PELL GRANTS
Based on financial need and cost of
education, the Pell Grant is an award used
for educational purposes, and is not repaid
if the student completes their program.
FINANCIAL aid
THE APPLICATION PROCESS
Financial aid is available for those who qualify. Eligibility for federal financial aid depends on many things, including income, family size, and cost of
education. Since no two students have exactly the same situation, we encourage you to call or visit with any questions you have, and to let us assist
you in preparing your FAFSA (Free Application For Federal Student Aid). All information given for financial aid is confidential. You will be asked to provide two-year’s prior tax return, for yourself (if you are independent), yourself & spouse (if married), or yourself & parents (if you are a dependent student).
The financial aid office is open weekdays from 8:30 am to 4:00 pm, and at other times by appointment. The Director of Financial Aid is Katie Davidsmeier (phone 217.753.8990).
STUDENT loans
DIRECT SUBSIDIZED LOANS are loans made to undergraduate students for educational purposes, up to a limit of $3,500 for first year students and $4,500 for second year students, and are subject to the student’s eligibility. Interest is paid by the government while the student is enrolled at least halftime; payments begin six months after the student graduates or stops attending at least half-time.
DIRECT UNSUBSIDIZED LOANS are loans made to students for educational purposes. Interest is an expense to the student, but payment of interest may be deferred until the student leaves school. Payments begin six months after the student graduates or stops attending at least half-time.
PLUS LOANS (PARENT LOANS TO UNDERGRADUATE STUDENTS) are loans made to the parents of a dependent student for educational purposes; financial need is based on the cost of education and other available aid for the family. Repayment begins immediately following the release to the school of the second half of the student loan (usually four to five months into the student’s program); payments are usually around $50 – $100 per month.
