Illinois Student Assistance Commission
For information on college planning and financial aid programs administered by the Illinois Student Assistance Commission (ISAC), students and their parents may contact the ISAC Call Center at the phone numbers below. Spanish speaking counselors are available.
1.800.899.ISAC (4722); or
1.800.526.0844 (TDD) - for hearing impaired
E-mail: isac.studentservices@illinois.gov
Monday - Friday
8:00 a.m. - 5:00 p.m. (CT)
Has your families financial situation changed since you filled out the FAFSA? If so, consider writing an appeal letter using SwiftStudent
GRANTS
This is free money that does not have to be paid back at any point. For example, the Pell Grant and the MAP Grant are sources of funding you may qualify for if you have a low income and complete the FAFSA in time. Regardless of income, all seniors should sit down with their parents and complete the FAFSA as soon as possible after October 1st. The FAFSA needs to be completed every year a student is in college.
SCHOLARSHIPS
Like grants, these do not have to be paid back. You may qualify for specific scholarships based on your financial need, merit (having a history of academic success), choice of major in college, or your background.
LOCAL SCHOLARSHIPS:
Any local scholarships advertised to Lexington students will be housed in google classroom. Local scholarships are advertised in the spring and our typically due the beginning of April.
MERIT BASED AID: For many scholarships through universities, you won't know if you will receive them until after you apply to the school and are accepted. At that point, you will receive letters indicating what sort of scholarships you qualified for (based on your application materials), the amount they cover, and whether they are renewable each year or are only one-time gifts. Some schools also have separate applications for specialized programs or scholarships, so make sure you have all your ducks in a row - they may require different materials or have different timelines. Be sure to speak with an admissions representative from the school to which you are applying well in advance to cover your bases about scholarships and deadlines.
For private scholarships, you will need to complete separate applications. They will each have their own separate deadlines and processes for application, so organization and timing are critical! Make a spreadsheet to keep track of everything you have done and still need to check off.
Additional sites to search for scholarships:
https://www.studentscholarships.org
https://www.imagine-america.org/high-school-scholarships-trade-schools-illinois/ (Trade school scholarships)
Junior Students - Quest Bridge
LOANS
This is money that you borrow. You will be expected to pay it back, plus the interest accrued. You can receive loans through the federal government (Stafford, PLUS) or secure private loans from banks and credit unions. Complete the FAFSA to qualify for federal loans. The two types of federal loans are:
Subsidized loans - the federal government pays the interest while you are in school, and then when you graduate, you start paying the interest from that point forward.
Unsubsidized loans - these loans will begin accruing interest immediately, while you are still in college, and consequently you would have to pay more in interest over the long run.
Parent PLUS Loans - these loans are offered by the federal government and are in the parents name. This is recommended as the last resort after looking at subsidized and unsubsidized options. This loan begins accruing interest right away and the first payment is due 60 days after the loan is taken out. Again, this loan is in the parents name!
Consequently, subsidized loans are a better deal than unsubsidized loans (assuming the interest rates are comparable).