Financial Need and Financial Aid Packages
A student's financial need is determined by the following equation:
Cost of Attendance - Expected Family Contribution (EFC) = Financial Need
Cost of Attendance: The total amount it will cost a family for a student to go to college for an academic year (tuition and fees, room and board, books, supplies, transportation, childcare, costs associated with a disability and miscellaneous expenses). The college sets this amount.
Expected Family Contribution: The amount a family is expected to contribute to help pay for a student to go to college. This amount is determined by formulas established by Congress and the individual college.
Financial Aid Packages: The financial aid department at each college will create a financial aid package (or award) based on financial need. Each student will receive the best possible combination of gift aid (scholarship and grants that do not have to be repaid) and self-help (loans and work study programs) funds to meet the student's aid.
Grants and Loans
**The FAFSA must be filed in order to qualify for any of these financial aid programs**
The FAFSA is also a graduation requirement as of 2021.
GRANTS AND WORK STUDY
ILLINOIS MONETARY AWARD PROGRAM (MAP):
Only tuition and mandatory fees at ISAC-approved Illinois postsecondary institutions are eligible for payment
Awards can vary from each institution and can be used for up to 135 earned college credits
Does not need to be repaid
For MAP consideration it is important that students complete the following questions on the FAFSA:
Student’s state of legal residence
Student’s grade level
Completion of first bachelor’s degree (mark “No”)
Working on master’s or doctorate degree (mark “No)
Parent's state of legal residence
School name (must be an Illinois school) and Federal School Code
Please note: This program narrowly survived the past few years due to the state’s severe financial crisis. It is imperative that you file your FAFSA as early as possible in order to be considered for a MAP grant in Illinois.
FEDERAL PELL GRANT
Not many suburban families qualify for this program
Does not need to be repaid
FEDERAL WORK STUDY: Students work a set number of hours each week on campus (usually 10 to 20 hours/week) and are paid at least minimum wage. The money is either deducted from a student's bill or is paid directly to the student for miscellaneous expenses.
FEDERAL LOANS
Click here for interest rates. These rates are set by the federal government.
FEDERAL DIRECT SUBSIDIZED STAFFORD LOAN:
Need-based, low-interest loan program.
Fixed interest rate once you have the loan, but can vary year to year
The government pays the interest on the student's behalf while the student is in school and during any authorized deferment periods
Interest payments will transfer to student after graduation
Repayment: 6 months after graduation for a period of 10 to 25 years on a monthly basis
FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOAN:
A non-need-based, low-interest loan program that is only available to students who are not eligible for a full subsidized Federal Stafford Loan
Interest begins shortly after funds are disbursed but can be added to the principal balance of the loan
Repayment: 6 months after graduation for a period of 10 to 25 years on a monthly basis
FEDERAL DIRECT PLUS LOAN for PARENTS:
Loan for parents of dependent undergraduate students, not based on financial need
Parents may borrow up to the cost of attendance at the school minus any financial aid
Subject to a credit check
Conventional loans, with repayment beginning within 60 days; parents have from 10 to 25 years to repay these loans
Parents may consolidate several PLUS loans
Parents may also defer payment of the principal on a PLUS loan until their student is out of college
Contact Information You May Need:
ISAC (Illinois Student Assistance Commission) - for state aid questions
BHS Rep is Lauren Waitt Lauren.Waitt@illinois.gov (630) 870-9553
Federal Student Aid Information Center
1-800-4-FED-AID