Adult Learning - Adult Learning Grants and Loans

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Grants:

Federal Pell Grant

  • Need-based federal grants of up to $5,775 per year.

Illinois Monetary Award Program (MAP) Grant

  • Awards of up to $1,888 for Terms 1 & 2; up to $2,202 for Term 3. A FAFSA or renewal FAFSA should be filed by Feb 15th to insure funding for the upcoming July 1st through June 30th academic year.

Loans:

Federal Student Loan

  • Deferred while the student is in school.
  • The interest rate is 4.29% for all undergraduate student loans disbursed after July 1, 2015.
  • Subsidized eligibility is determined by the FAFSA calculation.
  • Origination fees are 1.068% of the principal loan amount.
  • A six-month grace period begins when the student graduates or drops below half-time status. Half-time is 6 credit hours.
  • Repayment of principal & interest begins at the end of the six-month grace period.
  • Complete your Entrance Counseling and Master Promissory Note at : www.studentloans.gov

 

Alternative Loans

  • Credit-based students loans taken out through a Bank or Lending Institution (non-federal).
  • A credit-worthy cosigner is required for a dependent student. For independent students, a cosigner may be required depending on the student's credit rating.
  • Interest rates are variable and depend on the borrower's or cosigner's credit.
  • Repayment of the principal balance is deferred until the student graduates or drops below half-time. Some lenders will offer a six-month grace period.
  • List of available Alternative Loans.

 

 

 

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