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The Path of a FAFSA
Bailey DebusHarper District
Illinois Student Assistance Commission
“Making college accessible and affordable for all Illinois students.”
- Mission Statement
The Illinois Student Assistance Commission is the financial aid agency in the state of Illinois. We are a mission-driven, non-profit, state agency that administers over $448 million in scholarships and grants.
Who We Are
College Illinois! Corpso State agency for financial aido 78 Corps members from diverse backgroundso Every community in Illinoiso Changing the conversation about higher education
Once upon a snowy January day…
A high school student remembered to apply for financial aid…
And went to fafsa.gov to fill out the FAFSA…
1. What was your adjusted gross income for 2011? Adjusted gross income is on IRS Form 1040—line 37.
$1,000
2. As of today, what is your total current balance of cash, savings and checking accounts?
$7,000
3. What was your parents’ adjusted gross income for 2011? Adjusted gross income is on IRS Form 1040—line 37.
4. As of today, what is your parents’ total current balance of cash, savings and checking accounts?
$35,000
$600
Fantasy FAFSA
Government Calculations
$1,154
Your EFC
COACost of Attendance
EFCExpected Family Contribution
FinancialNeed- =
To Determine a Student’s Financial Need
Tuition & Fees
Room & Board
Transportation
Books & Supplies
Miscellaneous Living Expenses
Cost of Attendance (COA)+
What are the costs?
College
ACollege
B
COA EFC
FinancialNeed
$1,154$10,000 $8,846
$1,154$20,000 $18,846
-
-
=
=
College
C $1,154$35,000 $33,846- =
To Determine Financial Need
o 4-year public universityo Cost of attendance: $20,339 (national average)
Award Amount
Federal Pell Grant $4,400
Federal Stafford Loan (Subsidized) $3,500
Federal Stafford Loan (Unsubsidized) $2,000
Federal Work-Study $1,465
State of IL MAP Grant $4,968
Total Aid $14,868
Remaining Need $4,317
All amounts calculated with EFC Calculator from WhatsNextIllinois.org, except Work-Study
Financial Aid Package
But on that same snowy day in January…
Another high school student remembered to apply for financial aid…
Fantasy FAFSA
1. What was your adjusted gross income for 2010? Adjusted gross income is on IRS Form 1040—line 37.
$0
2. As of today, what is your total current balance of cash, savings and checking accounts?
$8,700
3. What was your parents’ adjusted gross income for 2010? Adjusted gross income is on IRS Form 1040—line 37.
4. As of today, what is your parents’ total current balance of cash, savings and checking accounts?
$75,000
$2,500
Government Calculations
$10,648
Your EFC
COACost of Attendance
EFCExpected Family Contribution
FinancialNeed- =
To Determine a Student’s Financial Need
COA$40,476
EFC$10,648
FinancialNeed
$29,828- =
For this student, applying to a 4-year private university…
o 4-year private universityo Cost of attendance: $40,476 (national average)
Award Amount
Federal Stafford Loan $5,500
Federal Work-Study $1,460
Presidential Scholarship $13,500
Total Financial Aid $20,460
Remaining Need $9,368
Financial Aid Package
Federal amounts calculated with FAFSA4caster
Review
ReviewWhat documents do you need?
2010 or 2011 tax returns and W2sRecords of savings and investments
(except your house and retirement)Driver’s license (if you have one)
Additional Resourceswww.whatsnextillinois.org
www.knowhow2goillinois.org
www.collegeillinois.org
www.federalstudentaid.ed.gov
