Types of Aid
Southwestern Illinois College provides financial assistance through these programs:
Employment – Campus jobs to earn money for educational expenses.
Grants – Need-based gift aid which the student is not expected to repay.
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.
Scholarships – Usually academically/talent-based aid, gift aid, which the student is not expected to repay.
|Order to Accept
|Type of Aid
|What to Keep in Mind
|Scholarships & grants
|Make 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).
|You 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!
|Federal student loans
|You’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.
|Loans from your state government or your college
|You’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.
|You’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.