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.
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 Subsidized Stafford Loan
This federally funded loan is based on financial need and must be repaid. The interest rate is currently a fixed rate of 4.29% for 2015-2016. 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 up to 2% 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. The interest rate is currently a fixed 4.29%. 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 PLUS Loan for parents
The Federal PLUS Loan is available to credit-worthy parents and is not based on financial need. The interest rate is currently a fixed 6.84%. Interest is charged while the student is enrolled and repayment begins within a few months of disbursement.
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.