Financial Aid

 

 

Financial aid comes from three basic sources.  Most financial aid packages usually offer a combination of these three.

 

1.  Grants are need-based monies and scholarships are considered gift monies.  Grants and scholarships do not have to be repaid.

 

2.  Loans usually have low interest rates and must be repaid, usually after graduation.  Loans are available to both students and parents.

 

3.  College work study is payment to a student for working on campus.  It is procured by the financial aid office at the college for the student either on or near campus.

 

The Financial Aid Application Process

In order to qualify for financial aid, the student needs to fill out the Free Application for Federal Student Aid (FAFSA).  In December, get a free application in the counseling office or you can download the FAFSA at http://www.ed.gov/offices/OPE/Students/index.html   Do not submit this form before January 1, but as soon thereafter as possible.  Once this form is filed, it is the responsibility of the student to check with the financial aid office of each college to see if a supplemental form is necessary, and if so, which one.  The family may have to fill out one of the following:

 

1.  FAP- The Financial Aid Profile (CSS).  A fee is charged for the initial application with additional fees for each school. 

 

2.  College Form- The financial aid office may provide its own needs analysis form.

 

Financial Aid Programs

 

1.  Federal Aid Programs

              a.  Federal Work Study Program (FWS)

                     1.  Provides jobs on campus to students who have financial need.

                     2.  Award varies.

              b.  Federal Stafford Subsidized Loan (formerly Guaranteed

                   Student Loan) from banks and other lenders based on need.

                      1.  For colleges, vocational and technical schools.

                      2.  Government pays interest while student is in college.

                      3.  Approximately 8% interest and a 4% origination fee (variable).

                      4.  Up to $2,625/ year for dependent freshmen, $6,625/year for

                           independent freshman.

             

             c.  Federal Stafford Unsubsidized Loan

                            1.  Not based on need

  • Interest must be paid while in school; max. for both Stafford loans is $2,625.

            d.  Federal Perkins Loan (formerly called National Direct Student

                 Loans of NDSC)

      1. Low interest loans (5%) for needy undergraduates.  Annual maximum for the undergraduate is $4,000 not to exceed $20,000 for total undergraduate program.
      2. No interest until after college.
       

              e.  Federal Supplemental Educational Opportunity Grants (SEOG)

                            1.  Based on need with a $4,000 maximum.

            

              f.  Federal Pell Grant

                            1.  Based on need with a maximum of $4,050 a year.

                            2.  For colleges, vocational and technical schools.


              g.  Federal Parent Loans for Undergraduate Students (PLUS)

                            1.  Variable interest rate cap is 9%.

                            2.  Borrowers normally begin repayment of loans with

                                 interest 60 days after loan is disbursed.

                            3.  Limited to cost of education minus other aid for the

                                 academic year.

 

2.  State Financial Aid

              a.  Illinois State Scholar Program

                            1.  Recognition only-May have no monetary value

                            2.  Individual Illinois colleges may contact students

                                 regarding scholarships available to recognized students.

              b.  Monetary Award Program (MAP)

                            1.  Provides grants for students who have financial need.

                            2.  Maximum of $4,530 per year.
                            3.  Applicable for tuition and fees at approved Illinois colleges,

                                 nursing schools and allied health programs.

                            4.  Application procedures are on the financial aid form.  Fill in

                                 the appropriate box(es) to be considered for this program.

              c.  Illinois Merit Recognition Scholarship (MRS)

                            1.  Provides $1,000 merit scholarships to students who rank in

                                 the top 2.5% of class after seven semesters.

                            2.  Use for approved Illinois institutions.

                            3.  Program is dependent on funding each year.

             

 

Other Sources of Financial Aid

  • Churches, civic organizations, club memberships, ethnic groups, work related
  • College-sponsored aid programs
  • Computer searches through the Internet  http://fineaid.org or http://collegeboard.org
  • Local banks
  • National Merit Scholarship programs
  • The scholarship listing at your local public high school

A Special Note on Scholarships

 

It is the counselor’s responsibility to keep up-to-date resources for students and parents who are interested in seeking out scholarship opportunities.  A listing of all scholarships of which we are aware will be posted on the bulletin board in the Counseling Center.  The applications are accessible from the filing cabinet.  Students are also encouraged to check with their local public high school counseling office for other scholarships that may be available.  We believe that it is the responsibility of the student and family, not the counselor, to pursue any and all pertinent scholarships in a timely manner.

Handy Telephone Numbers:

 

Federal Student Aid Information Center- To answer a question about a Federal Title IV requirements, call

1-800-4 FED AID (1-800-433-3243).

 

FAFSA- To answer a question about a FAFSA filed or to request a duplicate SAR,

call 1-800-730-8913.  You will need your name, social security number, and date of birth.

 

CSS- College Scholarship Service- Supplemental Form is the FAP or Financial Aid Profile.

 1-305-829-9793 8 a.m. – 10 p.m. Eastern time.

 

Illinois Student Assistance Commission (ISAC)- 1-800-899-4722 or www.collegezone.com  The commission also has a list of institutions that have Stafford/FFELP loans.  Hours:  8 a.m. - 5 p.m.

 

 

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