The Illinois Students Assistance Commission (ISAC) is pleased to announce the availability of two online aid estimators via ISAC's Student Portal.
These estimators - which currently use formulas for the upcoming 2015-16 academic year - may be used to help students get an idea of the types and amounts of federal and state financial assistance for which they may potentially qualify. Once the decision is made to apply for addmission and attend college, students must then submit the Free Application for Federal Student Aid (FAFSA) to actually apply for most forms of federal, state and institutional assistance - including ISAC's Monetary Award Program (MAP) Grant.
Accessing the Aid Estimators
The aid estimators described below may be accessed by visiting ISAC's Student Portal, and then scrolling down to the "Federal & State Aid Estimators" section of the "Financial Aid Planning & Applying" area. They are also available via the Calculators page atisac.org.
FAFSA4caster
The FAFSA4caster, made available by the U.S. Department of Education's Office of Federal Student Aid, uses self-reported tax information to arrive at an estimate of the student's federal financial aid. Estimates are provided for Federal Pell Grant, Federal Work-Study and maximum Direct Loan (subsidized and unsubsidized) eligibility. The FAFSA4caster can also estimate the student's expected family contribution (EFC), which is needed for the MAP Estimator described below.
MAP Estimator
MAP grants, which do not need to be repaid, may be available for qualifying Illinois residents who demonstrate financial need and attend approved Illinois colleges.
Students' EFCs [and, if dependent, their adjusted gross income (AGI)/earnings from the most recent tax year, as well as their cash, savings and checking account balances] are required in order for the MAP Estimator to generate the amount of their estimated MAP grants at up to three approved Illinois colleges.
A future enhancement will allow students to store MAP Estimator data and results as part of their Profile in ISAC's Student Portal. This upcoming feature will streamline the process the next time the student uses the estimator, or in the event that results from the previous visit are misplaced or forgotten. Students will need to be signed in to the portal – rather than accessing it as a guest – in order to take advantage of this option, once it becomes available.