Financial Aid

FINANCING YOUR EDUCATION

The FAFSA newsletter was emailed to all Seniors and their parents on 9/29/21.

Create your FSA ID

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

Video: 2022-23 FAFSA Filing Hofstra University-sponsored video. FAFSA details begin at the 6-minute mark.

FAFSA is based upon your most recent tax return.

Complete your FAFSA as soon as possible in October.

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.

Nonparticipation Form-English

Nonparticipation Form-Spanish

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 Lauren M. Waitt at lauren.waitt@illinois.gov or (630)870-9553

Stafford Loans (most common)

Federally funded loans awarded to students

  • Subsidized loans are NEED BASED; 2021-22 interest rates of 3.73% / government pays interest while you are in school.

  • Unsubsidized loans are available to everyone; 2021-22 interest rates of 3.73%; 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%

  • 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, 2021-22 interest rate of 6.28%

  • 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 $6,495 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

Illinois Map Grant

State funded grant awarded to students

  • Up to $5496 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 & 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