For all programs listed below except Parent Loan (PLUS) and Other Employment, the completion of the Free Application for Federal Student Aid (FAFSA) is required for the appropriate year.

The award year for financial aid includes the summer following the academic year for which aid is awarded.  Of the grant programs listed below, only the Pell Grant is awarded for summer.  The Pell Grant for summer 2010 is based on student eligibility established for the 2009-2010 year.

Federal Grants
Pell Grant – This program is for students who have not earned a bachelor’s degree and is based on financial need.  The maximum grant requires a zero Expected Family Contribution (EFC) and enrollment of at least 12 credit hours.  Grants are reduced for higher EFC’s and part-time attendance.  Grants for full-time attendance ranged from $4,731 to $890 for 2008-2009.

Academic Competitiveness Grant  -The student must be Pell Grant eligible, have taken a rigorous high school curriculum, and graduated from high school after January 1, 2006.  Students must attend at least 12 credit hours and must be in an academic program that is at least two yeas in length.  First year grants are $750 for the academic year.  Second year grants are $1,300 and require a 3.0 grade point average.

Supplemental Education Opportunity Grant – Students must be Pell Grant eligible and have zero Expected Family Contributions.  Grants are $500 for students taking 12 credit hours.  Students must be enrolled for at least 6 credit hours

State of Illinois Grants
Monetary Award Program (MAP) – This program requires Illinois residency and is based on financial need.  The maximum grant for 2008-2009 was $1,670 based on 15 credit hours of attendance.  Grants are reduced for less than 15 credit hours down to the minimum enrollment of 3 credit hours.

Federal Loans
Federal Direct Education Loans - Beginning with the 2009-2010 school year, students will obtain their loan funds directly from the federal government. Once awarded a loan, a first-time Direct Loan borrower must complete an Entrance Interview and a Master Promissory Note at the Direct Loan Web sites. Students who have previously borrowed a federal education loan from a private lender will need to complete a new promissory note. Learn more at our Loans page.

A minimum enrollment of 6 credit hours is required to for the school to certify and for the student to receive a loan.  Loans can be either subsidized or unsubsidized:

Subsidized loans are based on financial need.  Subsidized loans charge no interest until the student ceases to be enrolled at least half-time.  The maximum subsidized loan is  $3,500 for freshmen and $4,500 for sophomores per academic year.

Unsubsidized loans do not require financial need.  Interest is charged starting the date the loan is disbursed.  The maximum unsubsidized loan per academic year is $2,000 for a dependent student.  If the dependent student’s parents cannot qualify for a Parent Loan loan, this increases to $6,000.  The maximum unsubsidized loan per academic year for an independent student is $6,000.

The initial loan awarded for a student planning to attend fall and spring semesters is the annual subsidized maximum of $3,500 for freshmen and $4,500 for sophomores.  Students can request additional unsubsidized loan up to the maximums using the Loan Adjustment Request found on the Financial Aid Forms page of this web site.  Once the student submits this Request, he/she may be contacted to set up an appointment with the loan advisor.

Parent Loan (PLUS) is a Federal Direct Loan that is not based on financial need.  To apply, the parent completes the Parent PLUS Loan Form found on the Financial Aid Forms page of this web site and selects a participating lender.  Approval of a Parent Loan requires a credit check by the lender.  Loans are limited to the difference between the total cost of attendance and any other financial aid the student is receiving.

Federal Employment
Work-Study - Students are awarded funds based on their financial need to work on campus or in the America Reads program.  Hourly pay is $8.40 and total earnings are limited to the amount awarded.  Students must be enrolled at least 6 credit hours to work during the academic year.  Listings of Federal Work-Study jobs can be found at www.waubonsee.edu/employment

Other Employment
Listings of non work-study part-time positions can be found at www.waubonsee.edu/employment