SOURCES OF FINANCIAL ASSISTANCE
There are several types of financial aid available. As the University's funds are limited, students should seek assistance provided by national, state, and local organizations.
SCHOLARSHIPS
Most University merit-based scholarships are awarded by academic departments or colleges. Usually, departments notify students if they are eligible to receive a scholarship on the basis of their academic records or admissions information.
There are many scholarships that are offered and awarded by private corporations and nonprofit organizations each year. While it is the student's responsibility to search and apply for such scholarships, there are scholarship search services available to help. Two such services are the Illinois Student Assistance Commission's Higher EdNet service and an online service called FastWEB. For more information about both of these services, please see the Office of Student Financial Aid Web page ( www.odos.uiuc.edu/osfa/).
GRANTS
The Office of Student Financial Aid automatically considers students for each of the grant programs it administers when the student applies for aid using the FAFSA. Students do not complete a separate application for these grants.
Two major sources of financial assistance for undergraduate students are the Federal Pell Grant and the Illinois Student Assistance Commission (ISAC) Monetary Award Program (MAP) grant. For 1997-98, Federal Pell Grant awards ranged from $400 to $2700 and ISAC MAP grants ranged from $300 to $4120.
The Federal Supplemental Educational Opportunity Grant is a program distinct from the Federal Pell Grant. The federal government annually provides postsecondary institutions with allocations from which awards are made. During 1997-98, awards ranged from $100 to $2,500.
Students for Equal Access to Learning (SEAL) and Student-to-Student Matching (STSM) grant programs are funded by voluntary student contributions and matching funds provided by the state through the Illinois Student Assistance Commission. Students at Urbana-Champaign initiated the SEAL program by referendum in 1970 and have reaffirmed it every four years since then. STSM grants are awarded in accordance to rules prescribed by the Illinois Student Assistance Commission. During academic year 1997-98, awards ranged from $100 to $1,000.
EMPLOYMENT: A FORM OF SELF-HELP FINANCIAL AID
The Office of Student Financial Aid offers employment assistance to University students seeking part-time work. The University employs more than 14,000 part-time student workers across campus. Each year, these students earn more than $11 million. Additionally, many students work in the community.
Hourly wages for student workers vary according to the type of work and responsibilities involved, but equal at least minimum wage. Most jobs require from 10 to 15 hours of work per week.
FEDERAL WORK-STUDY
Federal Work-Study is a financial aid program that helps colleges and universities provide jobs for students. To participate in the program, a student must apply for financial aid and have a Federal Work-Study award as part of a financial aid package from the Office of Student Financial Aid.
STUDENT LOANS: ANOTHER FORM OF SELF-HELP FINANCIAL AID
The Office of Student Financial aid offers University of Illinois Long-Term Loans and Federal Perkins Loans to students demonstrating considerable financial need. These loans carry an interest rate of 5 percent and repayment is deferred until six months after the borrower ceases to be a full-time student.
FEDERAL DIRECT STUDENT LOANS
The University of Illinois participates in the William D. Ford Federal Direct Student Loan program. Under the Direct Loan program, the University disburses loans directly to students through funds received from the federal government. All students who apply for financial aid using the FAFSA and who are enrolled at least half-time are automatically considered for Direct Loans by the Office of Student Financial Aid.
Subsidized Direct Loans are available to students demonstrating financial need. The interest subsidy is paid by the federal government while the borrower is in school, and payments are deferred until six months after the borrower ceases to be enrolled at least half-time. Based on year in school and financial need, students may borrow up to annual maximums set by the federal government. At the freshman level (under 30 credit hours), a student may borrow up to $2,625; at the sophomore level (31-59 credit hours), $3,500; and at the junior and senior levels (60+ credit hours), $5,500. The aggregate maximum that a student can borrow for undergraduate study is $23,000. The interest rate varies, but the maximum is 8.25 percent.
Parents of dependent students can borrow a Federal Direct PLUS Loan through the Direct Loan program. For each dependent student, each year parents may borrow up to educational costs minus the amount of other aid the student receives. Payments begin while the student is still in school. The interest rate varies, but the maximum is 9 percent.
Graduate students and students who meet the federal government's definition of an independent student (defined on the FAFSA) generally are eligible to borrow unsubsidized Direct Loans in addition to subsidized Direct Loans. While payments on the amount borrowed are deferred until the student borrower leaves school, and a relatively attractive interest rate (maximum 8.25 percent) is charged, interest accrues while the student is in school. Based on class level and the amount of any subsidized Direct Loans that the student is receiving, independent undergraduates may borrow up to the following annual amounts: freshman, $6,625; sophomore, $7,500; and juniors and seniors, $10,500.
SPECIALIZED AID PROGRAMS
Although most guidelines for awarding financial aid to Urbana-Champaign students are determined by the Office of Student Financial Aid, some aid programs are administered by groups and agencies to which the student applies directly. Such programs include the Illinois Veterans Grants, Illinois Department of Children and Family Services Assistance, Illinois Department of Rehabilitation Services, Children of Veterans Scholarships, General Assembly Scholarships, Illinois National Guard/Naval Militia Scholarships, Illinois Reserve Officers' Training Corps (ROTC) Scholarships, and MIA-POW Dependents Grants. For more information about these scholarships, students should visit the Office of Student Financial Aid home page at www.odos.uiuc.edu/osfa or contact the administering agency directly.
SHORT-TERM LOANS
To meet expenses in emergencies, undergraduates may borrow up to $200 for approximately 30 days or until the last day of instruction for the semester, whichever comes first. To make more money available to a maximum number of students, applicants should borrow as little as is necessary for as short a period of time as possible. A service fee of $3 is charged. The interest charge on overdue short-term loans is 18 percent annually on the unpaid balance.
Students who are U.S. citizens or permanent residents should apply in person to the Office of Student Financial Aid. Students are required to provide their i-cards for identification. International students (noncitizens who are not in the United States as permanent residents) should contact the Office of International Student Affairs (510 E. Daniel Street, Champaign IL 61820) for information.