Financial Aid
Financial Aid Award Guide
Award Descriptions And Requirements
Federal Pell Grant
This grant is awarded to full- and part-time students with high financial need based on the student's EFC. The actual awards vary based on the number of enrolled credits.
Federal Supplemental Educational Opportunity Grant (FSEOG)
These funds are limited, and awards are made to full- and part-time students with exceptional financial need. The actual awards vary based on the number of enrolled credits.
Federal Work-Study (FWS)
FWS funds are offered to full- and part-time students who demonstrate financial need. These funds will NOT be credited to your student account. If you obtain a FWS job with an approved FWS employer, you will receive a paycheck for your hours worked. The college will draw your pay from these FWS funds.
Monetary Award Program Grant
This grant is awarded to Illinois residents with financial need who are enrolled in a degree program and who register for at least 3 credits per semester.
Illinois Incentive for Access Grant
Designed for first time freshman that have financial need, this grant is only awarded once during a student's academic career.
Illinois Central College Foundation Scholarships
Recipients of these awards should have received written notification of the scholarship and the criteria they must meet in order to receive the scholarship.
Federal Stafford Loans
Subsidized Federal Stafford Loans:
Subsidized Federal Stafford Loans are available to students who demonstrate financial need. The Federal government pays all of the interest on these loans until six months after the student graduates or stops attending college at least half time (6 credits).
Unsubsidized Federal Stafford Loans:
Unsubsidized Federal Stafford Loans are available to students who are not eligible for subsidized loans, and to independent students who wish to borrow more than their maximum subsidized amount. The student is responsible for paying all the interest on Unsubsidized Stafford Loans.
Stafford Loan Borrowing Limits
Your annual Stafford Loans cannot exceed Federal annual limits or your remaining financial need, whichever is lower. Annual limits vary based on financial need, dependency status, and number of completed credits. Dependent students can only borrow a base amount of $2,625 or $3,500
Independent students can borrow the same base amounts plus an additional $4,000. Beginning July 1, 2007 the base amount is increased to $3,500 or $4,500 depending on the completed credits.
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