Types of Aid

Southwestern Illinois College provides financial assistance through these programs:

  Grants - Need-based gift aid which the student is not expected to repay.

  Scholarships - Usually academically/talent-based aid, gift aid, which the student is not expected to repay.

  Employment - Campus jobs to earn money for educational expenses.

  Loans - While terms of repayment vary between programs, the student loan is similar to any other loan because you must repay the funds.

  Other - Assistance from external agencies like WIA, DOHS and Veterans' Benefits.

Which Financial Aid Is the Best to Accept?
Order to AcceptType of AidWhat to Keep in Mind
1
Scholarships & grantsMake sure you understand the conditions you must meet. (For instance, you might have to maintain a certain grade point average to continue receiving a scholarship).
2
Work-studyYou don't have to pay the money back, but you do have to work for it, so take into account that will mean less time for studying. However, research has shown that students who work part-time jobs manage their time better than those who don't!
3
Federal student loansYou'll have to repay the money with interest. Subsidized loans don't start accruing (accumulating) interest until you leave school, fall below 6 financial aid eligible credit hours enrollment or fail to meet required satisfactory academic progress.
4
Loans from your state government or your collegeYou'll have to repay the money with interest, and the terms of the loan might not be as good as those of a federal student loan. Be sure to read all the fine print before you borrow. 
5
Private loansYou'll have to repay the money with interest, and the terms and conditions of the loan almost certainly will not be as good as those of a federal student loan.