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Financial Aid
Adult Accelerated Program
Guide to Federal and State Grants
| Federal Pell Grant |
Eligibility for a Federal Pell Grant is based on financial
need. Funds are considered gift assistance and do not have
to be repaid. Pell Grants are available only to undergraduate
students who have not earned a bachelor’s or professional
degree.
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| Federal SEOG |
A Federal Supplemental Educational Opportunity Grant is
for undergraduates with exceptional financial need. It is
targeted for students with the lowest EFCs and gives priority
to students who receive Federal Pell Grants. An FSEOG doesn't
have to be repaid.
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| Illinois Student Assistance Commission |
The Monetary Award Program (MAP) provides need-based grants
to Illinois residents. In addition to MAP, the Illinois
Student Assistance Commission (ISAC) administers seven specialized
grant programs.
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Guide to Federal Student Loans
| Federal Perkins Loan |
A Federal Perkins Loan is a low-interest (5 % fixed rate)
loan for both undergraduate and graduate students with financial
need. Federal Perkins Loan funds must be repaid, usually
after nine months after ceasing attendance at the University.
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| Federal Stafford Loans |
Federal Family Education Loan (FFEL)
Stafford Loans are either subsidized or unsubsidized.
A subsidized loan is awarded on the basis of financial
need and the federal government “subsidizes” the
interest during your enrollment period.
An unsubsidized loan is not awarded on the basis of need.
The student is charged interest from the time the loan is
disbursed until it’s repaid in full. If interest is
allowed to accrue while the student is in school or during
other periods of nonpayment, it will be "capitalized"—that
is, the interest will be added to the principal amount of
the loan, and additional interest changed will be based
on that higher amount.
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| Federal PLUS Loan |
The Federal PLUS is a loan available to the parent(s) of
the dependent student. Repayment begins 60 days after the
loan has been fully disbursed.
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Last updated
April 24, 2009 11:48 AM
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