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Financial aid refers to specific borrowed, given or earned money that can be obtained from various sources to pay for college. There are many types of financial aid, including scholarships, grants, Federal Work-Study programs and loans, all of which can come from the state or federal government.
The current economic situation in Illinois has resulted in a substantial reduction in the amount of budget dollars allocated from the State Legislature and governor to fund the financial aid programs ISAC administers. As a result, several ISAC programs were either not funded at all or funded at a significantly reduced level.
The fiscal year 2010 (FY2010) budget that was passed in
July 2009 provided a funding level for the Monetary Award Program (MAP) that would cover tuition and mandatory fee expenses for only the first half of the 2009-10 academic year. Subsequently, legislation passed by the General Assembly and signed into law by the governor in October 2009 appropriates an additional $205 million to ISAC to restore MAP funding for the remainder of the academic year for those eligible applicants whose initial 2009-10 Free Application for Federal Student Aid (FAFSA) was received by the federal processor on or before May 14, 2009. (A Message for students regarding the current status of 2009-10 MAP funding is available on our Web site.)
To assist students in pursuing other possible avenues of financial assistance, a Q & A document provides information about additional financial aid opportunities that may be available.
Colleges also offer financial assistance to their students. The financial aid office on campus is the best place to find out about financial aid (those programs listed above, plus internships and cooperative education) available at that particular college.
Many agencies, associations, and organizations (for example, corporations, civic, religious, and philanthropic groups, and associations connected with your field of interest) provide dollars for college students. There are different eligibility requirements, award amounts, application forms, and application deadlines for each type of financial aid, so research these carefully. Some scholarships may require the applicant to have the special skills to write an essay, build a model, or even audition. To aid in your search, College Zone and What's Next Illinois provide links to several scholarship search services. As you're searching, be alert to financial aid scams.
Make sure to reapply for financial aid every year.
Use the EFC Calculator to determine how much financial aid might be available to help you pay for college. Keep in mind, calculator results are based on estimates and may not reflect your actual awards.
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