The Path of a FAFSA

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The Path of a FAFSA
Bailey Debus Harper District Illinois Student
Assistance Commission
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Who We Are

• 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.

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College Illinois! Corps

• State agency for financial aid
• 78 Corps members from diverse backgrounds
• Every community in Illinois
• Changing the conversation about higher education

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Once upon a snowy January day
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A high school student remembered to apply for
financial aid
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And went to fafsa.gov to fill out the FAFSA
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Fantasy FAFSA
1. What was your adjusted gross income for 2011?
Adjusted gross income is on IRS Form 1040line 37.
1,000
2. As of today, what is your total current
balance of cash, savings and checking accounts?
600
3. What was your parents adjusted gross income
for 2011? Adjusted gross income is on IRS Form
1040line 37.
35,000
4. As of today, what is your parents total
current balance of cash, savings and checking
accounts?
7,000
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Government Calculations
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Your EFC
1,154
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To Determine a Students Financial Need
COA Cost of Attendance
EFC Expected Family Contribution
Financial Need
-

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What are the costs?
Tuition Fees
Room Board
Transportation
Books Supplies
Miscellaneous Living Expenses

Cost of Attendance (COA)
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To Determine Financial Need
Financial Need
COA
EFC
1,154
10,000
8,846
College A
-

1,154
20,000
18,846
College B
-

1,154
35,000
33,846
College C
-

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Financial Aid Package

• 4-year public university
• 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
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But on that same snowy day in January
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Another high school student remembered to apply
for financial aid
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Fantasy FAFSA
1. What was your adjusted gross income for 2010?
Adjusted gross income is on IRS Form 1040line 37.
0
2. As of today, what is your total current
balance of cash, savings and checking accounts?
2,500
3. What was your parents adjusted gross income
for 2010? Adjusted gross income is on IRS Form
1040line 37.
75,000
4. As of today, what is your parents total
current balance of cash, savings and checking
accounts?
8,700
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Government Calculations
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Your EFC
10,648
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To Determine a Students Financial Need
COA Cost of Attendance
EFC Expected Family Contribution
Financial Need
-

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

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Financial Aid Package

• 4-year private university
• 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
Federal amounts calculated with FAFSA4caster
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Review

• When do you fill out the FAFSA?
• After January 1
• What is COA?
• Cost of Attendance
• What is EFC?
• Expected Family Contribution
• What is the FAFSA website address?
• It is fafsa.gov,
• NOT fafsa.com

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Review

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

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Additional Resources

• www.whatsnextillinois.org
• www.knowhow2goillinois.org
• www.collegeillinois.org
• www.federalstudentaid.ed.gov

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Illinois Student Assistance CommissionBailey
Debus224-8979-3939Bailey.Debus_at_isac.org