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
Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor's or a professional degree. A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circumstances.
Title IV Loans Code of Conduct
Federal Stafford Subsidized Loans
Subsidized loans are federal student loans for eligible students to help cover the cost of higher education. A student's eligibility for a subsidized loan is determined by the FAFSA. The subsidized loan typically has an interest rate of zero when a student is enrolled at least 1/2 time. The interest on the subsidized loan does not start until the student leaves college or is considered less than part time. The current interest rate is 4.99%.
Federal Unsubsidized Loans
The unsubsidized loan is not based on student need. The interest rate is currently 4.99% 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 this loan.
Federal Parent Loan for Undergraduate Student (PLUS)
Parents of dependent students may apply for this federal loan. Approval of the loan is based on a credit check. The current interest rate is 7.54%.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The FSEOG program is administered directly by the financial aid office at each participating school. 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.
State of Illinois Student Assistance
Monetary Award Program (MAP) Grant
A MAP Grant awards are based on student need. By applying for financial aid with the FAFSA, you are applying for the State of Illinois MAP Grant, as well. MAP Grants can only be used to pay tuition and fees and are contingent on state funding, so it is very important to submit your FAFSA as early as possible. When the allocation budgeted by the Illinois General Assembly is depleted, the State will suspend these awards. Students must meet the definition of an Illinois resident to qualify for this grant. Students must take a minimum of three credit hours to be eligible for a MAP Grant award and are paid up to a maximum of 15 credit hours. Additional information regarding the MAP Grant 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.
Find additional information and resources from the Illinois Student Assistance Commission (ISAC).
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 program administered at the county level. If you are a federal Pell Grant recipient, there is a possibility that you could qualify to receive funds through this program. This program can pay for expenses such as books and uniforms in addition to tuition.
Residents of Peoria, Stark, Marshall, Woodford, Mason, Fulton, McLean and Tazewell Counties apply here.
Students from other counties search for your local office here.
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 Director or visit the GI Bill® website at https://www.benefits.va.gov/gibill/ . Multiple programs exist to aid members of the military, veterans, and their families.
To obtain further information about Veteran benefits, students may call Angie Robinson, Methodist College Director of Financial Aid, at (309) 672-5917 or send questions to PSA_FinancialAid@carle.com.