Financial Assistance Programs
FEDERAL GOVERNMENT PROGRAMS
Federal PELL Grant
The Federal PELL Grant is the primary federal student aid program. It is awarded to students on the basis of financial need and does not have to be repaid. Funds received from the Federal PELL Grant may be used for all legitimate educational expenses, including tuition, fees, and related living expenses. This grant is renewable, dependent on continued financial need and meeting academic standards of progress.
Federal College Work-Study Program (CWS)
A limited number of part-time jobs in various departments are available to SRC students. Information from the FAFSA is used to determine eligibility for work through this program. Students are paid the federal minimum wage for up to 20 hours per week of work, depending on their need and the type of work available.
Federal Stafford Loan (formerly Guaranteed Student Loan Program)
This is a loan program whereby students may borrow money for educational expenses. The interest rate can vary, and repayment is started six months after the student either graduates or ceases to be enrolled at least half-time. To apply for a student loan you must attend an Entrance and Exit meeting. As it is impossible to accommodate everyone, students may have to make arrangements with their instructors or employers so they can attend a meeting. They are required to take a test and score 85% or better. There are two types of loans available: Subsidized and Unsubsidized. The Subsidized is based on financial aid need, and the government pays the interest while the student is in college. The Unsubsidized is not based on financial aid need, and the student either has to pay the interest or have it capitalized while in college. They must also have previously applied for financial aid via the FAFSA form.
Borrowing Options Comparison
Check out this link to compare student loan borrowing options. We recommend you carefully consider your options before borrowing Private or Supplemental Loans and always encourage students to apply for financial aid before seeking alternative options to fund college.
www.simpletuition.com/spoonrivercollege
STATE FUNDED GRANTS
Illinois Student Assistance Commission (ISAC) Monetary Award Program (MAP)
This award program is based on financial need and is applicable for the tuition and fees, excluding lab fees, (from 6 through 19 semester hours per semester) of undergraduate work. It is renewable for up to five years. Students are required to reimburse SRC in the event that state funding is not available to pay the complete scholarship awarded to the student. Application for the award is made on the FAFSA form by providing the appropriate information. Read the instructions on the form carefully.
For complete information on Illinois financial assistance programs for education, visit www.collegezone.com.
VETERANS BENEFITS
Spoon River College is approved for veterans' benefits through the Illinois State Approving Agency. Any veteran who thinks s/he may be eligible for federal benefits may obtain information and applications through the Financial Aid Office. To maintain eligibility, students who are veterans must be enrolled in an eligible program, attend classes regularly, and be making satisfactory academic progress.
Illinois Veteran's Grant
This award will pay the full tuition and applicable fees for Illinois veterans attending SRC part-time or full-time. Any veteran who entered the armed forces as an Illinois resident and who served at least 12 months and returned to Illinois within six months of separation may qualify for this program. A copy of the discharge papers, DD214, showing an honorable discharge, and proof of state residency must accompany the application for the award.
Illinois National Guard Scholarship
This award applies to tuition and applicable fees charged for attending SRC part-time or full-time. Eligibility requires that the recipient must be a member of the Illinois National Guard for at least one year and must continue to be a member for the duration of the scholarship.
MIA-POW Scholarship
This award applies to in-district tuition and applicable fees. Eligibility requires that the recipient must be the spouse or child of an eligible veteran. Information and application may be obtained through the Financial Aid Office.
Please Note: Some veterans organizations such as American Legion and Veterans of Foreign Wars offer financial assistance for education to veterans and their dependents. The college recommends that these organizations be contacted directly through the local chapters located in our district communities for additional information.
LOCALLY-BASED FINANCIAL ASSISTANCE
Spoon River College Scholarships
The Spoon River College Foundation sponsors various scholarships. These scholarships vary in requirements. Some require high academic qualifications and others require financial need. Some are designated for students residing in specific towns within the district. Go to the Scholarships and Application Process.
Senior Citizens
Spoon River College District residents who are 60 years or better will receive a tuition and fees (except lab fees) waiver for credit courses. This waiver does not apply to those who are auditing a course(s).
Support Agencies Educational Assistance
Persons who are clients of many federal, state, county, township, and/or municipal agencies may be eligible for educational financial assistance through that agency's service program. Examples of such agencies are county rehabilitation centers, Department of Public Aid, county public health offices, Department of Rehabilitation Services, local township offices, and United Workforce Development Board (UWDB) offices.
