Financial Aid Scenarios

 Student 1- Michael

Academics and Family: Michael is from Kokomo, IN and is graduating from high school with his Academic Honors diploma. He has a combined SAT score of 1150 in the critical reading and mathematics and is in the top 25% of his class. Michael's academic record qualifies him for the $1000 STAR scholarship. He will be a full-time student taking 12 credit hours a semester at IU Kokomo. He lives with his parents and a sister who earn $60,000 and have $15,000 in assets.

Expected Family Contribution: $7232

          Financial Aid Package for the 2008-2009 school year :

          $1000      STAR Scholarship

          $3500      Federal Direct Subsidized Loan

         

          $4500      Total Assistance

          -5526       2008-2009 Estimated IU Kokomo Tuition, fees, and books

          ($1026)    Remaining balance due after financial aid

Michael was notified and had the option to borrow an additional Federal Direct Unsubsidized Loan of $2,000.00 for the aid year. Another available option is a parent PLUS loan.

 

Student 2 - Jody

Academics and Family: Jody is from Rochester, IN and graduated high school with her Core 40 diploma. Jody is an average student with a combined SAT score of 970 in the critical reading and mathematics and is ranked in the top half of her class. She will be a full-time student taking 12 credit hours a semester at IU Kokomo. She lives with her single mother, who earns $12,000 a year, received $10,000 in Social Security, and $4000 in child support.

Expected Family Contribution: $0

            Financial Aid Package for the 2008-2009 school year:

  

            $4731      Federal Pell Grant

            $300        Federal SEOG Grant

            $3902      SSACI Core 40 Grant

            $3500      Federal Stafford Subsidized Loan

            $2000      Federal Work Study Employment (funds come in the form of a bi-weekly paycheck for

                              hours worked)

           

             $14,433   Total Assistance

             -5526       2008-2009 Estimated IU Kokomo Tuition, fees, and books

             $8907      Credit Balance Educational Expenses (e.g. transportation and living expenses)

 

Student 3 - Mary

Academics and Family: Mary is from Logansport, IN and is graduating with her Core 40 diploma. Her ACT composite is 25, and she is ranked in the top 20% of her class. Mary's academic record qualifies her for the $1000 STAR scholarship, and she is chosen as a recipient of the McHale Scholarship based on her academic record and for being from Cass County. She will be a full-time student taking 12 crediit hours a semester at IU Kokomo. Mary is also a 21st Century Scholar who lives with her parents who have an adjusted gross income of $76,786 and have $12,000 in investments.

Expected Family Contribution: $16,781

 

            Financial Aid Package for the 2008-2009 school year:

    

            $1000      STAR Scholarship

            $1000      McHale Scholarship

            $4038      SSACI 21st Century Scholarship

            $3500      Federal Stafford Unsubsidized Loan

           

            $9538      Total Assistance

            -5526        2008-2009 Estimated IU Kokomo Tuition, fees, and books

            $4012       Credit Balance Educational Expenses (e.g. transportation and living expenses)

 

Student 4 - Steven

Academics and Family: Steven is from Kokomo, IN and lives with his spouse and two children. He earned $58,000 and has $1200 in assets. His wife also attends college, and he has no previous college credits. He will be attending 6 credit hours at IU Kokomo.

Expected Family Contribution: $4176

            Financial Aid Package for the 2008-2009 school year:

             $3500      Federal Stafford Subsidized Loan

             $4000      Federal Stafford Unsubsidized Loan

             $7500      Total Assistance

             -2784       2008-2009 Estimated IU Kokomo Tuition, fees, and books

             $4716      Credit Balance for Educational Expenses (e.g. transportation and living expenses)

 

Student 5 - Ellen

Academics and Family: Ellen is a single parent living in Kokomo, IN. She is a recent Accounting A.S. graduate from Ivy Tech with a 3.7 GPA. She is going to be attending 6 credit hours at IU Kokomo in the Bachelor of Science in accounting program. Her previous academic work at Ivy Tech qualifies her for the Ivy Tech Transfer Scholarship. She earned $6307 and received $4400 in child support last year.

Expected Family Contribution: $0

            Financial Aid Package for the 2008-2009 school year:

             $500       Ivy Tech Part-time Transfer Scholarship

             $2336     Federal Pell Grant

             $300       Federal SEOG Grant

             $5500     Federal Stafford Subsidized Loan

             $8,636  Total Assistance

             -2784       2008-2009 Estimated IU Kokomo Tuition, fees and books

             $5852      Credit Balance Educational Expenses (e.g. transportation and living expenses)