There are several types of financial aid that students can use to help pay for college.
- Prairie Promise is a pilot program set to welcome new, first-time freshmen at UIS starting in Fall 2024. It covers the cost of any full-time tuition and mandatory fees including the State of Illinois MAP Grant, AIM HIGH grant, and UIS scholarships and other awards for eligible students!
- Scholarships are awarded based on academic achievement, extracurricular activities, or other criteria.
- Grants are typically need-based and do not have to be repaid. They are awarded based on the student’s financial need, as determined by FAFSA®.
- Loans, on the other hand, must be repaid with interest. There are two main types of loans: federal student loans and private student loans. Federal student loans are provided by the government and have fixed interest rates, while private student loans are provided by banks and other financial institutions and have variable interest rates.
It is important to note that some students may receive a combination of several types of aid, and students should exhaust all scholarship and grant options before considering taking out a student loan.