What Kind of Financial Aid is Right for You?

There are several different types of financial aid that can help you pay for school such as Grants, Scholarships, Student Loans, and Work-Study programs.

• Grants do not need to be paid back. You are automatically considered for three federal grants when you go through the financial aid process. These grants are the State of Illinois Monetary Award Program (MAP) grant for Illinois residents, Supplemental Educational Opportunity Grant (SEOG), and the Federal Pell Grant (Pell). You can search and apply for other grants related but not limited to extracurricular activities, disability, and scholastic achievement.
  
• Scholarships do not have to be repaid, but you may have to fulfill certain obligations.  Make sure you understand the details of the agreement. This money is typically provided based on grades, special talents, financial needs, or career paths.
  
• Student Loans allow you to borrow money, but it must be repaid with interest. Research which loans are subsidized or unsubsidized.
  
• Work-Study is a program that allows you to work part-time to help pay for college.  The money is paid to you and it does not need to be paid back.
  

Financial aid funds can come from the following sources:  

• The federal and state governments,
  
• Colleges/Universities
  
• Outside/Private sources. 
  

Steps to Get Financial Aid

Step 1 - Complete the Free Application for Federal Student Aid (FAFSA).  Go to
Step 2 – Apply to colleges and submit the FAFSA.

Step 3 – Receive award letters or financial aid packages from the schools that have accepted your application. These letters outline the cost of attending the school and the amount of money for grants, scholarships, and work-study opportunities.  It can be hard to tell what options each school is giving you since the letters will not be written using the same format. Use the Financial Aid Comparison Worksheet from ISAC to help you compare each of your award letters. This process will help you figure out which schools are offering you the most financial aid. Although the cost of attendance should never be the sole determining factor in choosing a school, it is important to choose the most affordable accredited school offering the degree you desire.