Types of Financial Aid

Scholarships are gifts you do not have to pay them back. Scholarships can be based on need or merit or both. You may receive scholarships from colleges, organizations, or foundations. Different scholarships are available for different types of students. Scholarships may be based on your grades, what you want to study in college, whether you are male or female, or your after-school activities.

Grants are available from the government and from colleges. By submitting the FAFSA, you will be given eligibility consideration for all federal and state grants. Many grants are based on your financial need. Grants are considered gift aid and they do not need to be repaid. Some examples of grants are:

• Federal Pell Grant
• Federal Supplemental Educational Opportunity Grant
• Academic Competitive Grant
• Illinois Monetary Award Program (MAP) Grant
• Silas Purnell Illinois Incentive for Access (IIA) Grant
• Grants from colleges

Loans have to be repaid; even if you don't finish school!

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like a car loan or other loan. You cannot cancel this loan because you didn't like the education you received, quit in the middle, or didn't get a good job after school.

Under the Federal Work-Study (FWS) Program, you work part-time to earn money for your education. It is available to students who demonstrate financial need.

Work-study jobs may relate to your course of study or involve community service. Often the jobs are on campus. You'll earn at least minimum wage.