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 2007-2008 school year :
$1000 STAR Scholarship
$3500 Federal Stafford Subsidized Loan
$4500 Total Assistance
-5225 2007-2008 Estimated IU Kokomo Tuition, fees, and books
($725) Remaining balance due after financial aid
Michael's parents can apply for a Federal PLUS Loan to cover the remaining balance. If the parents are denied a Federal PLUS Loan due to adverse credit, Michael would be eligible for an additional $4000 in unsubsidized loans.
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 2007-2008 school year:
$4310 Federal Pell Grant
$200 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)
$13,912 Total Assistance
-5225 2007-2008 Estimated IU Kokomo Tuition, fees, and books
$8687 Credit Balance for 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 2007-2008 school year:
$1000 STAR Scholarship
$1000 McHale Scholarship
$4038 SSACI 21st Century Scholarship
$3500 Federal Stafford Unsubsidized Loan
$9538 Total Assistance
-5225 2007-2008 Estimated IU Kokomo Tuition, fees, and books
$4313 Credit Balance for 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 2007-2008 school year:
$3500 Federal Stafford Subsidized Loan
$4000 Federal Stafford Unsubsidized Loan
$7500 Total Assistance
-2613 2007-2008 Estimated IU Kokomo Tuition, fees, and books
$4887 Credit Balance for 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 Accounting Bachelor's 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 2007-2008 school year:
$500 Ivy Tech Part-time Transfer Scholarship
$2155 Federal Pell Grant
$200 Federal SEOG Grant
$5500 Federal Stafford Subsidized Loan
$4089 Federal Stafford Unsubsidized Loan
$12,444 Total Assistance
-2613 2007-2008 Estimated IU Kokomo Tuition, fees and books
$9831 Credit Balance for Living Expenses
