Financial Aid Terms

Free Application for Federal Student Aid (FAFSA)
The FAFSA is the form you use to apply for all Federal, State of Illinois and Illinois College need-based financial aid. The FAFSA should be filed after January 1st and before March 1st of your senior year in high school to receive full consideration for all available assistance. Be sure to list Illinois College as a school to receive your information. Our federal school code is 001688.

Student Aid Report (SAR)
The SAR is the report sent to student aid applicants confirming the financial information submitted on the FAFSA. You will receive your SAR approximately four weeks after submitting the FAFSA. If you apply over the Internet, you may receive your SAR somewhat sooner.

Cost of Education
This is the total cost to attend a particular school. The cost of education includes tuition, fees, room and board, and also an estimation of other expenses, such as books, transportation and personal expenses.

Expected Family Contribution (EFC)
EFC is the amount that you and your family are expected to pay toward your education. Expected family contribution is determined by the FAFSA.

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