VOL. XXII, NO. 5
DECEMBER 19, 1980

Financial Help for Students Provided by the Community
Many students are now looking at or starting to apply for college. The cost of college can be very expensive for students and their parents. Many are asking how they can afford to go to college; the answer is financial aid.

Financial aid is available in ..three forms. The first type of financial aid is a grant or scholarship; these do not have to be repaid. The second form of financial aid is loans; these are the most popular and usually have low interest rates when they have to be repaid. The third and final type is student employment or work aid; this usually consists of jobs the college finds for the student while he is attending the college.

Financial aid can come from several different sources. The first source is the college or university which you plan to attend; most colleges and universities have scholarships or grants as well as loan and work programs. Another source of financial aid is the federal government. Federal programs include the National Direct Student Loan Program (NDSL) that provides loans for students with need. No interest has to be paid while the student is enrolled in the college. When the student leaves the college, he then repays the loan at three per cent interest. The federal government also has a grant program called the Basic Educational Opportunity Grant Program (BEOG). The average grant is around $1,050. The size of the grant is based on family financial circumstances and can be used at the college of your choice.
 Another federal program is the Guaranteed Student Loan Program (GSL). These loans are made by banks, savings and loans, and credit unions. The federal government pays the full nine per cent interest on the loans while the student is enrolled in college. The student repays the loan after he leaves the school. The state of Illinois has scholarship and grant programs that help students who want to attend college in Illinois.

The Illinois State Scholarship Commission has a program called the Monetary Award Program. This program provides non-repayable assistance to financially needy students. To receive this award, you must be a citizen of the United States and a resident of Illinois, a full-time student who is registered for 12 hours of credit or its equivalent or a half-time student reg-istered for six to 11 hours of credit or its equivalent. You must also demonstrate financial need. The deadline for the 1981-82 academic year is Oct. 15, 1981, for full year eligibility. Financial aid is also provided by community agencies, foundations, corporations, unions, clubs, and civic groups as well as many other organizations.

When applying for financial aid, you will have to fill out a financial aid form (FAF) or (FFS). These forms collect information about you and your family that can be used to determine financial aid. Many times there are deadlines you have to meet when filing for financial aid.

If you have any questions about financial aid or college in general, talk to your counselor or Mr. James Killam in the Career Resource Center as soon as possible.