| Federal/State Financial Aid Programs
|
|---|
| Illinois Monetary Award Program (MAP) |
| The MAP grant program is provided by the state of Illinois to legal residents of Illinois based on financial need. Eligibility is determined by the state agency using the information reported on the FAFSA and MAP grants never have to be repaid. |
| Illinois Incentive for Access (IIA) |
| The IIA is a one-time grant of $500 for freshman students who, based on the federal need calculation, have been determined to have no family resources. The IIA is awarded only to students who have completed the FAFSA with an Expected Family Contribution (EFC) of $0. The awards never have to be repaid. |
| Federal Pell Grant |
| The Federal Pell Grant provides aid to students with very high need. The amount of the Federal Pell Grant is based on the Expected Family Contribution as calculated by the FAFSA. The Federal Pell Grant never has to be repaid. |
| Supplemental Educational Opportunity Grant |
| The Federal SEOG is awarded to Pell Grant recipients with the highest financial need. The amount of SEOG is determined by Illinois College based on available funding levels. The Federal SEOG never has to be repaid. |
| Federal Perkins Loan |
| This federally funded loan is based on financial need and must be repaid. A Perkins Loan has an interest rate of 5%. No interest is charged and no payments are required on the principal while the student is enrolled at least half-time. Repayment begins nine months after a student graduates, leaves schools or falls below half-time. |
| Federal Subsidized Stafford Loan |
| This federally funded loan is based on financial need and must be repaid. The interest rate is variable, but not to exceed 8.25%. No interest is charged and no payments are required on the principal while the student is enrolled at least half-time. Repayment begins six months after a student graduates, leaves school or falls below half-time. The federal government charges fees totaling 3% of the loan, before disbursing the loan proceeds. |
| Federal Unsubsidized Stafford Loan |
| The Federal Unsubsidized Stafford Loan is not based on financial need. It is available to all students who are not eligible to borrow the maximum amount from the need-based Subsidized Stafford Loan. Unlike the Subsidized Stafford Loan, interest is charged while the student is enrolled. The Unsubsidized Stafford is identical to the Subsidized Stafford in all other aspects |
| Federal Work Study |
| This federally funded program is based on financial need. Federal Work Study is not deducted from the college bill since students received a monthly paycheck. Typically, students use most of their earnings to pay for books, supplies, and personal expenses. |
Illinois College
1101 West College Avenue
Jacksonville, IL 62650
217.245.3030
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1101 West College Avenue
Jacksonville, IL 62650
217.245.3030
Web Site Powered by
ActiveCampus
Software by LiquidMatrix