“Zero Fee” for Stafford Loans
Starting in May, IDAPP will offer a zero origination fee for Federal Stafford loans guaranteed after May 1, 2006. This offer will be extended to both undergraduate and graduate school borrowers. IDAPP has an excellent Borrower Benefit program, that offers a one percent interest rate reduction after 24 consecutive on-time monthly payments and an additional one percent interest rate reduction after the 48th consecutive on-time monthly payment. Borrowers that make payments through the IDAPP Direct Debit program will also enjoy an additional interest rate reduction of .25 percent on their loans.

http://www.idapp.org/whatsnew/index.htm

New Alternative Loan
It’s never too early to take a quick peek into what the future holds around the IDAPP office. Tentatively scheduled for January 1, 2007, IDAPP will offer a new alternative loan program called the Prime-Ed Solution. This loan will replace the current IDEAL program. The new program will offer zero fee alternative loans. The Prime-Ed Solution has a variable interest rate based on the prime-lending rate. The Prime Rate is the interest rate charged by banks to their most creditworthy borrowers. The rate is almost the same amongst major banks. Borrowers who have higher FICO (Fair Isaac Corp.) scores enjoy lower interest rates and higher borrower limits. Check back on our Web site as more information about the Prime-Ed Solution will become available as January 2007 approaches.

Deficit Reduction Act
It may have gone unnoticed to many people, but news regarding the Deficit Reduction Act is important to all of IDAPP’s borrowers. That’s why we want to explain the act for you, because there are some important things you should know about the Higher Education Reconciliation Act of 2005.

As you can imagine, the act will impact IDAPP and your account greatly. Effective July 1, 2006, the Federal Stafford Loan interest rate will change to a fixed rate of 6.8 percent for loans first disbursed on or after July 1. The Federal PLUS Loan interest rate will change to a fixed rate of 8.5 percent for loans first disbursed on or after July 1. Furthermore, effective July 1, 2007, first-year Stafford limits increase from $2,625 to $3,500, second-year Stafford limit increases from $3,500 to $4,500, and unsubsidized Stafford limit for graduate and professional students increases from $10,000 to $12,000. Aggregates remain unchanged and PLUS Loans will become available to graduate and professional students. We will continue to keep you up to date on anything that impacts your loans. Make sure you read the paragraph below regarding Loan Consolidation. It contains helpful information on why you should consider consolidating your IDAPP loans.

IDAPP gradplus Loan
More great news! Because of the Higher Education Reconciliation Act of 2005, IDAPP can now offer Federal PLUS loans to graduate and professional students. Previously, this loan was only available to parents. But now, that’s a thing of the past. If you are interested in additional details on this loan, please email IDAPP at pals@isac.org. This program is currently in development. However, this program will be exciting and new!

Loan Consolidation
Make sure to consolidate your student loans right now! The longer you wait, the higher the likelihood you will pay a higher interest rate.

As of July 1, 2006:

• New Federal Stafford Loans will have a fixed rate of 6.8 percent. Currently, rates are variable, at 4.7 percent (in-school rate) and 5.3 percent (in-repayment rate).
• “In-school” consolidation will no longer be an option.
• PLUS loans will have a fixed rate of 8.5 percent.

What all of this means to you is that by consolidating your current variable interest rate Federal Stafford Loans before July 1, 2006, your interest rate will be locked in at 4.75 percent for in-school students and 5.375 percent for students in repayment. Consolidating your current variable PLUS loans will lock in your rate at 6.125 percent, while waiting will most likely increase the interest rate on your consolidation loan.

Bottom line: Consolidate now if you can!
http://www.idapp.org/loanconsolidation.htm

Partner Corner (College Zone, College Illinois! and IllinoisMentor)

College Zone – Whether you’re a student, parent or ISAC business partner, College Zone is the state’s trusted source for college information. At College Zone, you’ll find information about planning, finding, applying and financing for college, and much more. Click here to see how College Zone can simplify your life.

College Illinois! – The state’s 529 prepaid tuition program wrapped up its eighth annual enrollment period on April 3. However, it’s not too late to enjoy 2005-’06 program benefits if you have a newborn or infant born within the last 12 months. Parents can enroll their new additions through August 1, 2006. After that, prices will go up, so now is the best time to purchase a contract for your newborn to protect yourself against tuition inflation.
Click here for more information.

IllinoisMentor – Applying to college is easy when you use the IllinoisMentor program. The interactive online resource can help you by providing career planning, virtual campus tours, planners to assist in meeting college admission requirements, online admission applications, information about financial aid and the ability to communicate with your counselors directly through e-mail. Click here to discover for yourself all that IllinoisMentor has to offer.

Starting Salaries Chart

See how professionals in your field are doing by checking out average starting salaries.

Interview Tips
Now that you’ve got some great job leads lined up, it’s in your best interest to polish up your interviewing skills and really impress an employer. An interview is your chance to describe what a great asset you will be to a company. Just relax and be professional. Check out some of these tips before your big day.

Job Market Outlook For New Grads

Career Tips
Do you realize most people spend more time at their job than they do at home? If you are not happy or compatible with your job, most likely it will impact other areas of your life as well. Changes in priorities, family, technology and many other factors may also influence what career works well for you. To find out more information about whether or not you are compatible with your job, or for suggestions on how you can set a career path, checkout the career tip guide today.

Get Organized
Does your dorm room, apartment or office look like a disaster area? If so, now’s the time to get organized. Spring is the perfect time to “de-clutter.” Check out some helpful hints at avoiding messiness!

Physical Fitness

It’s a great time of year to get outside and exercise after a long winter of short days and cold nights. Starting a regular fitness routine will help to alleviate stress and get you into great shape for summer fun! See how much you know about the benefits of physical fitness by taking this short quiz. You just may learn something about the importance of staying fit.