Public Accountability Report
| 2022 Student Loans | |||||
|---|---|---|---|---|---|
| Mission Statement | To counsel and educate delinquent borrowers on student loan repayment, resolve student loan debt issues, collect outstanding loan payments, and rehabilitate student borrower credit to ensure Illinois students continue to have access to student loans for financing college costs. | ||||
| Program Goals and Objectives |
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| Source of Funds | Federal Student Loan Fund, Student Loan Operating Fund | Statutory Authority | 110 ILCS 947/80 | ||
| Fiscal Year 2023 Target/Projected (a) | Fiscal Year 2022 Actual | Fiscal Year 2022 Target/Projected | Fiscal Year 2021 Actual | Fiscal Year 2020 Actual | |
|---|---|---|---|---|---|
| Input Indicators | |||||
| Total expenditures - all sources (in thousands) | N/A | $ 59,568.4 | $ 205,544.3 | $ 68,994.7 | $ 97,653.6 |
| Total expenditures - state appropriated funds (in thousands) | N/A | $ 59,568.4 | $ 205,544.3 | $ 68,994.7 | $ 97,653.6 |
| Average monthly full-time equivalents | N/A | 39.0 | 107.0 | 67.0 | 73.0 |
| Output Indicators | |||||
| Number of delinquencies resolved | N/A | 18,931 | 18,000 | 18,931 | 20,387 |
| Total number of loans in guarantee portfolio | N/A | 0.0 | 0.0 | 192,500 | 223,034 |
| Dollar value of loans in guarantee portfolio (in millions) | N/A | $ 0.0 | $ 0.0 | $ 1,824.0 | $ 2,136.0 |
| Outcome Indicators | |||||
| Percentage of delinquent accounts resolved | N/A | 89.00% | 84.00% | 85.00% | 85.00% |
| Number of default claims | N/A | 4,018 | 4,500 | 6,592 | 9,085 |
| Total value of default loan recoveries (in millions) | N/A | $ 14.3 | $ 20.0 | $ 32.3 | $ 58.4 |
| Efficiency/Cost-Effectiveness Indicators | |||||
| Cost per dollar collected (in dollars) | N/A | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 |
Footnotes
ISAC has exited the student loan market. The loan portfolio has been reassigned to another guarantor. ISAC loan staff will continue to complete student loan responsibilities as needed and begin working in other areas.
