Financial Aid Programs
To assist in meeting the financial challenges of a college education, a variety of grants, scholarships, and loans are available from the federal government, state of Illinois, Methodist College Foundation, and other sources.
Students need only to complete the FAFSA to apply for aid at Methodist College. All programs have eligibility requirements and students must maintain satisfactory academic progress as outlined in the catalog.
Federal Student Assistance
Federal Pell Grant
Award based on student need as determined by the FAFSA. The Federal Pell Grant is money that does not have to be repaid.
Federal Stafford Subsidized Loans
Award based on student need as determined by the FAFSA. The subsidized loan typically has a lower interest rate than the unsubsidized loan. The interest on the subsidized loan does not start until the student leaves college or is considered less than part time. A student must be enrolled at least part time to receive a loan.
Federal Unsubsidized Loans
Award not based on student need. The interest rate is currently 3.76% and the interest begins when the funds are disbursed. A student can choose to pay interest while in school, but this is optional. A student must be enrolled at least part time to receive a loan.
Federal Parent Loan for Undergraduate Student (PLUS)
Parents of dependent students may apply. Approval of the loan is based on a credit check. The current interest rate is 6.31%.
Federal Supplemental Educational Opportunity Grant (FSEOG)
A limited amount of additional grant money is available to students with the greatest need. This grant does not have to be paid back after you leave school and need is determined by the information provided on the FAFSA.
Federal work-study gives you the opportunity to work on campus or at an approved not-for-profit organization located in the community in order to earn money to pay for educational expenses. Federal work-study wages are paid in part by the federal government. A FAFSA needs to be completed to determine whether you qualify for work-study. Learn more about the work-study program at Methodist College and contact the Financial Aid Coordinator for a list of open positions and how to apply.
Additional information and resources regarding Federal Student Aid programs can be found at www.studentaid.ed.gov.
State Student Assistance
Monetary Award Program (MAP) Grant
Award based on student need. By applying for financial aid with the FAFSA, you are applying for the MAP Grant as well. MAP Grants can only be used to pay tuition and fees. MAP Grants are contingent on state funding, so it is very important to apply for financial aid early. Students must be residents of Illinois. Students must take a minimum of three hours and are paid for a maximum of 15 hours. Additional information regarding the maximum hours available can be found in the student's award letter. Students applying to Methodist College who are out-of-state residents are encouraged to learn about their state's educational grants.
Additional information and resources from the Illinois Student Assistance Commission can be found www.isac.org.
Workforce Investment Act/Career Link Program
The Workforce Investment Program (which is also known in some counties by other names, such as Career Link) is a need-based grant program administered at the county level. If you are receiving the federal Pell Grant, there is a possibility that you could receive funds through this grant as well. Search for the closest office by entering your zip code. This grant can pay for expenses such as books and uniforms in addition to tuition.
Scholarships from Methodist College are available, in addition to private scholarships. These scholarships have various deadlines and requirements, so please read each one carefully. Additional information about scholarships from Methodist College can be found at www.methodistcol.edu/scholarships.
If you are serving in the military or if you are a veteran or the spouse of a veteran, please contact the Financial Aid Coordinator or visit the GI Bill website. Multiple programs exist to aid members of the military, veterans, and their families.
To obtain further information, students may call Cindy Crosswhite, Methodist College Financial Aid Coordinator, at 309-672-5538 or send questions to firstname.lastname@example.org.