The Path of a FAFSA Bailey Debus Harper 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! Corps o State agency for financial aid o 78 Corps members from diverse backgrounds o Every community in Illinois o 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, As of today, what is your total current balance of cash, savings and checking accounts? $ 7, What was your parents’ adjusted gross income for 2011? Adjusted gross income is on IRS Form 1040—line As of today, what is your parents’ total current balance of cash, savings and checking accounts? $ 35,000 $ 600 Fantasy FAFSA

Income and Assets from FAFSA EFC (Expected Family Contribution) Government Calculations

$1,154 Your EFC

COA Cost of Attendance COA Cost of Attendance EFC Expected Family Contribution EFC Expected Family Contribution Financial Need Financial Need -= 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 A College B COAEFC Financial Need $1,154 $10,000 $8,846 $1,154 $20,000 $18, = = College C $1,154 $35,000 $33,846 - = To Determine Financial Need

o 4-year public university o Cost of attendance: $20,339 (national average) AwardAmount 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$0 2. As of today, what is your total current balance of cash, savings and checking accounts? $ 8, What was your parents’ adjusted gross income for 2010? Adjusted gross income is on IRS Form 1040—line As of today, what is your parents’ total current balance of cash, savings and checking accounts? $ 75,000 $ 2,500

Government Calculations Income and Assets from FAFSA EFC (Expected Family Contribution)

$10,648 Your EFC

COA Cost of Attendance COA Cost of Attendance EFC Expected Family Contribution EFC Expected Family Contribution Financial Need Financial Need -= To Determine a Student’s Financial Need

COA $40,476 COA $40,476 EFC $10,648 EFC $10,648 Financial Need $29,828 Financial Need $29,828 -= For this student, applying to a 4-year private university…

o 4-year private university o Cost of attendance: $40,476 (national average) AwardAmount 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

What documents do you need? 2010 or 2011 tax returns and W2s Records of savings and investments (except your house and retirement) Driver’s license (if you have one)

Additional Resources

Illinois Student Assistance Commission Bailey Debus