The Illinois Student Assistance Commission (ISAC) manages multiple college programs that help students understand their options for paying college tuition. These programs include financial aid, scholarships, grants, and loans. Quality education is essential for the next generation and having adequate resources is the first step to a bright future for students. By utilizing these programs, students can expect to have the guidance needed for a great start into college with a solid foundation.
Before College
Before students enroll in classes, they need a strong foundation, a plan, and goals. First, students should begin to explore their available options for financial planning, choosing programs, and utilizing online resources. Online tools are helpful to research colleges that are right for you, researching careers, and learning the process of admissions.
Financial Aid Planning
Financial aid has helped countless students complete their college degree and pursue their goals with quality education. Students eligibility for financial aid is determined by the student themselves and their family’s financial situation, and by filing an application on time. The first step in the financial aid process is to complete an application. The Free Application for Federal Student Aid (FAFSA) can be found online here.
Scholarships
Scholarship programs are considered a “gift aid” that rewards students for unique skills, special talents, grades, or athletics. Some scholarships have program requirements and most of them do not need paid back. Students should start looking at scholarship options once they choose which college to attend.
More information on scholarship programs.
College Grants
Unlike financial aid, a grant is a type of “gift aid” that does not need to be paid back. Grants are typically awarded through the government or college the student attends. If a FAFSA application has been submitted, students automatically are considered for three types of grants:
- State of Illinois Monetary Award Program (MAP) grant
- Federal Pell Grant (Pell)
- Federal Supplemental Educational Opportunity Grant (SEOG)
More information about grants can be found here.
College Loans
Taking out a loan lets students borrow money from the government, banks, or other lending institutions which must be paid back with interest. Students should know the borrowing basics and research their loan options. Remember to only borrow the money that’s needed. Here are three examples of loans:
- Student Loans– Federal Subsidized and Unsubsidized
- Parent Loans– Parents apply for the Direct PLUS Loan
- Private Loans– Nonfederal loans made by a lender
For additional information about planning your future in college, visit the Illinois Student Assistance Commission