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FINANCING YOUR EDUCATION
FINANCING YOUR EDUCATION
FAFSA
FAFSA
The FAFSA newsletter will be emailed to all Seniors and their parents on 12/2/24.
Create your FSA ID here. This is your username and password and is the first step in the financial aid process. Families cannot complete a FAFSA without this ID. Both students and parent(s) need their own unique FSA ID.
Complete the FAFSA (Free Application for Federal Student Aid) at www.studentaid.gov
FAFSA is based upon your most recent tax return.
Complete your FAFSA as soon as possible. The 2025-26 Application will open on December 1st
ISAC's web resource for Completing the FAFSA
Watch this video: 2025-26 FAFSA Walkthrough Video
Students should complete their section first, and confirm that it has been processed before the parent contributor completes their section. Parent(s) click on the link in the email invitation to complete the parent section.
Print or screenshot a copy of the Personal Information Page for each contributor. Each contributor must enter this information EXACTLY as entered for each family filer. When a student invites a contributor to their FAFSA form, any detail that deviates from the information provided by the student could lead to errors.
Other helpful hints about completing the FAFSA:
Google Chrome browser provides the most consistent performance
The preferred view is desktop. Using a tablet device will cause display and interaction issues.
Do not use auto-complete to enter any information.
A blank space at the end of the email address or the username or password can cause errors.
Go to the Federal Student Aid Estimator at https://studentaid.gov/aid-estimator/ to get an estimate of your projected financial aid package based on your most recent tax return.
Based upon the information presented in the FAFSA, you will receive a FAFSA Submission Summary (formerly SAR) which will outline your Student Aid Index (SAI). This index is what colleges will use to determine a family's eligibility for all types of aid. The SAI is not the dollar amount a family will be expected to pay.
After receiving the student's FAFSA results, colleges will respond by sending the student a financial aid award letter. The letter will detail each type of financial aid that has been awarded--grant, loan, and/or work-study. Students will have the ability to accept or decline each type of aid awarded. Students need to sign and return this form in a timely fashion; failure to do so may negatively impact the award.
If, after a family has received an award letter from a college, they wish to appeal the award, the student needs to initiate the appeal process with the financial aid office at that college. Families will be required to submit information about any drastic changes in family income, large unanticipated healthcare costs, or other family factors that affect their ability to pay.
FAFSA Nonparticipation Forms
FAFSA Nonparticipation Forms
FAFSA is a graduation requirement in Illinois. For students who choose not to file an application, a waiver may be completed by their parent. The 2024-25 Nonparticipation Form (used to opt-out of the 2025-26 FAFSA) can be submitted online on ISAC's Student Portal under the Program Applications & Status Checks tab. See the Financial Aid Application Nonparticipation Form Instructions for details on how to complete the electronic form.
FINANCIAL AID RESOURCES
FINANCIAL AID RESOURCES
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 Overview-- (Copy of the September 18th slide presentation.)
Video: Types of Federal Student Aid
Video: Overview of Scholarships and Grants
Sallie Mae-Paying for College Resource
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.
Please direct your financial aid questions to our ISAC Representative Joseph Martinez Meza at joseph.martinez-meza@illinois.gov or (224) 760-1366
UNDOCUMENTED/DACA STUDENT FINANCIAL AID RESOURCES
UNDOCUMENTED/DACA STUDENT FINANCIAL AID RESOURCES
HACU(Hispanic Association for Colleges and Universities)
The Anhelo Project Scholarship
TYPES OF FINANCIAL AID
TYPES OF FINANCIAL AID
Stafford Loans (most common)
Federally funded loans awarded to students
Subsidized loans are NEED BASED; 2024-25 interest rates of 6.53% / government pays interest while you are in school.
Unsubsidized loans are available to everyone; 2024-25 interest rates of 6.53%; you are charged the interest while you are in school.
$5,500 for Freshmen, max of $3,500 subsidized.
$6,500 for Sophomores, max of $4,500 subsidized.
$7,500 for Juniors and Seniors; max of $5,500 subsidized.
Plus Loans (Apply after receiving your SAR)
Fixed rate loans awarded to parents
Based on credit rating, 2024-25 interest rate of 9.08%
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.
Federally funded grant awarded to students
Up to $7,395 per year and DOES NOT have to be repaid (amount can vary year to year)
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
State funded grant awarded to students
Up to $8,400 per year and DOES NOT have to be repaid
Student must attend a MAP approved Illinois College
Awarded to families with an Expected Family Contribution/Student Aid Index of $9,000
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 & Post 9/11 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
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