Types of Financial Aid

loans

Stafford Loans (most common)

Federally funded loans awarded to students

• Subsidized loans are NEED BASED; Government pays interest while you are in school.

• Unsubsidized loans are available to everyone; You are charged 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

• Covers all tuition expenses after other financial aid is distributed

• Repayment begins after 60 days, but can be deferred

work study

Federal Work Study Program

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

grants

Pell Grants

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

Illinois Map Grant

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

scholarships

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