Financial Aid Timeline
The Financial Aid Office encourages families to keep track of all financial aid activity. Following this checklist may help reduce some of the frustration that accompanies the financial aid process. Keep all copies of documents that you sign and/or submit.
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Federal/State Financial Aid Programs
State and federal financial aid programs can be an important part of a student’s financial aid package. Several of these programs are summarized here.
The MAP Grant program is provided by the State of Illinois to legal residents of Illinois based on financial need. Eligibility is based on information reported on the FAFSA. MAP Grants do not need to be repaid. Each year the State of Illinois has a deadline by which the FAFSA needs to be filed to be considered for this grant. We encourage you to file the FAFSA as soon as possible after October 1st using the IRS Data Retrieval Tool, if possible.
The Federal Pell Grant provides aid to students with very high need. The amount of the Federal Pell Grant is based on the Expected Family Contribution as calculated on the FAFSA. The Federal Pell Grant never has to be repaid.
The Federal SEOG is awarded to Pell Grant recipients with the highest financial need. The amount of SEOG is determined by Eureka College based on available funding levels. These funds are limited, and not all students who qualify can be assured that they will receive an SEOG grant. The Federal SEOG never has to be repaid.
This federally funded loan is based on financial need and must be repaid. The funds for this program are limited and are awarded to students with exceptional financial need as determined by the Financial Aid office. A Perkins Loan has a fixed interest rate of 5% and a repayment grace period of 9 months. No interest is charged and no payments are required on the principal while the student is enrolled at least half-time. There are no origination fees associated with this loan.
This federally funded student loan is based on financial need and must be repaid. The interest rate is determined annually by the Federal government and is currently 3.76%. No interest is charged and no payments are required on the principal while the student is enrolled at least half-time. Repayment begins 6 months after a student graduates, leaves school or falls below half-time. The federal government charges processing fees before disbursing the loan proceeds. Eureka College will request and receive the loan funds directly from the Federal government, half in each semester.
<h3>Federal Direct Unsubsidized Loan
This federally funded student loan is not based on financial need and must be repaid. The interest rate is determined annually by the Federal government and is currently 3.76%. Unlike the subsidized loan, interest is charged while the student is enrolled. The unsubsidized loan is identical to the subsidized loan in all other aspects.
The Federal PLUS Loan is available to creditworthy parents and is not based on financial need and must be repaid. The interest rate is fixed and is currently 6.31%. Repayment begins immediately after the last disbursement of the loan is made for the school year. This means that the parent must begin repayment while the student is still in school, although deferment is an option. The federal government charges fees between 4-5% of the loan before disbursing the loan proceeds.
This federally funded program is based on financial need. To receive this award, a qualifying student must obtain a campus job. Federal Work Study dollars will fund the student’s paycheck and therefore will not be reflected on the EC student account. It will be the responsibility of the student to determine how to use these funds wisely. Federal Work Study is not a guarantee of job placement. Federal Work Study awards are not required for students to obtain on campus jobs.
Alternative and Private Loans
Alternative and private educational loans are additional loan opportunities available to our students through commercial lenders. Alternative loans may be used as a source of financial aid in addition to Eureka College, state and federal assistance. These loans are subject to credit analysis and usually require a co-signer.
Since federal loan programs are typically less expensive than private loans, students should consider alternative loans last when developing a strategy to pay for their education at Eureka College. Other financing options include a home equity line of credit, which may have tax benefits for some families, or another type of collateralized loan. You may want to discuss these with your financial advisor.
Below are some links to alternative loan lenders. You may select any lender that participates in the Alternative Loan Program. Eureka College does not have a preferred lender list and has not entered into a preferred lender arrangement with any lender. Borrowers are not limited to the lenders listed below.
Alternative Loan Lenders for Students:
Alternative Loan Lenders for Parents:
*The Sallie Mae Parent Loan gives a parent or any creditworthy individual (including spouses, family members, and guardians) another option for financing college expenses for their student.
Financial Aid Helpful Links
Eureka College Financial Aid Handbook
Completing Student Loan paperwork
- Direct Loan Entrance Counseling (for subsidized and unsubsidized loans)
- Direct Loan Master Promissory Note (for subsidized and unsubsidized loans)
- Parent PLUS Loan Request
- Parent PLUS Loan Master Promissory Note
Financial Aid Application
- FAFSA (Free Application for Federal Student Aid)
- Request IRS Tax Return Transcript
- Selective Service Registration
- 2017-18 Special Circumstance form
- Request IRS Form 4506 (document non-filing status, complete sections 1-5, 7, and signature(s))