Illinois College Grants and Loans
Illinois GrantsSilas Purnell Illinois Incentive for Access Grant (IIA) This program is open to Illinois resident students who are entering the first year of their bachelor's degree program. The amount is $500. Eligibile students will have filed a FAFSA online by March 1 and have a zero family contribution rating.
Illinois Monetary Award Program (MAP) This program is open to financially needy Illinois students, as defined by the state formula. Applicants must file a FAFSA by March 1. The award can be up to Illinois tuition and fees.
Illinois Monetary Award Program Plus (MAP Plus) This program is open to middle class Illinois students (families earn less than $200,000 per year). Students must be sophomores, juniors or seniors to be eligible. Applicants must file a FAFSA by March 1. The award will be $500. Although the grant has been passed, there is still no money available to fund it. It's hoped that funding will come through in time for the Spring 2007 semester.
Illinois Veteran's Grant Open to Illinois students who have served honorably in the US armed forces, this grant can cover tuition, activity fee, athletic fee, and graduation fee. To apply, students should contact the Illinois Student Assistance Commission.
Illinois National Guard Program Illinois residents with at least one full year in the National Guard (up to the rank of captain) are eligible. The award can be up to full Illinois tuition and fees. Apply to the Illinois Student Assistance Commission (ISAC) by October 1.
Bonus Incentive Grant This grant is available for owners of Illinois College Savings Bonds and can range from $40 - $440 per $5000 bond.
Illinois LoansFederal Consolidation Loan Program (unILoan) Borrowers can consolidate several of their individual loans into one consolidated loan with a longer payback period and an interest rate that can not exceed 8.25%. Loans that can be consolidated within this program are Federal Stafford Loans (both subsidized and unsubsidized), Guaranteed Student Loans (GSL), Illinois Opportunity Loans, Federal Direct Loans, Federal Supplemental Loans for Student (SLS), Health Professions Student Loans (HPSL), Auxiliary Loans to Assist Students (ALAS), Federal Nursing Loans, Federal Perkins Loans, Federal PLUS Loans, National Direct Student Loans (NDSL), Federally Insured Student Loans (FISL), and Health Education Assistance Loans (HEAL).
College Illinois! Capstone Loan program Designed to help Illinois college seniors make it through their final year, the Capstone Loan program provides for low interest loans varying from a $1,000 minimum up to the cost of college minus any grants, scholarships and Stafford Loans. Now in a pilot program, the loans are available for students at University of Illinois at Chicago, Western Illinois University (Macomb and Quad Cities), Loyola University Chicago, Saint Xavier University (Chicago and Orland Park), North Central College at Naperville, Millikin University at Decatur and Midstate College at Peoria.
Scholar's Advantage Loans This is a private education loan through the Iowa Student Loan. It is available to students from Illinois, Minnesota, Iowa, Missouri, Nebraska, South Dakota, Colorado or Wisconsin. There are two versions, depending on the school you are attending. You can get more information at http://www.studentloan.org/Planning/Types/PlanTypesAidScholars.htm
Illinois Designated Account Purchase Program If you are an Illinois student, then IDAPP has a loan repayment program that can save you money. They will help find your loans or consolidation program. Then, they can also save you money on your interest rates through the Low Cost Borrower Benefits Program. Eligible loans are Federal Stafford Subsidized or Unsubsidized, Federal PLUS Parent or Grad or Federal Consolidation Loan (UnILoan).
For loans first disbursed on or after December 1, 2007, here are the possible benefits available.
Federal PLUS Loans For PLUS loans guaranteed on or after December 1, 2007, IDAPP will pay 1/2% of the 1% default fee. ISAC will pay the other 1/2%. For loans guaranteed on or after July 1, 2003, if you paid an origination fee, IDAPP will rebate you 1% of the principal balance when you enter repayment. After 24 consecutive on-time payments, you can get a 1% discount on the interest rate. After 48, you get another 1% discount. Sign up for the Direct Debit program and save another 1/4%.
Federal Consolidation Loan (UnILoan) After 36 consecutive on-time payments, your interest rate will be dropped by 1% for the remaining period. Sign up for the Direct Debit program and save another 1/4%.
More information on Illinois State Grants and Loans can be found at http://www.collegezone.com/media/F241_FinancingCollege.pdf.