Need-based federal grants of up to $5,550 per year.
Illinois Monetary Award Program (MAP) Grant
Awards of up to $1,888 for Terms 1 & 2; up to $2,202 for Term 3. A FAFSA or renewal FAFSA should be filed by March 1, 2013 to insure funding for fall 2013 and spring 2014 terms.
Loans:
Federal Student Loan
Deferred while the student is in school.
The interest rate is 6.8% for all student loans.
Subsidized eligibility is determined by the FAFSA calculation.
Origination fees are 1.051% of the principal loan amount.
A six-month grace period begins when the student graduates or drops below half-time status. Half-time is 6 credit hours.
Repayment of principal & interest begins at the end of the six-month grace period.
Complete your Entrance Counseling and Master Promissory Note at : www.studentloans.gov
Alternative Loans
Credit-based students loans taken out through a Bank or Lending Institution (non-federal).
A credit-worthy cosigner is required for a dependent student. For independent students, a cosigner may be required depending on the student's credit rating.
Interest rates are variable and depend on the borrower's or cosigner's credit.
Repayment of the principal balance is deferred until the student graduates or drops below half-time. Some lenders will offer a six-month grace period.
