Financial Aid
Financial aid is money to help pay for college or career school. Financial aid can come from federal, state, school, and private sources to help you pay for college or career school and include grants, work-study, loans, and scholarships help make college or career school affordable.
Students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for most sources of financial aid.
Financial Aid 101 Presentation for Seniors - November 2024
Senior Parent Financial Aid Presentation (English) - November 2024
Senior Parent Financial Aid Presentation (Spanish) - November 2024
FAFSA Completion Workshop - Tuesday, January 14th. Click here to sign up for a 50-minute time slot during the school day.
Cost of College
To make college more accessible, a growing number of institutions are eliminating student loans altogether. More than 20 schools now have “no-loan” policies, which means they will meet 100% of an undergraduate’s need for financial aid with grants rather than education debt. | |
Net Price is the amount that a student pays to attend an institution in a single academic year AFTER subtracting scholarships and grants the student receives. Scholarships and grants are forms of financial aid that a student does not have to pay back. Net price calculators are available on a college’s or university’s website and allow prospective students to enter information about themselves to find out what students like them paid to attend the institution in the previous year, after taking grants and scholarship aid into account. Use this tool to search for the net price calculator on a college's website. | |
The Loan Simulator tool from Federal Student Aid helps you calculate student loan payments and choose a loan repayment option that best meets your needs and goals. You can also use it to decide whether to consolidate your student loans. | |
Using a student loan calculator can help you create a student loan repayment strategy that’s right for you. With some basic information about your existing or prospective student loan, the Bankrate student loan calculator shows you the monthly loan payment you can expect, how long it’ll take you to repay your entire loan and how much interest you’ll pay overall. Enter the details of your student loan into the calculator below to see your personal results. | |
This tool from the Illinois Student Assistance Commission allows you to enter information from your financial aid award letter and make a side-by-side comparison. |
FAFSA
To apply for federal student aid, such as federal grants, work-study, and loans, students need to complete the Free Application for Federal Student Aid (FAFSA®). Completing and submitting the FAFSA is free and easier than ever, and it gives you access to the largest source of financial aid to pay for college or career school.
In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid, and some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid.
Financial Aid Process
FAFSA Gradution Requirement
State law requires all Illinois public high school seniors to complete either the Free Application for Federal Student Aid (FAFSA) or the Alternative Application for Illinois Financial Aid (Alternative Application) as a prerequisite to receiving a high school diploma. For students who choose not to file an application, a FAFSA Nonparticipation Form may be signed by a parent or guardian.
Federal Student Aid Resources
Federal Student Aid publishes several short, helpful videos on their YouTube channel to walk families through the process.
Types of Financial Aid
A variety of student aid sources are available to help students pay for postsecondary education. Federal Student Aid offers three types of financial aid: grants, loans, and work-study
Grants: Financial aid that generally doesn’t have to be repaid.
Loans: Borrowed money for college or career school; your loans must be repaid with interest.
Work-Study: A federal work program through which undergraduates and graduate students at participating schools earn money to help pay for school.
Grants
The federal government provides grants for students attending college or career school. Most types of grants, unlike loans, are sources of financial aid that generally do not have to be repaid. Grants can come from the federal government, your state government, your college or career school, or a private or nonprofit organization. Do your research, apply for any grants you might be eligible for, and be sure to meet application deadlines!
Federal Grants | The U.S. Department of Education (ED) offers a variety of federal grants to students attending four-year colleges or universities, community colleges, and career schools. Click here for more information about federal grant programs |
State Grants | The Illinois Student Assistance Commission (ISAC) provides financial aid for college education through the many gift assistance programs that it administers. Gift assistance is awarded in the form of scholarships, grants, tuition waivers and loan repayment programs. As an approved participant in any of the gift assistance programs administered by ISAC, postsecondary institutions may receive funds on behalf of eligible students. |
Institutional Grants | Institutional grants are awards that are offered by a specific schools, states or organizations. A few examples of institutional grants are listed below: |
Loans
Student Loans
A student loan is money borrowed from the federal government or a private lender to help pay for college costs like tuition, supplies, books and living expenses.
