The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  College State Aid - Illinois Date:  10/5/2012  9:41 AM
Author:  ORA100 Number:  116734 of 130017

I am reading a book called Paying For College since my eldest is a Junior in High School. One of the sections is about aid - federal versus state. The one sections says because of the differences between state aid formulas and the federal formulas, it is sometimes easier to qualify for state aid. Federal aid is based on your adjusted gross income along with information about your assets. In some states, however, aid is based solely on your taxable income(the AGI minus deductions) without reference to your assets.

Do you know in the state of Illinois how aid is based? On your taxable income without reference to your assets or on your taxable income with your assets included?

Thanks for all the great help from the board.

Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us