Financial Aid

FINANCING YOUR EDUCATION

Create your FSA ID

Complete the FAFSA (Free Application for Federal Student Aid) www.fafsa.ed.gov

*Video: Completing the FAFSA tutorial

*must be signed into your Google account to view video

FAFSA is based upon your most recent tax return.

Complete your FAFSA as soon as possible in October.

Go to FAFSA 4caster at https://studentaid.ed.gov/sa/fafsa/estimate to get an estimate of your projected financial aid package based upon your most recent tax return.

Based upon the information presented in the FAFSA, you will receive a Student Aid Report (SAR) which will outline your Expected Family Contribution (EFC) and any of the award information below.

Financial Aid Comparison Worksheet-ISAC resource that allows you to generate a side-by-side comparison of the financial aid offers that you have received.

Focus on Net Price, Not Sticker Price- Great article and resource by College Board. "College may seem expensive. But the truth is that most students pay less than their college’s sticker price, or published price, thanks to financial aid. So instead of looking at the published price, concentrate on your net price — the real price you’ll pay for a college."

College Board's Net Price Calculator

Financial Aid 101--Copy of the power point presentation from our October Financial Aid Night.

Video: Types of Federal Student Aid

Video: Overview of Scholarships and Grants

ISAC-Illinois Student Assistance Commission

Questions about financial aid? Get answers directly from ISAC’s experts sent to your phone. Text your name to 630-216-4910.

Anna Dutton is our ISAC Corp Rep. She can be contacted at 630-743-8399 or Anna.Dutton@illinois.gov

Stafford Loans (most common)

Federally funded loans awarded to students (loan fee of 1.072%)

  • Subsidized loans are NEED BASED; interest rates of 3.86%/ government pays interest while you are in school.
  • Unsubsidized loans are available to everyone; interest rates of 3.86%; you are charged the interest while you are in school.
  • $5500 for Freshmen, max of $3500 subsidized.
  • $6500 for Sophomores, max of $4500 subsidized.
  • $7500 for Juniors and Seniors; max of $5500 subsidized.

Perkins Loans

Partial federally funded NEED BASED loan awarded to student by

  • Up to $5500 per year, fixed interest rate of 5%

Plus Loans (Apply after receiving your SAR)

Fixed rate loans awarded to parents (loan fee of 4.288%)

  • Based on credit rating, interest rate of 6.41%
  • Covers all tuition expenses after other financial aid is distributed
  • Repayment begins after 60 days, but can be deferred

Federal Work Study Program

Students are provided with part-time jobs to help cover tuition expenses.

Pell Grants

Federally funded grant awarded to students

  • Up to $5730 per year and DOES NOT have to be repaid
  • 88% of Pell Grant recipients earn $50,000 or less

Supplemental Educational Opportunity Grants (SEOG)

Federally funded grant awarded to Pell Grant recipients

  • Up to $4000 per year which DOES NOT have to be repaid
  • Campus based, individual schools determine award amounts
  • Only the most needy Pell Grant recipients will qualify

Illinois Map Grant

State funded grant awarded to students

  • Up to $4270 per year and DOES NOT have to be repaid
  • Student must attend a MAP approved Illinois College

Academic, Athletic, and Talent Scholarships

Money is awarded to students

  • Does not have to be repaid; does affect other financial aid awards.

ROTC Scholarships

Money is awarded to students

  • Military pays for some or all tuition/expenses
  • Military provides students with a monthly spending allowance
  • Student participates in military training while in college
  • Student joins the service as a commissioned officer after graduation
  • Eligibility and service requirements vary by military branch
  • Scholarships are available for 2 years, 3 years, 4 years

Montgomery GI Bill

Money is awarded to students

  • The student serves in the military (active duty or reserves)
  • Benefits are based on the individual’s service, the established state tuition rate, are tax free, and can be transferred to children