Follow these steps to have your eligibility determined for all financial aid includingloans:
1. Complete, sign, and mail a FAFSA (Free Application for Federal Student Aid) or you may file electronically @ http://www.fafsa.ed.gov. (Electronic filing is strongly encouraged and yields results more quickly). You will be using the previous year’s Federal Income Tax forms. 2. List McKendree as one of your choices under Step 6 on the FAFSA. McKendree’s school code is 001722. ISAC will then send you a letter indicating eligibility for any State Aid. You may be eligible for State Aid even though you are not eligible for Federal Aid. Please note the filing deadlines for Illinois on the right side of page 1 of the FAFSA. (Sometimes the State of IL has moved the deadline forward from this date so file your FAFSA ASAP.)
3. You will receive a SAR (Student Aid Report) in the mail. Review it for accuracy.
4. All students expecting to use scholarships or loans through financial aid are encouraged to register as soon as possible in order to allow enough time for all processes to be completed. Once the student has registered for classes, McKendree’s Office of Financial Aid will review your SAR to determine your eligibility. There may be more paperwork to complete at this time. The Office of Financial Aid will notify you of what is needed. Once all documentation is reviewed, an award will be prepared and sent to you. Please note: if you have not completed all necessary documentation and paperwork or have not yet registered for classes, you probably will not be notified of the exact contents of your financial aid package until after classes have begun.
5. Important!
A. Questions 29, 30, and 35 on the FAFSA must be completed with accurate information. These answers may impact your financial aid eligibility. If you are uncertain of your response, please contact the Office of External Programs. If you do not indicate on the FAFSA that you are interested in loans and you change your mind at a later date, you must notify the Office of Financial Aid in writing that you now wish to be packaged with loans. You will then receive a revised award letter and a loan application. When you receive your final financial aid package, you will choose how much of your loan eligibility you wish to use.
To check on the status of your FAFSA you may call: 1-800-433-3243.
Types of Financial Aid
You must complete a FAFSA every year to be determined eligible for all of these types of financial aid:
Federal Pell Grant
Free Federal money.
ISAC/ MAP Grant
Free money from the State of Illinois
Federal Subsidized Stafford Loan
Low interest, need-based loan with a cap of 8.25% interest. Loan limits are based on the student’s grade level. Interest is paid by the Federal Government while the borrower is enrolled in school at least ½ time.
Federal Unsubsidized Stafford Loan
Similar to Subsidized Stafford except the student pays the interest while in school or has the interest capitalized.
Enrollment Classifications
ISAC MAP GRANT
12 or more hours Full-time
6-11 hours Half-time
PELL GRANT
12 or more hours Full-time
9-11 hours 3/4 time
6-8 hours ½ time
<6 hours <half-time
Referral Phone Numbers
Federal Student Aid Information Center 9am - 8pm
1-800-433-3243
The Information Center can:
-Assist in completing FAFSA
-Explain federal student aid eligibility requirements
-Explain the process of determining financial need and awarding aid
-Send federal student aid publication to you
Illinois Student Assistance Commission
1-800-899-4722
ISAC can assist you with:
-Information regarding Illinois State MAP grant and other state financial aid programs
-Lender and student loan guarantee information
STEPS TO RECEIVE A LOAN
Complete FAFSA (Free Application for Federal Student Aid). Answer "yes" to question #33, which asks if you are interested in student loans.
Register for at least 6 hours of classes. Students are encouraged to register at least 1 month before classes begin to allow enough time for all processes to be completed.
Complete necessary paperwork for Financial Aid file (i.e. verification)
Receive award letter with loan application or loan authorization form. Complete the appropriate form and return it to the Financial Aid Office. Students will be packaged with loan amounts based on class level (i.e. Junior, Senior) at time of packaging.
All first time borrowers at McKendree must complete loan entrance counseling. This can be done via the Internet at http://www.mapping-your-future.org/oslc. The Financial Aid Office will contact you after this process has been completed.
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