Funding Resources

Federal Resources -- State Resources -- Other Resources

FEDERAL FINANCIAL AID RESOURCES**
**U.S. Department of Education, Federal Student Aid, Funding Education Beyond High School:  The Guide to Federal Student Aid 2009-10, Washington, D.C., 2008.

Student Aid on the Web
Click on Students, Parents and Counselors and you can:

  • Find information on federal studentaid.
  • Use "MyFSA" to create a personalized folder to record your interests, career and college searches to help you decide on a career and locate schools offering majors in that field. Track your progress in the college planning and application process by applying to schools online, access other sources of non-federal aid, and store your personal information to populate fields on FAFSA on the Web.
  • Use FAFSA4caster to get an early estimate of your eligibility for federal student aid, and an early start in the financial aid process. When you are ready to apply for aid, much of the information you enter in FAFSA4caster will populate the FAFSA on the Web.
  • Apply online using FAFSA on the Web (the online version of the Free Application for Federal Student Aid or FAFSA).
  • Obtain a Federal Student Aid PIN to sign your FAFSA on the Web.
  • Look up the status of your federal student loan.

Free Application for Federal Student Aid (FAFSA) is the form you need to complete to apply for state, federal and college-specific financial aid.  You can pick up the FAFSA at your high school or college or you can apply on-line athttp://www.fafsa.ed.gov/. 

Call the Federal Student Aid Information Center (FSAIC) if you need answers right away to questions about federal aid.  Call 1-900-FED-AID (1-800-433-3243) Monday through Friday 7:00 a.m. to 7:00 p.m.  Or go online at:  http://studentaid.ed.gov/students/publications/student_guide/index.html. 

The FSAIC staff can answer your federal student aid questions and can tell you what you need to know - FREE - including:

  • Information about federal student aid programs.
  • Help completing the FAFSA.
  • Help in making corrections to your Student Aid Report (SAR), which contains your application results.
  • Information about the process of determining financial need and awarding aid.
  • Information about your federal student loans. 

There are three types of federal student aid:

  • Grants - financial aid that doesn't have to be repaid (unless, for example, you withdraw from school and owe a refund).
  • Work Study - allows you to earn money for your education.
  • Loans - allow you to borrow money for your education.  You must repay your loans, with interest. 

FEDERAL GRANTS
Federal Supplemental Educational Opportunity Grants (FSEOG).  The FSEOG program provides need-based grants to low-income undergraduate students to promote access to postsecondary education.

Pell Grants - The Federal Pell Grant program provides need-based grants to low-income undergraduate and certain post baccalaureate students to promote access to postsecondary education. 

FEDERAL WORK STUDY
FEDERAL WORK Study Programs provide funds that are earned through part-time employment to assist students in financing the cost of postsecondary education.

FEDERAL LOANS
The Federal Perkins Loan Program provides low-interest loans to help needy students finance the cost of postsecondary education.

Stafford Loan - Stafford Loans are fixed rate federal loans for undergraduate and graduate students attending college at least half-time.  Stafford loans are the most common and one of the lowest-cost ways to pay for school.  There are two types of Stafford loans:  subsidized and unsubsidized.  You must have financial need to receive a subsidized Stafford loan and the US Department of Educational will pay the interest that accrues.  Financial need is not a requirement to obtain an unsubsidized Stafford loan and you are responsible for paying the interest.

PLUS Loans (Direct or FEEL) are loans parents can obtain to help pay the cost of education for their dependent undergraduate children.  In addition, graduate and professional degree students may obtain PLUS loans to help pay for their own education.

Consolidation Loans (Direct or FEEL) allow student or parent borrowers to combine multiple federal education loans into one loan with one monthly payment.

(back to top)

ILLINOIS SCHOLARSHIP INFORMATION:

The Monetary Award Program (MAP) provides grants, which do not need to be repaid, to Illinois residents who attend approved Illinois colleges and demonstrated financial need, based on the information provided on the Free Application for Federal Student Aid (FAFSA).  You are not required to submit high school grades or test scores when applying for a MAP grant.

