least 12 months preceding the date of maturity

Use at least 70% of the bond proceeds for educational costs at an eligible Illinois institution

Use the proceeds from the bond(s) in either the academic year in which the bond(s) matured, or the academic year immediately following maturity.

Designate only one student beneficiary for each bond that matures

the same student beneficiary may be named to five bonds with no more than $25,000 of aggregate compound accreted value at maturity for each academic year

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BIG EligibilityIn addition, the student: Must be enrolled on at least a half-time

basis as an undergraduate or graduate student at an ISAC approved institution.

Cannot be attending an educational institution organized solely for the purpose of religious instruction

Cannot be enrolled in an academic program of divinity for any religious denomination or pursuing a course of study to become a minister, priest, rabbi, etc.

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Applying for BIG Application becomes available August 1

Must be completed by the bondholder, the student beneficiary, and the institution

School official must certify the student's enrollment status and forward the complete application to ISAC.

Should submit on or as soon after August 1 as possible

Applications will be accepted until all available funds are awarded

An application must be submitted to ISAC each year for which assistance is requested.

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Applying for BIG ISAC may require applicants to provide

documentation verifying that the bondholder owned the bond(s) for required length of time.

The bondholder can designate only one student beneficiary for each bond redeemed.

State law (Public Act 93-812) prohibits exempting money held in college savings bonds from calculation of financial aid eligibility. Counts as an asset in determining a student's

eligibility for state and federal financial assistance.

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Student-to-Student (STS) Grant Program

Need-based program for undergraduate students at state-supported colleges and universities

Funds are derived from voluntary contributions of students and matching grants from ISAC

No state appropriation for 2011-12

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STS Eligibility

To qualify for an award, students must: be enrolled on at least a half-time

basis at a participating institution demonstrate financial need through

completion of the FAFSA

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STS Program Procedures Students must approve the plan for

raising voluntary contributions by a majority of those voting in a campus-wide referendum

Contributions must be voluntary and optional

Only voluntary contributions made by enrolled students are eligible for matching

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STS Program Procedures Funds can be collected from graduate

students, however the STS program can only provide aid to undergraduate students

A portion of student contributions can be set aside and used to aid graduate students, but those funds cannot be matched by ISAC

No eligible contribution can exceed $12 per academic year

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STS Benefits

Annual award amount maximum is $1,000 it is applicable to all terms, including the

summer term The institution awards the grant to

students according to the plan developed and approved by its student body.

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STS Resources ISAC Administrative Rules

Part 2770 College Zone, FAA Zone, Gift

Assistance Programs section

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Higher Education License

Plate (HELP) Program

Provides grant money to students who attend Illinois institutions that participate in the special collegiate license plate program

A portion of the proceeds of plates sold are used to fund the program

Institutions determine the amount of each grant according to program guidelines

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HELP Eligibility To qualify, a student must be:

a resident of Illinois enrolled at a college or university that

participates in the collegiate license plate program

demonstrate financial need through completion of the FAFSA

maintaining satisfactory academic progress an undergraduate student and have not

received a baccalaureate degree

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HELP Procedures Secretary of State deposits $25 for

each set of license plates sold into the University Grant Fund.

All moneys deposited into the Fund are appropriated to ISAC to make reimbursements to participating colleges for HELP grants

Each January, ISAC is notified of the amounts deposited on behalf of each participating institution during the previous calendar year.

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HELP Benefits The institution determines the amount of

each grant, which is the lesser of: $2,000 for two semesters or three quarters of

full-time undergraduate enrollment or $1,000 for two semesters or three quarters of half-time undergraduate enrollment

the amount of tuition and mandatory fees applicable to two semesters or three quarters of full-time or half-time undergraduate enrollment

the amount of the applicant’s financial need, or the remaining funds available.

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HELP Payment At the beginning of each State fiscal year,

ISAC notifies each participating institution of the amount of funds available for their institution

A payment request form is sent to the institution that must be signed and returned to ISAC.

Funds are then remitted to the institution. The institution must award the full amount

of funds disbursed in the academic year that it was received.

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HELP Resources

ISAC Administrative Rules Part 2737

College Zone, FAA Zone, Gift Assistance Programs section

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