The Path of a FAFSA

1. The Path of a FAFSA Bailey Debus Harper District Illinois Student Assistance Commission

2. 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.

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

4. Once upon a snowy January day…

5. A high school student remembered to apply for financial aid…

6. And went to fafsa.gov to fill out the FAFSA…

7. Fantasy 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? $600 3. What was your parents’ adjusted gross income for 2011? Adjusted gross income is on IRS Form 1040—line 37. $35,000 4. As of today, what is your parents’ total current balance of cash, savings and checking accounts? $7,000

8. Government Calculations

9. Your EFC $1,154

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

11. What are the costs? Tuition & Fees Room & Board Transportation Books & Supplies Miscellaneous Living Expenses + Cost of Attendance (COA)

12. To Determine Financial Need Financial Need COA EFC $10,000 $1,154 $8,846 College A - = $20,000 $1,154 $18,846 College B - = $35,000 $1,154 $33,846 College C - =

13. Financial Aid Package • 4-year public university • Cost of attendance: $20,339 (national average) All amounts calculated with EFC Calculator from WhatsNextIllinois.org, except Work-Study

14. But on that same snowy day in January…

15. Another high school student remembered to apply for financial aid…

16. 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? $2,500 3. What was your parents’ adjusted gross income for 2010? Adjusted gross income is on IRS Form 1040—line 37. $75,000 4. As of today, what is your parents’ total current balance of cash, savings and checking accounts? $8,700

17. Government Calculations

18. Your EFC $10,648

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

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

21. Financial Aid Package • 4-year private university • Cost of attendance: $40,476 (national average) Federal amounts calculated with FAFSA4caster

22. 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

23. 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)

24. Additional Resources www.whatsnextillinois.org www.knowhow2goillinois.org www.collegeillinois.org www.federalstudentaid.ed.gov

25. Illinois Student Assistance CommissionBailey Debus224-8979-3939Bailey.Debus@isac.org