Illinois Department of Public Health - Center for Rural Health
Allied Health Care Professional Scholarship Program awards scholarships of $7,500 per academic year to a limited number of eligible allied health care professional students.  Scholarship recipients repay the awards by practicing as nurse practitioners, physicians assistants or certified nurse midwives in areas of the state determined by the Illinois Department of Public Health to be designated shortage areas.

The SIH Scholarship Program brings together college scholarship money with hands-on work opportunities. Qualified applicants are eligible for money to cover tuition, lab fees, books and educational supplies. Scholarship recipients will be required to sign a contractual work agreement, stating they will work for SIH after graduating from their healthcare discipline. The length of the work agreement is dependent on the amount awarded to each scholarship recipient. Those who leave their educational program or choose to work elsewhere after graduation will be required to repay the scholarship back to SIH as a loan.

The designated Healthcare Careers for the SIH Scholarship Program include:

  • Health Information Technology (2 year scholarship)
  • Medical Lab Technician (2 year scholarship)
  • Radiologic Technologist (2 year scholarship for Associate Degree students and SIH will assist in paying the final 2 out of 4 years for Bachelor Degree student)
  • Registered Nurse (2 year scholarship)
  • Respiratory Therapist (2 year scholarship)
  • Surgical Technologist (1 year scholarship)
  • Physical Therapist (scholarship assistance for PT students entering their last 1-2 years of the PT program)

Illinois Hospital Association's Constituency on Volunteers Scholarship Project awards $1,000 scholarships to qualified students pursuing a career in nursing and health care careers.

Illinois Farm Bureau offers five $4,000 scholarships to selected Registered Nurses, who desire to further their study at an accredited college or university and become a Nurse Practitioner.

The Illinois Veteran Grant (IVG) Program pays tuition and certain fees at all Illinois state-supported colleges, universities and community colleges for Illinois residents. An individual must be a veteran; and reside in Illinois six months before entering the service; and have at least one full year of active duty in the U.S. Armed Forces which includes veterans who were assigned to active duty in a foreign country in a time of hostilities in that country, regardless of length of service return to Illinois within six months of discharge from the service.  Applications and additional information are available from field offices of the Illinois Department of Veterans' Affairs, college financial aid offices or the Illinois Student Assistance Commission, 1755 Lake Cook Road, Deerfield, 60015, telephone 847/948-8550 or 800/899-ISAC, web site addresswww.collegezone.com. 

Illinois National Guard Scholarship.  Any enlisted person or Lieutenant or Captain with at least one (1) year service in the Illinois Army/Air National Guard may participate. Available for eight (8) semesters or twelve (12) quarters of full-time or part-time undergraduate study or graduate study at any Illinois state-controlled university or community college. Recipient is entitled to payment of tuition and certain fees. Applications and information on the scholarship may be obtained from the Illinois Student Assistance Commission, 1755 Lake Cook Road, Deerfield, Illinois, 60015, telephone 847/948-8550 or 800/899-ISAC, web site addresswww.collegezone.com.

(back to top)

OTHER FINANCIAL AID SOURCES:

The Lifetime Learning Tax Credit may be claimed for the qualified tuition and related expenses of the students in the taxpayer's family who are enrolled in eligible educational institutions.

The HOPE Scholarship Tax Credit (HSC) provides tax credit up to $1,500 per year per student and can be claimed for two years.  Students must be in their first or second year of college and enrolled at least half time for one period of the tax year.

529 Plans are college savings plans named after the Internal Revenue Code provision that governs them.  They are an excellent way to address rising college costs.  Click here for information about Illinois' Bright Start Savings Program.

College Illinois is a 529 Plan and Prepaid Tuition Program that allows parents and grandparents to pay for tuition today, which stops tuition inflation.

Army ROTC.  Army ROTC scholarships are available for both college-bound high school students or students already attending a college or university.  Scholarships are awarded based on a student's merit and grades, not financial need.

National Healthcare Career Network Scholarships are made possible through the generous contributions of the American Hospital Association's Career Center Charter Members and the leaders at these organizations that support health care education. The 2009 winter application process is closed. However, check this site often for future scholarship opportunities.

National Health Service Corp Loan Repayment Program (NHSC LRP) is a NHSC a competitive program working with communities to recruit health care professionals committed to serving the needs of underserved populations.

(back to top)