Financial Aid
FINANCING YOUR EDUCATION
FAFSA
The FAFSA newsletter will be emailed to all Seniors and their parents on 9/30/22.
Create your FSA ID
Complete the FAFSA (Free Application for Federal Student Aid) www.studentaid.gov
FAFSA is based upon your most recent tax return.
Complete your FAFSA as soon as possible in October.
ISAC's Step by Step Guide for Completing the FAFSA
Go to the Federal Student Aid Estimator at https://studentaid.gov/aid-estimator/ 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.
FAFSA Nonparticipation Forms
FAFSA is now a graduation requirement in Illinois. For students who choose not to file an application, a waiver may be completed by their parent. The Illinois State Board of Education (ISBE) makes available through their website a FAFSA Nonparticipation Form (English and Spanish) for this purpose. Return completed forms to Mr. Gill in the College & Career Office.
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 101--Copy of the slide presentation from our September Financial Aid Night.
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 Madeline Haymond at madeline.haymond@illinois.gov or (630) 720-2992
UNDOCUMENTED/DACA STUDENT FINANCIAL AID RESOURCES
HACU(Hispanic Association for Colleges and Universities)
The Anhelo Project Scholarship
TYPES OF FINANCIAL AID
Stafford Loans (most common)
Federally funded loans awarded to students
Subsidized loans are NEED BASED; 2022-23 interest rates of 4.99% / government pays interest while you are in school.
Unsubsidized loans are available to everyone; 2022-23 interest rates of 4.99%; 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.
Partial federally funded NEED BASED loan awarded to student by
Up to $5500 per year, fixed interest rate of 5%
Important: Under federal law, the authority for schools to make new Perkins Loans ended on Sept. 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans.
Plus Loans (Apply after receiving your SAR)
Fixed rate loans awarded to parents
Based on credit rating, 2022-23 interest rate of 7.54%
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 $6,895 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 $7,200 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