Types of Federal/State Aid

Three types of financial assistance make up the majority of aid provided by the federal government and the state of Illinois.

Grants

Grants are forms of financial assistance that do not have to be repaid. They are provided for students from limited-income families.

Pell Grant

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 $523 to $4,731 a 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.

MAP Grant

This is a state-funded program that provides assistance toward the cost of tuition and service fees. Awards range from $300 to $1,824 a year, and fluctuate as funding runs out. Freshmen applicants must apply before Oct. 1 to get awards for fall semester. It is extremely important to apply as early as possible for this award, since funds are limited.

Illinois Incentive for Access Program (IIA)

This program offers a one-time grant of up to $500 for freshmen with no expected family contribution. Illinois students who file the FAFSA are automatically considered. Payments are made in two disbursements of $250 and can be used for any educational expense.

Loans

Loans are federally or privately funded sources of assistance that must be repaid with interest.

Federal Stafford Student Loan

Students may qualify for a "subsidized" Federal Student Loan based on financial need or an "unsubsidized" Federal Stafford Loan regardless of their own or their family's income.

Freshmen can typically borrow up to $3,500 and sophomores up to $4,500. 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 and meet standards of satisfactory progress are eligible for these loans. The current interest rate for 2008-2009 is 6.8% for Stafford Student loans. Application materials are available in KCC's Office of Financial Aid.

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 2008-2009 is 8.5% for parent PLUS loans. The loan application must be obtained from a participating lender.

Work Study

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

Provides jobs for students looking for employment. Select the jobs on campus link above.

For other financial aid options, visit http://www.collegezone.com/.