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Financial aid refers to specific borrowed, given or earned money that can be obtained from various sources to help 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.
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 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 student's field of interest) provide dollars for college students. These 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 your student reapplies for financial aid every year.
EFC Calculator
The EFC Calculator provides estimates of the expected family contribution (EFC) and how much state and federal aid, including federal Pell grant, Illinois Monetary Award Program (MAP) grant and subsidized Federal Stafford loan, may be available to help your student pay for college. Results are based on estimates and may not reflect actual awards.
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