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Letter from IDAPP Despite the Governor’s proposed sale of IDAPP assets, the General Assembly chose not to take action on the proposal. IDAPP received overwhelming support from members of the General Assembly due to a number of factors, including our fiscal responsibility, the integrity of the agency and our comprehensive array of services. Representatives from the General Assembly fully recognize that IDAPP is the best option for aiding Illinois students and families seeking a college education. We have been fulfilling this mission for more than 30 years – a mission we plan to continue for many years to come. Helping Illinois Families Working together, IDAPP and ISAC are 100 percent committed to promoting the power of higher education, while making it attainable to all – a mission that is more important today than ever before. To learn more about the extensive array of resources available to Illinois students, we invite you to click here (PDF). I hope this letter helps to clarify the recent legislative issue surrounding the future of IDAPP and ISAC. If you have any questions that have not been addressed, feel free to call me at (847) 948-8500 ext. 5709. Regards, Thomas A. Breyer
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Loan Consolodation If you are considering loan consolidation, here is what you need to know. Federal Loan Consolidation allows you to consolidate all of your outstanding federal loans into one payment. The repayment term on your loan can also be extended in many cases, offering a fixed interest rate and a lower monthly payment. Why wait for the rate to increase again? Take action now by applying online here. The Federal Loan Consolidation interest rate is based on the weighted average of all of your federal loans rounded up to the nearest one-eighth of one percent. IDAPP has repayment calculators, which can help you estimate your payments under the existing program.
Default Prevention
College Zone Network Here is the latest news from the College Zone network:
College Illinois! participants avoid tuition inflation by locking in a price now to cover future college tuition and fees. The benefits can be used at any college or university across the entire country. More than 48,000 prepaid tuition contracts have been purchased to date. To find out more about College Illinois! visit our Web site, or call 1-877-877-3724 for more information.
Planned features include: career and college selection, assistance with admission applications, college financing and electronic transcript exchange. If you are researching colleges in Illinois and want to find out specific details about programs, tuition and locations, check out IllinoisMentor in December. To further celebrate IllinoisMentor, there will be a grand opening event slated for January 2006.
Hurricanes Katrina, Rita and Wilma – Loan Forbearance The Gulf Coast is still suffering in the wake of Hurricanes Katrina, Rita and Wilma. In an effort to relieve the suffering and eliminate some of the concerns for gulf coast residents and students, IDAPP has implemented a corporate wide plan to assist those hit hardest by the hurricanes. Effective immediately, all borrowers who reside in Louisiana, Mississippi, Alabama, Florida and the coastal region of Texas have been granted a three-month automatic forbearance on their outstanding student loans with IDAPP. The forbearance program will allow you to temporarily suspend payments on your student loan account for a period of three months. Those borrowers that require an additional three-month forbearance will also be granted to allow sufficient time for the borrowers to return to work or school respectively. You do not need to contact IDAPP in order to get this forbearance. You will receive a letter and/or an e-mail informing you that your loan has been placed into a forbearance status and when your next payment will be due. However, we encourage you to contact IDAPP at 1-800-366-5755, or e-mail ccd@isac.org for complete details. As a continuation of the IDAPP Hurricane Assistance Program (IHAP), borrowers that have started classes at different postsecondary institutions can contact IDAPP to have alternative loan funds redirected to their new school. Here are a few details of the program:
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New IDAPP Director  IDAPP is pleased to announce that Thomas A. Breyer has been appointed as the new director of the organization. Breyer will be responsible for all of IDAPP’s operations. He has been a member of ISAC for the past 20 years, serving in a variety of roles, most recently serving as the Deputy Program Officer and Director of Compliance. Prior to joining ISAC, Breyer served as Associate Director of Financial Aid at Northwestern University and was the Executive Director of the Illinois Independent Higher Education Loan Authority. Breyer earned his bachelors degree in Economics from Indiana University and his MBA in Finance and Accounting from Northwestern University. Rate
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Mid-Terms - Study Tips Midterms seem to roll around faster every year. Make sure you “make the grade” by checking out some of these important study tips. |
In July, the Federal Loan Consolidation interest rate was increased once again. Despite the hike, loan consolidation is still your best bet. Why? Because interest rates will most likely continue to climb. Locking in a rate now makes financial sense, plus you can simplify your life with one easy payment.
If
you are experiencing tough financial times, call an IDAPP loan counselor
today at 1-800-366-5755, or simply 
If
you’re looking for the most comprehensive, unbiased source
for information about college planning, check out College Zone.
Powered by the Illinois Student Assistance Commission, College Zone
is a partnership between IDAPP, College Illinois! and Learning
Legacy, a 529 gift-giving program affiliated with College Illinois!.
College
Illinois! – The state’s 529 prepaid
tuition program opened its eighth annual enrollment period beginning
October 31, 2005 through April 3, 2006. 
IllinoisMentor – On December 6, 2005, ISAC will introduce an exciting new enhancement to the College Zone Web site. IllinoisMentor will be a comprehensive, free service designed to help Illinois students through the college selection and application process.
