In order to determine eligibility for any need-based grants and/or loans, the Free Application of Federal Student Aid (FAFSA) must be completed each year.
A grant based on financial need, awarded by the federal government. The maximum Pell Grant is currently $5,920 for the 2017-2018 academic year. This grant is only available to eligible undergraduate students who have not yet earned their first bachelor’s degree. Eligibility is limited by yearly maximum amounts and aggregate Lifetime Eligibility Used.
A grant based on financial need, awarded by the state of Illinois to qualified Illinois residents. The award amount is based on enrolled credit hours; amounts vary from 3 to 15 enrolled credit hours. The yearly maximum is currently $4,720.
This grant is only available to eligible undergraduate students who have not yet earned their first bachelor’s degree.
Due to budgetary constrictions and state processing timeline, it is strongly encouraged that students file the FAFSA as soon as possible after October 1 each year in order to secure grant funding. The CUC priority FAFSA date is December 1 each year. Students will be required to report income information from an earlier tax year. For example, on the 2017-18 FAFSA, students (and parents, as appropriate) will report their 2015 income information, rather than their 2016 income information.
*NOTE: Funding levels have not yet been confirmed and are subject to change based on government allocation and budgetary allowances.
A low-interest loan made available to undergraduate students who demonstrate financial need. Interest does not accrue until repayment begins, which is six months after the borrower ceases to enroll at least half-time. For new borrowers, the interest rate is currently 3.76% during repayment. Eligibility to borrow is limited by yearly and aggregate maximums.
A low-interest loan made available to students who are not eligible (or only partially eligible) for the need-based interest subsidy. Interest begins accruing at the time of first disbursement of loan funds. Students may choose to pay the interest while in school or have it accrue and added to the principal amount of the loan. Repayment of interest and principal combined begins six months after the student ceases to be enrolled at least half-time. For Adult Degree students, the fixed interest rate is 3.76%; for graduate students, it is 5.31%. Eligibility to borrow is limited by yearly and aggregate maximums.
The Offices of Graduate Admission and Financial Aid are committed to assisting current service members and veterans who wish to continue their education. Please click here for more information.