Financial Aid
FAFSA (Free Application for Federal Student Aid) is the main form that students submit to be considered for federal financial aid (grants, loans, work study).
Students fill out the FAFSA after October 1 during their senior year.
Note: the student must be a citizen or permanent resident to submit a FAFSA but can file the Alternate Application for Illinois if ineligible to submit a FAFSA.
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Waiver/Opt Out Form Please consult the FAFSA Illinois state requirement for information on the new graduation requirement of completing the FAFSA/Alternate Application or completing a FAFSA Non Participation Form.
RESOURCES TO COMPLETE FAFSA OR
THE ALTERNATIVE APPLICATION FOR ILLINOIS FINANCIAL AID
Financial Aid Vocabulary
Expected Family Contribution (EFC): The amount that the federal government believes your family can contribute to one year of college. Colleges use this, among other things, to determine financial need. Click here for more information on the EFC.
Cost of Attendance (COA): An estimate of how much it costs to attend a college. The COA includes the price of tuition and fees, room and board, books and supplies, and other expenses associated with attending that school.
Financial Need: The difference between Expected Family Contribution (EFC) and a college’s Cost of Attendance (COA).
Net Price: How much it will cost you to attend a college for one year after your scholarships and grants, loans, and work-study are subtracted from the COA.
Student Aid Report (SAR): This report shows you what data is on your FAFSA, some information about the aid for which you’re eligible, and your Expected Family Contribution (EFC).
Subsidized Loan: A need-based loan which is interest-free while you’re in school.
Unsubsidized Loan: A loan for which you don’t have to demonstrate financial need, but on which interest will accrue while you are in school. You are not required to make payments while you are enrolled, but you may choose to do so.
Scholarship/Grant: A monetary gift that doesn’t have to be repaid. It is provided by the federal or state government, the institution, and/or private organizations. It can be one-time or renewable, and based on grades, talents, or other criteria.
Work-study: A part-time job for students with financial need.
Net Price Calculator: Net price calculators are available on a college’s or university’s website and allow prospective students to enter information about themselves to find out what students like them paid to attend the institution in the previous year, after taking grants and scholarship aid into account.
Click here to use a tool that will take you directly to a college’s Net Price Calculator
Filing the FAFSA isn’t as complicated or time-consuming as it sounds—a little preparation will help make the process go smoothly. Get a sneak preview of what the form looks like and the questions it asks by clicking the following link. Click here to access a FAFSA worksheet.
Before you can submit your FAFSA, you’ll need to create your FSA ID. You’ll need an FSA ID to log in to your account, sign the FAFSA and make changes, or add schools. You and your parent must create separate FSA IDs. Click here to create an FSA ID. Click here for FSA ID completion instructions.
Here’s a checklist of everything you and your parent/guardian need to fill out, sign, and submit the FAFSA:
An FSA ID. Your FSA ID allows you to log in to your account, sign the FAFSA, and make changes or add schools. You and your parent must create separate FSA IDs.
You and your parent’s Social Security number. Here’s what to do if your parent doesn’t have a Social Security number.
Driver’s license (if you have one)
Your and your parent’s federal income tax returns and W-2s from 2020 (you can use the IRS Data Retrieval Tool to import this data!)
Bank statement, if applicable.
Other records of money earned and records of investments and untaxed income, if applicable.
Don’t worry about getting stuck while you’re filling out the FAFSA—help is available!
On the FAFSA app and website, there are tooltips next to each question, detailed help pages, and a chat option. There’s also an 800 number to call (1-800-4FED-AID). The FAFSA even has its own YouTube channel! Check it out for step-by-step instructions on creating an FSA ID and filling out the form, help understanding different types of aid, and more.
Also, consult the ISAC representative contacts in the column to the right and/or stop in the BGHS College and Career Center.
Student Aid Report
After you have completed your FAFSA, your family will receive a Student Aid Report (SAR) which will show your families Expected Family Contribution(EFC) which is a dollar amount that the government feels you can afford for college annually. Once you receive your SAR (which is often 24-48 hours after you filed the FAFSA) the government will forward your SAR to the financial aid offices of the colleges you have applied to. The college will then send an award letter to your family which will include detailed information about all financial assistance you may receive.
Understanding Your Student Aid Report
U of Illinois Urbana/Champaign Award Letter Video
Types of Aid
Grants: Gift money ~ Does Not Need To Be Repaid ~ Based On Financial Need
Federal Grants
Pell Grants: Awarded by the U.S. Department of Education to help eligible low-income students pay for college costs, including tuition, fees, room and board, and other educational expenses.
