Gift Aid – Aid that is usually in the form of scholarship and grants and is assistance that does not have to be repaid.
Federal Pell Grants – Funds for undergraduate college students that covers costs, like tuition, fees, room, board and living expenses; eligibility is based on financial need
- Pell Lifetime Eligibility - The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by a new federal law to the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding a student can receive each year of full time enrollment is equal to 100%, the six-year equivalent is 600%
- You can log on to the National Student Loan Data System (www.nslds.ed.gov) Student Access Website using your Federal Student Aid PIN and view your Lifetime Eligibility Used (LEU). The LEU will be found on the Financial Aid Review page.
Supplemental Education Opportunity Grant (SEOG) – grant for undergraduate students with exceptional financial need.
Monetary Award Program (MAP) Grant - grant that provides payment toward tuition and mandatory fees only. Eligibility is based on financial need. You must be in at least 3 credit hours and be an Illinois resident.
Spoon River College Foundation Scholarships – The SRC Foundation and Spoon River College offer a wide variety of scholarships each year. Scholarships may be for academic excellence or for talent or skill. Some scholarships are named after individuals who wish to continue making a difference in the lives of others. Some scholarships are for a particular profession or degree. To view more information including the application form please visit http://www.src.edu/foundation/Pages/scholarships.aspx.
Self–Help Aid – Aid includes work opportunities and loans and is a form of aid that requires you to take a bit more responsibility.
Federal Work Study (FWS) – Allows you to earn money while you’re in college through a job the college helps you find. On campus jobs paying at least the federal minimum wage; eligibility is based on financial need. Applications for campus jobs can be picked up in the financial aid office on the Macomb or Canton Campus.
Loans – Student loans are also considered financial aid and must be repaid and should always be considered as a last resort for paying for college.
Federal Direct Stafford Loans – Subsidized (need-based) and unsubsidized loans for undergraduate and graduate students attending at least half time (6 credit hours).
Federal Direct Plus Loan – Loans for parents borrowing on behalf of dependent students attending at least half time (6 credit hours), and for graduate/professional students borrowing on their own behalf.
For more information about types of Federal student aid visit www.studentaid.ed.gov