The Illinois State Scholarship Commission’s name has been changed to the Illinois Student Assistance Commission. Gov. James Thompson signed the name change into law on Aug. 13.

“Our new name conveys our main objective of helping students seek a post-secondary education,” said ISAC Executive Director Larry Matejka. “In addition, the new name better represents the diversity of our 12 financial assistance programs designed to provide choice and access for students pursuing their education.”

Now in its fourth decade of service, the ISAC administers loan, grant and scholarship programs. During the 1988-89 school year, more than a quarter-of-a-million students received nearly one-half billion dollars through the financial aid programs administered by the ISAC.

The commission awarded nearly 97,000 Monetary Award Program (MAP) grants to needy students in the last year, making MAP the second largest need-based state grant program in the nation. The average MAP grant was nearly $1,400, and since issuing its first guarantee on a student loan in 1966, ISAC has guaranteed over $4 billion in student loans.

As requested by the Governor and approved by the General Assembly, the commission will pursue the development of a new college savings program to encourage parents of relatively young children to save for future college costs by investing on a long-term basis.

The commission has also been vested with the authority to develop a new type of federally guaranteed, low-interest loan for students largely aimed at middle-income families who do not meet the strict federal financial needs test.