Supplemental Educational Opportunity (SEOG): A federal assistance grant reserved for college students with the greatest need for financial aid to attend school.
Illinois Grant
Monetary Award Program Grant (MAP): A grant available to eligible Illinois residents who attend approved Illinois colleges and demonstrate financial need, based on the information provided on the FAFSA
Loans: Borrowed money by a student and/or parent that must be repaid after graduation.
Federal
Perkins: Perkins Loans are low-interest federal student loans for undergraduate and graduate students with exceptional financial need.
Stafford Subsidized: Stafford Subsidized Loans are need based loans that the government pays the interest while you are in school, during grace periods and during any deferment periods.
Stafford Unsubsidized: Stafford Unsubsidized Loans are non-need based federal student loans that offer undergraduate and graduate students a low, fixed rate.
Parent PLUS: Parent PLUS Loans are non-need based loans that parents of dependent undergraduate students can use to help pay for college or career school.
Work Study: Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money by working part time university sponsored jobs.
ISAC's Mission Statement
Providing Illinois students with information & assistance to help make education beyond high school accessible and affordable.
ISAC Contacts For D214
Joseph Doner, ISACorps Outreach Specialist
joseph.doner@illinois.gov (847) 894-7508
Schedule a meeting directly with Joe Doner through the following Calendly link: https://calendly.com/joseph-doner/30min
Spanish Speaking ISAC Specialist
Raquel Garcia Raquel.Garcia@illinois.gov 847-457-6521
The College and Career Center is offereing FAFSA completion appointments with Joe Doner during lunch hours in the BGHS College and Career Center. Contact kathleen.becker@d214.org to make an appointment for a session on the dates below.
October 19 & 26
November 2, 9 & 16
January 25
February 1, 8, 15 & 22
March 1, 8, 15, & 22
April 5, 12, 19 & 26
May 3, 10 & 17
Questions about financial aid, college, or want to sign-up for reminders? Text ISAC experts and receive answers! (847) 243-6470
Click here for a list of what you will need to bring to complete your 2023-2024 FAFSA.
STEPS TO FINDING THE BEST COLLEGE DEAL
Determine Your Cost of Attendance
Identify what it will cost you to attend the school based on your financial aid award letters and the school’s website. There are direct costs, such as tuition and fees, and indirect ones, such as travel and personal expenses and books. Your indirect costs might be different from what the school’s estimate is: For example, if you live off campus, your rent would be an indirect cost (but you wouldn’t need to consider room and board), or if you plan to rent used textbooks instead of buying new ones, their estimate for books might be high. Be sure you include any extra fees that go along with certain majors, like lab fees. Write that amount next to “Cost of Attendance” on the following chart.
Subtract Your Gift Aid
Now figure out your total amount of “gift aid.” This is scholarships and grants awarded to you by the college or by outside sources, such as Pell Grants or scholarships you won—money you don’t have to pay back. Pay special attention to whether these gifts are guaranteed or if you’ll need to meet requirements to keep them from year to year, such as a certain GPA or enrollment in a specific program. Write your Gift Aid on the chart. Subtract this amount from your Cost of Attendance. What’s left is your Remaining Cost. Write that on the chart.
Subtract Your Family Support
Your family support is any money your parents plan to contribute or money that you plan to contribute, such as savings from summer jobs. Write your Family Support on the chart. Subtract this amount from your Remaining Cost. What’s left is your Out-ofPocket Cost. Write that on the chart.
Look At Your Loans
Here’s where your loans come in. We’ve saved them for last because you might not need any or all of them. You should only borrow what you need, because you’ll have to pay it back, with interest. Write the amount of your loans in the line labeled “Loans.” Subtract the amount of your loans from your Out-of-Pocket Cost. This is your Total Left to Pay (it might be zero!) If the amount of your loans is greater than your Out-of-Pocket Cost, you’re covered! Your Total Left to Pay is 0. Remember to accept only the loans you need to cover your Out-of-Pocket Cost. If your Out-of-Pocket Cost is greater than the amount of your loans, you’ll need to find additional funding to attend that college. You could talk with the college’s financial aid office—they’re there to help! Taking out a parent PLUS loan or a private loan should be your last option.
No matter how much you and your family decide to borrow, be a well-informed borrower! Use a student loan repayment calculator like this to figure out what your monthly payments will be, and review salary information for your chosen career. Borrowing for college is an investment in you, but it’s an important financial decision and you’ll want to avoid surprises down the road.
