Free Application for Federal Student Aid (FAFSA) The FAFSA is a FREE form students and their families complete to determine how much money their family can contribute to pay for college cost and how much federal money they qualify to receive. The FAFSA can be submitted after October 1st of senior year. On FAFSA you can list all the colleges that you have applied to and are considering attending. Colleges use the FAFSA to determine how much financial aid you need to attend their institution so be sure to check individual deadline dates! For more information: Ready to fill out a FAFSA: Financial Aid Glossary Grants Grants are typically based on financial need and don’t need to be repaid. Scholarships Scholarships may be awarded based on academics, special achievements or involvement in school or community activities; financial need is sometimes a factor. They are known as gift aid, and do not need to be repaid. Loans Loans are a significant part of most aid packages. A loan must be repaid, most often not until after graduation. Interest rates are usually lower than other types of loans. The repayment period varies from two to three years up to thirty years. Work-study A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses. Additional Resources: Federal Student Aid Illinois Student Assistance Commission |
