Financial Aid
FINANCING YOUR EDUCATION
FAFSA
The FAFSA newsletter will be emailed to all Seniors and their parents on 1/9/24.
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. (The 2024-25 Application will open in January and then return to the traditional October date.)
ISAC's web resource for Completing the FAFSA
Watch this video: Earnest's step-by-step breakdown of the FAFSA application, addressing the unique challenges of the 2024 academic year.
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 Student Aid Index (SAI) and any of the award information below.
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 2023-24 Nonparticipation Form (used to opt-out of the 2024-25 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 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 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 Avalon Bruno at avalon.bruno@illinois.gov or (847) 257-5162
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; 2023-24 interest rates of 5.50% / government pays interest while you are in school.
Unsubsidized loans are available to everyone; 2023-24 interest rates of 5.50%; 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, 2023-24 interest rate of 8.05%
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