Federal Loans
The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. Under this program, the U.S. Department of Education is your lender. Federal student loans typically have lower interest rates and more flexible repayment options than private loans. Click here for more information about federal student loan programs.
Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
Private Loans
Private loans are made by private organizations such banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans. Please refer to the document below for a comparison of federal student loans and private loans.
Helpful Tips
Keep track of how much you’re borrowing. Think about how the amount of your loans will affect your future finances, and how much you can afford to repay. Your student loan payments should be only a small percentage of your salary after you graduate, so it’s important not to borrow more than you need for your school-related expenses.
Research starting salaries in your field. Ask your school for starting salaries of recent graduates in your field of study to get an idea of how much you are likely to earn after you graduate. You can also use the U.S. Department of Labor's Occupational Outlook Handbook or career search tool to research careers and salaries.
Understand the terms of your loan and keep copies of your loan documents. When you sign your promissory note, you are agreeing to repay the loan according to the terms of the note even if you don’t complete your education, can’t get a job after you complete the program, or you didn’t like the education you received.
Make payments on time. You are required to make payments on time even if you don’t receive a bill, repayment notice, or a reminder. You must pay the full amount required by your repayment plan, as partial payments do not fulfill your obligation to repay your student loan on time.
Keep in touch with your loan servicer. Notify your loan servicer when you graduate; withdraw from school; drop below half-time status; transfer to another school; or change your name, address, or Social Security number. You also should contact your servicer if you’re having trouble making your scheduled loan payments. Your servicer has several options available to help you keep your loan in good standing.
Work-Study
Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study, as well as provides part-time employment.
See below for frequently asked questions from Federal Student Aid's website.
Scholarships
A scholarship is a form of gift aid that, in most cases, does not have to be repaid. Scholarships can be offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations. While scholarships are typically merit-based, some are based on financial need.
According to a November 2021 article in Forbes, over $100 million in scholarships go unused every year. Reavis counselors encourage students to research and apply for scholarships to help bring down the out-of-pocket cost of college tuition.
Going Merry
Going Merry is a free scholarship and financial aid website. Students can create a profile and receive personalized scholarship lists, and can apply to many scholarships quickly by using their profile to auto-fill most of the application. Click here to see Reavis High School's scholarship page on Going Merry!
National Scholarships
National scholarships are highly competitive awards that provide opportunities and support for undergraduate and graduate study, research, study abroad, public service, teaching, and employment in non-profits, city and federal government. They are typically offered by large corporations and hundreds of thousands of students apply each year. Below is a list of popular national scholarship search websites:
State Scholarships
The Illinois Student Assistance Commission (ISAC) provides financial aid for college education through the many gift assistance programs that it administers. Gift assistance is awarded in the form of scholarships, grants, tuition waivers and loan repayment programs. As an approved participant in any of the gift assistance programs administered by ISAC, postsecondary institutions may receive funds on behalf of eligible students.
Local Scholarships
Reavis works with several local businesses, organizations and nonprofit foundations that provide scholarship opportunities for our students. Students can search for and apply for these scholarships in SchooLinks by clicking on Finances, then Scholarship Matching. Students should complete a Scholarship Match profile and identify local scholarships posted by Reavis by clicking District-Posted in the upper right corner.
Institutional Scholarships
Institutional scholarships are offered from the school itself. Many colleges have a separate scholarship application that students can complete to determine scholarship eligibility. A few examples of institutional scholarships are listed below:
Financial Aid Vocabulary
©️2022 NCHS & NNHS College & Career Centers
Sue Biemeret, College Consultant, Member NACAC, IACAC, HECA
Jerry Cebrzynski, Associate Vice President for Financial Aid, Lake Forest College