Illinois Student Assistance Commission

This document provides an overview of the Illinois Monetary Award Program (MAP), a financial aid initiative in operation for nearly 60 years. It details MAP's history, its role in providing need-based grants to eligible low-income Illinoisans, and its significant impact on college access, persistence, and graduation rates, particularly for Black, Hispanic, and first-generation students. The program has achieved historic funding increases, enabling over 150,000 students annually to pursue higher education. The document also addresses ongoing challenges related to meeting increasing demand and maintaining the program's purchasing power against rising tuition costs.

The Illinois Student Assistance Commission (ISAC) outlines its commitment to ensuring postsecondary education access and affordability for all Illinois students. The document details key strategies, including direct assistance to students and families through the ISACorps, provision of free online resources, professional development for educators, and cultivation of external partnerships. It highlights initiatives focused on financial aid application completion and leveraging the ISAC Student Portal, aiming to empower students, particularly those from underserved backgrounds, to achieve their education and career goals.

The meeting addressed the establishment of a quorum, announcements including the reappointment of members, and approval of tentative meeting dates for the upcoming year. Discussions covered the approval of minutes from a prior meeting, a review of the panel's duties and responsibilities, and a program update highlighting the plan's overfunded status. An investment update was presented, detailing fund performance, asset class highlights, and asset allocation, alongside a compliance review ensuring adherence to investment policies.

The Illinois PaCE (Post-secondary and Career Expectations) overview outlines the background, adoption, customization, and implementation process of the PaCE framework within Illinois schools and districts. It details the establishment of an advisory committee in 2015, the passage of the Post-secondary and Workforce Readiness Act in 2016, and the collaborative efforts of ISAC, ISBE, ICCB, and IBHE to ensure college and career readiness among high school students. The framework, starting in eighth grade and extending through twelfth grade, focuses on financial aid and literacy, career exploration and development, and post-secondary education exploration, preparation, and selection. The presentation also covers available resources and support options from ISAC to assist schools in implementing the PaCE framework.

The meeting included announcements regarding the reappointment of James Hibbert to the investment advisory panel and the appointment of Patrick Cochran. The panel approved tentative 2025 meeting dates and locations, as well as the minutes of the April 18th, 2024 meeting. They also approved the destruction of verbatim recordings from the October 13th, 2022 meeting. Discussions covered the duties and responsibilities of the advisory panel, a program update on College Illinois, and an investment update, including fund performance and asset allocation.