Types of Financial Aid
There are a variety of grants available from both the federal government as well as the Illinois Student Assistance Commission (ISAC) for those students who demonstrate the greatest need. Grants are a form of gift aid that do not have to be repaid.
Federal Pell Grants
Federal Pell Grants are available from the federal government and are based upon calculated financial need. The annual award at Moraine Valley ranges from *$555 to $5550.
Federal Supplemental Educational Opportunity Grants
Federal Supplemental Educational Opportunity Grants (SEOG) are available to undergraduate students based on calculated financial need. These awards are available to students who receive the Pell Grant. Students must be enrolled in at least six credit hours in an approved program. Annual awards range from *$100-$1200.
Illinois Monetary Award Program
The Illinois Student Assistance Commission Monetary Award Program (ISAC-MAP) is a need-based grant program available to Illinois residents for tuition and mandatory fees. To be eligible, students must be undergraduates and enrolled in at least three credit hours in an approved program. Awards at Moraine Valley range from *$285 to $1765. In addition to college credit hours, MAP can pay up to 30 hours of developmental credit as long as the student is enrolled in at least one college level course in an eligible program.
*Subject to change based on federal, state, or institutional funding
Student Loan Programs
Student loans can be a useful tool in funding your education, but use them wisely. You should be aware of the responsibility that borrowing money to finance your education entails.
To apply for Federal Direct Loan Programs (Stafford Subsidized, Stafford Unsubsidized, and/or Federal PLUS), you need to initially complete the Free Application for Federal Student Aid (FAFSA). After completing and submitting the required documentation requested by the Financial Aid Office, you need to meet with a Financial Aid Expeditor to receive required entrance loan counseling. Exit loan counseling is also required before you drop below half-time status or do not enroll the following semester.
Federal Stafford Loan Programs
These loans are low-interest loans to help you pay for your college education. There are two kinds of federal Stafford loans:
- The subsidized loan is based on need, and the government pays the interest while the student is enrolled on at least a half-time basis.
- Financial aid amounts are based on credit hours enrolled, course level, academic progress, funding, and program regulations. If a student drops, withdraws, fails, or does not attend courses, awards will be adjusted or canceled. The student will be responsible for any overpayments. Most students will begin repayment six months after leaving Moraine Valley or dropping below half-time. The fixed interest rate for subsidized Stafford Loans is 3.4% for 2012-2013. The fixed interest rate for unsubsidized Stafford Loans is 6.8%.
Federal PLUS Loan Program
The Federal PLUS Loan is a non-need-based federal program. Parents of a dependent student may borrow up to the cost of attendance minus any financial aid to help finance their student's undergraduate education. The loan interest rate is fixed at 8.5 percent.
Federal Work Study and Student Employment
The Federal Work Study program provides on-campus and nonprofit off-campus employment for students while they attend college. Students who receive Federal Work Study funds must:
- Demonstrate need to be eligible for work-study funds.
- Be paid at least federal minimum wage.
- Perform work-study employment from 5-20 hours per week.
The number of hours worked weekly is determined by the amount of work-study dollars awarded and financial need.
Moraine Valley offers scholarships to reward academic achievement, encourage student leadership and provide financial assistance. Criteria for each scholarship varies. Contact the Financial Aid Office for applications and further information regarding Moraine Valley scholarships, or click here to read about the various scholarships.
Explore other scholarship opportunities on the Web.