Adult Learning - Adult Learning Grants and Loans

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Grants:

Federal Pell Grant

  • Need-based federal grants of up to $5,920 per year.

Illinois Monetary Award Program (MAP) Grant

Loans:

Federal Student Loans

  • Deferred while the student is in school.
  • Direct Subsidized Loans - No interest is charged on Subsidized loans while you're in school at least half-time and during deferment periods.
  • Direct Unsubsidized Loans - not based on need but on enrollment and the budget set for classes. Interest accrues (accumulates) on an unsubsidized loan from the time it's first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
  • The interest rate is 4.45% for all undergraduate student loans disbursed after July 1, 2017.
  • Subsidized eligibility is determined by the FAFSA calculation
  • The origination fee changes every Oct. 1st, and is now 1.066%.
  • 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 : https://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.
  • List of available Alternative Loans.

 

 

 

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