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.
|Federal SEOG||A Federal Supplemental Educational Opportunity Grant (SEOG) 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.|
|Federal ACG||The Academic Competitiveness Grant (ACG) is available to undergraduate students who are U.S. citizens, Federal Pell Grant recipients, have completed a rigorous high school program, and are enrolled full-time and in their first or second year of college.|
|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.|
Guide to Federal Work-Study Program
|Federal Work-Study Program||An employment program for financially needy undergraduate and graduate students to help meet their educational expenses.|
Guide to Federal Student Loans
|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.
|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.|