| $83 billion | how much money the US Department of Education will distribute in student aid this year |
| $5,800 | the average amount of a student loan |
| $4,000 | the average amount of a student grant |
| $154 | the average amount that student receive from mom and dad per month |
Financial aid could make the difference in your life. It may mean being able to continue your education when you otherwise would not be able. Or it could mean being able to attend the school of your choice, despite higher tuition costs.
Financial aid covers the educational costs that you can't pay for. Most finanical aid is awarded to families on teh basis of eligibility or need. Need is determined by the school you attend based on information you provide about you and your family's ability to pay for your educational costs and formulas set by law. That information will need to be presented to the federal government through completion of the Free Application for Federal Student Aid (FAFSA).
In general, there are 4 types of financial aid -
1. Scholarships are considered gift aid and do not have to be repaid. Scholarships may be based on merit or special interests and / or talents.
The next 3 types of financial aid require completion of the FAFSA -
2. Grants are also gift aid that are given to students judged to have financial need.
3. Loans - Government sponsored student loans are based on eligibility requirements and must be repaid.
4. Work Study - Students with financial need work to help pay for education expenses.
Pekin Community High School will be offering 2 programs that could benefit you and your parents when dealing with the financial aid process. Your parents will receive an invitation through the mail - please check the Guidance Office Important Dates Webpage for the official dates for these meetings.
November or December - a university representative will give a general overview about financial aid
January or February - a workshop on how to complete the FAFSA form
Because most financial aid is based on need, it is necessary to have an objective way to determine how much a family can afford to pay. The FAFSA (Free Application for Federal Student Aid) is the federal form that's used to determine this amount. The FAFSA asks for information on income, assets, etc. This information is then applied to a formula, adn teh amount a family should be able to afford (their Estimated Family Contribution or EFC) is electronically calculated. You need to get a PIN and begin working on the FAFSA as soon after January 1 as possible (you need to complete your tax returns first). Financial aid is generally awarded on a "first come, first serve" basis, so get your FAFSA in early. One to four weeks after you've submitted your FAFSA, you will receive a copy of your Student Aid Report (SAR). You will get a SAR faster if your file electronically. Colleges will use the information from your SAR to determine your child's eligibility for financial aid.
Illinois Student Assistance Commission
Estimated Family Contribution Form