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 ) Student Access Website using your FSA ID 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