Financial Aid Programs
To assist with 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 on the FAFSA. The Federal Pell Grant is money that does not have to be repaid like a loan.
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 6.8% and the interest begins when the funds are disbursed. A student can choose to pay interest while in school but it is optional. A student must be enrolled at least part time to receive a loan.
Federal Parent Loan for Undergraduate Student (PLUS) – Parent’s of dependent students may apply. Approval of the loan is based on a credit check. The current interest rate is 8.5%
Federal Supplemental Educational Opportunity Grant (FSEOG)- A limited number of additional grant money is available to students with the highest 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 Workstudy - 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. FWS wages are paid in part by the federal government. A FAFSA needs to be completed to see if you qualify for work study. Contact the Financial Aid Coordinator for a list of open positions and how to apply.
State Student Assistance
Monetary Award Program (MAP) Grant – award based on student need – by applying for financial aid using the FAFSA you are applying for the MAP Grant as well. MAP 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 maximum hours available is available in 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.
Apply – www.fafsa.ed.gov
Workforce Investment Act/Career Link Program
The Workforce Investment Program (which is also known in some counties as Career Link, or other names) is a need based grant program administered at the county level. If you are receiving the Pell Grant, there is a possibility you could receive funds through this grant. For the closest office please go to http://www.servicelocator.org and type in your zip code. This grant can pay for costs such as books and uniforms in addition to tuition.
Scholarships
Scholarships from both Methodist College and private scholarships are listed. These scholarships have various deadlines and requirements so please read each one carefully.
Veterans's Benefits
If you are serving in the military, are a veteran or the spouse of a veteran, please contact the Financial Aid Coordinator or go to www.gibill.va.gov. Multiple programs exist to aid members of the military, veterans and their families pay for college.
To obtain further information, students may call Angie Robinson, Methodist College Financial Aid Coordinator, at 309-672-5917 or send questions to
