Financial aid refers to money for college that comes in the form of scholarship, grant, work-study, and loan programs. To find money for college that may be available to you, start by familiarizing yourself with financial aid programs administered by the Illinois Student Assistance Commission, the U.S. Department of Education, and the colleges you are considering. In addition, many agencies, associations, organizations, and employers also offer financial assistance to students. It is recommended that you research eligibility requirements, award amounts, applicant responsibilities, and application forms and deadlines. Visit your high school counselor and the financial aid office at the colleges you are considering to inquire about financial aid options.

Most financial aid sources—U.S Department of Education, the Illinois Student Assistance Commission, and colleges—will require that you complete the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for financial aid programs that come from institutional funds and from the state and federal governments. In addition, some colleges may require applicants to complete institutional forms, a PROFILE, or to demonstrate special skills such as to write an essay, build a model, or even audition. Check with the financial aid sources and with the financial aid staff at prospective colleges to inquire about requirements, eligibility criteria, application forms, and deadlines.

The FAFSA is the Free Application for Federal Student Aid and is the first step in the financial aid process. Since most colleges and states use this form to award aid to students, it is recommended that students submit or renew the FAFSA as early as possible. The FAFSA can be completed starting January 1st of your last year in high school—usually your senior year—and should be renewed every year until your degree is completed. The FAFSA is available on paper or in an electronic form. FAFSA on the Web can save you time and result in greater accuracy. If you have not completed your income taxes when you complete this form, you can still submit a FAFSA, but must provide income and asset information. When tax returns are completed, make corrections to your FAFSA. If you cannot access the FAFSA on the Web, paper copies are available through most high schools and colleges.

The PROFILE is a form that is used by some private colleges to provide a deeper assessment of a family’s ability to pay for college. It can normally be completed any time after October 1st of the student’s last year in high school. There is a fee associated with this form. Check with the colleges or universities where you are applying to see if they require this form before you complete it.

The State of Illinois and the federal government can provide help at their official websites and at their toll-free numbers. You should also feel free to contact the financial aid offices at the schools to which you are sending your information.

Illinois Student Assistance Commission
Toll-free: 1-800-899-4722

U.S. Department of Education
Toll-free: 1-800-4-FED-AID

Illinois colleges and universities
See the Map of Illinois Colleges to find colleges by name, city, or region of choice. Results will include Illinois college addresses, phone numbers, descriptions, current costs of education, and links to each college’s official website.

See the Handbook of Illinois Postsecondary Institutions to get up-to-date admission and financial aid information about Illinois institutions. Direct links to official college websites are provided.

Free FAFSA Completion Workshops in Illinois
1. College Awareness and Preparation
2. College Goal Sunday Illinois

There are many scholarship search services that are available. Unfortunately, some of them are simply for-profit companies trying to sell something. These are a few of the sites that can be recommended. This is not an all-inclusive list, it is simply a place to start.

FinAid
FastWeb
SRN Express
Scholarships.com

The College Zone website is powered by the Illinois Student Assistance Commission (ISAC). It offers very thorough descriptions of all possible programs available to Illinois students. Most high schools also stock printed resources from ISAC. Use CollegeZone.com to begin your financial aid search. (Despite the fact that this web address has a .com ending, it is a state-sponsored site.)

Colleges and universities use the concept of “total cost” or “cost of attendance.” This figure includes, tuition, fees, books, room and board, personal expenses incurred during the school year, and transportation expenses to and from the college for an “average” student. It is this “total cost” figure that is often used in the calculation of expenses for determining a family’s financial need.

Total cost information for public and private colleges and universities in Illinois
College cost calculator

Become an informed consumer! Get involved, research your options, ask questions, and meet deadlines. While it is true that families have the primary responsibility of paying for a student’s college education, you may be surprised to find that the student may receive financial assistance in the form of scholarship, grant, work-study, and/or loan programs that can help pay for different types of schools. In addition, you may be able to benefit from tax benefits for education, payment plans through the college, reimbursement through an employer, and 529 prepaid tuition plans or college savings. See Monthly Savings Calculator and the Future Savings Calculator to start getting ready to pay for college.

Upon completing the financial aid application process and dependent on the availability of funds, the financial aid administrators at the colleges to which you have applied will look to see which scholarships, grants, work-study, and loans they can offer you to meet your financial need. A ‘financial aid package’ will be sent to you for consideration.

Cost of Attendance – Expected Family Contribution* = Your Financial Need

Make sure that all of the information on your Free Application for Federal Student Aid (FAFSA) is correct and provide, in a timely fashion, any additional information or documentation that your college requires. Contact the financial aid staff at your college to advise of special circumstances that you or your family may have.

* When you complete the Free Application for Federal Student Aid (FAFSA), you will receive an indication of your ‘Expected Family Contribution’ (EFC). If you wish to get an estimate of your EFC there are a number of online calculators, but perhaps the best one for Illinois students is at collegezone.com:

State & Federal Aid Estimator
This site does not collect or use any personally identifiable information. It is a state-sponsored site.

There are four basic sources for scholarships:

1. Contact individual colleges in which you are interested to see a list of available scholarships;
2. Learn about state and federal student aid;
3. Seek scholarships from national sources by using one of the scholarship search engines listed above;
4. Contact the high school in which you are enrolled for a listing of scholarships offered by local agencies.

Do not pay anyone for scholarship information. All information about scholarships is available at no cost. If a scholarship requests a donation or charges a fee, it is best to research the group before paying a fee. You may wish to check the website for the Federal Trade Commission for current information on scams.

The College Awareness and Preparation program, jointly sponsored by the Illinois Student Assistance Commission (ISAC), the Illinois Association of Financial Aid Administrators (ILASFAA), and the Illinois Association for College Admission Counseling (IACAC), sponsors programs that do exactly this. A complete calendar of events for the coming months is on their website. Be sure to participate in one of these events. Also, all community college financial aid offices are willing to help with your financial aid questions.