Need Based Grants and Federal Student Loans

In order to determine any need-based grants, loans, or student employment, the Free Application of Federal Student Aid (FAFSA) must be completed.

Federal and State Grants:

Federal Pell Grant Program – A grant based on financial need and is awarded by the federal government. The maximum Pell Grant is currently $5,350.

Federal Supplemental Educational Opportunity Grant – The federal government provides additional funding to the university to allocate FSEOG funds to Pell Grant recipients showing exceptional financial need.

Academic Competitiveness Grant – A grant for eligible Pell Grant recipients enrolled at least half-time in a degree program.  This is awarded for freshmen and sophomore level students who completed a rigorous secondary school program of study.  Freshmen who qualify will receive a total of $750 for the academic year.  Sophomores must have a minimum of a 3.0 grade point average from their first year of study and will be awarded a total of $1,300 for the academic year.

Monetary Award Program (MAP) – Awarded by the state of Illinois to qualified Illinois residents. The amount of the MAP grant is based on credit hours enrolled and varies from 3 to 15 credit hours. The maximum award for 2009-10 is $4,968.

Silas Purnell Illinois Incentive for Access Program (IIA) – Awarded by the state of Illinois to qualified Illinois residents attending college as an in-coming freshman.  The total amount awarded is $500 for the academic year.  Students must be enrolled at least half-time.

Federal Work-Study Program:

Federal Work-Study(FWS) - Provides on-campus part-time jobs for undergraduate students with financial need, allowing them to earn money which may be used to help pay their educational expenses.

Federal Loans:

Subsidized Stafford Loan – A low interest loan available to students who demonstrate financial need. Interest does not accrue until repayment begins, which is six months after the borrower ceases to enroll at least half-time. For new borrowers, the interest rate for 2009-10 is 5.6% percent during repayment.

Unsubsidized Stafford Loan – A low interest loan made available to students who are not eligible or only partially eligible for a Subsidized Federal Stafford Loan. Interest begins accruing at the time of first disbursement of loan funds. Students may choose to pay the interest while in school or have it accrue and added to the principle amount of the loan. Repayment of interest and principle combined begins six months after the student ceases to be enrolled at least half-time. For new borrowers, the fixed interest rate is currently 6.8% during repayment.

UNDERGRADUATE FEDERAL STAFFORD LOAN LIMITS – BASED ON GRADE LEVEL

Federal Perkins Loan – Awarded to undergraduate students demonstrating exceptional need. The interest rate during repayment is 5 percent. Loan repayment begins 9 months after the student ceases to be enrolled at least half-time. Depending on the principal balance, a borrower may have up to ten years for repayment of the loan.  The Perkins loan may be consolidated with other Stafford Loans.

Additional Loan Options (credit-based):

Federal Parent Loans for Undergraduate Students (PLUS):  Parent loans are available to qualified parents of undergraduate students to cover additional educational expenses. The maximum loan amount is determined by subtracting the total financial assistance received by the total cost of attendance. Repayment (principle and interest) begin 60 days after the second disbursement, but may be deferred while the student is enrolled.  The current fixed interest rate for borrowers is 8.5%.

Private Educational Loan:  Private educational loans are available to credit worthy borrowers and/or cosigners to cover for additional educational expenses. The maximum loan amount a student may borrow is determined by subtracting the total financial assistance received by the total cost of attendance. Interest rate and repayment options are determined by the lender you select.