Three types of financial assistance make up the majority of aid provided by the federal government and the state of Illinois: grant assistance, loan assistance and work study assistance.
Grants are forms of financial assistance that do not have to be repaid. They are provided for students from limited-income families.
This is a federally funded program that provides assistance for any educational expenses based on need, academic load, length of enrollment and cost of education. Awards range from $585 to $5,730 per year.
Supplemental Educational Opportunity Grant (SEOG)
This is a federally funded program for students who demonstrate exceptional need and are Pell eligible. Awards range from $150 to $300 per semester and can be used for any educational expense.
This is a state-funded program that provides assistance toward the cost of tuition and service fees. Awards range from $285 to $1,733 per year, and fluctuate as funding runs out. It is extremely important to apply as early as possible for this award, since funds are limited. The Illinois Student Assistance Commission(ISAC) is suspending the announcement of 2014-15 Monetary Awards Program(MAP) grants for all students whose initial 2014-15 FAFSA is received by the Central Processing System(CPS) on or after February 28, 2014.
Loans are federally funded sources of assistance that must be repaid with interest. Please refer to the Department of Education's publication Your Federal Student Loan: Learn the Basics and Manage Your Debt for further information regarding Federal Student Loans.
Federal Stafford Student Loan
Students may qualify for a "subsidized" Federal Stafford Loan based on financial need. Students may qualify for an "unsubsidized" Federal Stafford Loan regardless on other criteria.
Dependent students may borrow up to $5,500 as freshmen for full-time enrollment and sophomores up to $6,500 for full-time enrollment. Independent students may borrow up to $9,500 as freshmen and sophomores up to $10,500 (again for full-time enrollment). Loans are prorated for 3/4 time and half-time enrollment each term. These loans are repaid starting six months after you graduate from college, leave school or drop below half-time student status.
Students who are enrolled half time, meet standards of satisfactory progress and meet need requirements may be eligible for these loans. The current interest rate for 2014-15 is 4.66% for Stafford Subsidized loans and 4.66% for Stafford Unsubsidized loans. A Federal Stafford Student Loan From, KCC's Loan Policy and Loan Maximum Borrowing Chart Prorated for Enrollment are available in the Financial Aid Forms section of this web site and click on the "2014-2015 Stafford/PLUS Loan Information" tab to get more information.
The National Association of Student Financial Aid Administrators(NASFAA) has created several tables to illustrate cost borrowers will face when they repay their loans. Please refer to their publication, Student Loan Repayment Interest Rate Tables, for more information regarding student loan repayment.
Federal PLUS Loan
These loans provide for parents who want to borrow to help pay for their children's educations. The current interest rate for 2014-2015 is 7.21% for this type of loan. A Parent PLUS Loan application is available in the Financial Aid Forms section of this web site and click on the "2014-2015 Stafford/PLUS Loan Information" tab to get more information.
Federal Work-Study (FWS)
Provides jobs for students who have applied for financial aid and are eligible to work as part of their financial aid award package. Participating students work on or off campus; money earned is paid to the student.
Regular student employment
Visit the Student Employment page for details.
For further federal and state financial aid information, visit http://www.collegezone.com/.