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The
Chicago-based Tax Assistance
Program -- It Adds Up!®
enlists over 1,600 professional volunteers to provide free,
confidential tax preparation and financial literacy services to
low-income families and individuals who need assistance to claim
available tax credits and refunds. Last year, program volunteers
assisted more than 9,670 families, recovering a total of $11.9
million through tax credits, refunds and financial literacy
services.
This year, the program is expanding
its financial services to low-income families by working with the
Illinois Student Assistance Commission to also provide completion
services for the Free Application for Federal Student Aid, commonly
known as FAFSA. Students and families considering attending college
must complete a FAFSA to apply for need-based aid, such as Illinois
MAP grants or federal Pell grants, as well as educational loans.
Information required on the application relies on income data and
links closely with tax return data.
The Illinois Student Assistance
Commission and the Tax Assistance Program have worked together
previously by hosting financial aid awareness workshops in Chicago,
along with free tax preparation services.
This year, every tax preparation
volunteer will receive training from Illinois Student Assistance
Commission staff on FAFSA completion. Tax program volunteers will
then be able to help families with students preparing to attend
college file their FAFSA applications for student aid.
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 Families served by the Tax
Assistance Program have an average family income of $14,000, making
them candidates for need-based financial aid. The new FAFSA
completion service will enable families to file their financial aid
applications earlier in the year, making them more likely to receive
aid before the funding for student aid programs is depleted.
More information about FAFSA
completion services and financial assistance programs administered
by Illinois Student Assistance Commission can be found at
www.collegezone.com or by calling toll-free (800) 899-ISAC
[4722].
About
ISAC
The Illinois Student Assistance
Commission is the state's centralized provider of financial
assistance and is aimed at helping students and families access
postsecondary education or training. Each year, the commission
awards an estimated $400 million in scholarship and grant aid to
nearly 185,000 qualified students and also provides an additional $1
billion to borrowers through its student loan programs. The agency
offers credit-based alternative loans, a 529 prepaid tuition program
known as College Illinois, and a broad array of outreach and
informational services to ensure that families have access to the
information they need to pay for a college education.
More information is available by
calling toll-free (800) 899-ISAC [4722] or visiting the agency's
website at
www.collegezone.com.
[News release]
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