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Financial Aid |
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One of the greatest concerns most students and families have about college is financial aid. In other words, once you've chosen your dream school, how will you pay for it? Every student's financial situation is different, but learning about the different programs available can help you figure out the best place to start.
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Federal
Grant Programs |
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| Title of Program | Description | Award |
| Federal Pell Grant | Monetary gift to qualified undergraduate students. Eligibility based on financial need. | Up to $3,750 |
| Federal Supplemental Educational Opportunity Grant (FSEOG) | Monetary gift to undergraduate students. Eligibility based on financial need. Priority given to applicants qualifying for Federal Pell Grants. | Up to $4,000 |
| Federal Work Study (FWS) | Allows students to work part-time on- or off-campus to earn money for college expenses. Students normally work 20 hours per week. The school coordinates the job. Eligibility based on financial need. | At least minimum wage but could be more |
Federal
Loan Programs |
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| Title of Program | Description | Award & Repayment |
| Federal Perkins Loan | 5% fixed-interest loan with the federal government serving as the lender. Principal and interest charges deferred while the student is enrolled at least half-time. Eligibility based on financial need and determined by the college.. | Up to $4,000 annually for undergraduate students. Repayment begins nine months after the student graduates, falls below half-time enrollment, or leaves college. |
| Federal Stafford Loan- Subsidized | Annually adjusted variable interest rate loan capped at 8.25%. Eligibility based on financial need. Principal and interest charges deferred while the student is enrolled at least half-time. | Award varies. Repayment begins six months after the student graduates, falls below half-time enrollment, or leaves college. The government pays interest charges until repayment begins. |
| Federal Stafford Loan- Unsubsidized | Annually adjusted variable interest rate loan capped at 8.25%.. For independent students and dependent students who do not qualify for the Subsidized version. NOT based on financial need. | Award varies. Repayment begins six months after the student graduates, falls below half-time enrollment, or leaves college. The borrower pays all interest charges. |
| Federal PLUS Loan | Annually adjusted variable rate interest loan capped at 9% available to parents. Eligibility determined by college, but NOT based on financial need. Borrowers must have good credit history. | May borrow up to the difference between college costs minus estimated financial assistance. Repayment begins 30 - 60 days after loan is fully disbursed. |
Illinois
State Scholarship / Grant Programs |
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| Type of Program | Description | Award |
| Illinois State Scholar | Honorary recognition presented to approximately the top 10% of all Illinois high school graduates. Based on the sixth semester test scores and class rank. | None |
| Merit Recognition Scholarship | Scholarship based on academic achievement. Student must rank in the top 5% of their graduating class based on their sixth semester. | One-time award of $1,000 |
| Robert C. Byrd Honors Scholarship Program | Academic scholarship for outstanding academic achievement. Students must enroll full-time during the academic year immediately following high school graduation. | $1,500 per academic year for up to four years of undergraduate study |
| Monetary Award Program (MAP) | Need-based grant. Must attend an approved Illinois school at least half time or one of the four military service academies. | Up to $4,968 |
| Illinois Incentive for Access (IIA) Grant Program | Awarded to freshmen who have a zero Expected Family Contribution. Must attend an approved Illinois school at least half time. | $500 |
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