February is Financial Aid Awareness Month

vFebruary is Financial Aid Awareness Month (FAAM), and the Illinois Student Assistance Commission (ISAC) is hosting nearly 200 events across the state to help students and families complete the Free Application for Federal Student Aid (FAFSA) and learn about the wide range of college financial aid opportunities and the college selection and admission process. A calendar of local events, updated daily, is available on the ISAC website, www.isac.org.

The Illinois Student Assistance Commission notes that there are several sources for non-loan grant aid, assistance that does not need to be repaid. The Monetary Award Program (MAP) is Illinois’ large-scale grant program, which, for over 50 years, has helped Illinoisans pay for tuition and fees at Illinois colleges and universities. MAP grants are awarded based on financial need using information collected on the FAFSA.

According to ISAC, even if MAP is not available, many undergraduate students may qualify for a federal Pell Grant, which can provide up to $5,550 for students attending a Pell-eligible institution full time. Information on the number of FAFSAs received, as well as the dollar amount of projected MAP and Pell grants will be posted on the ISAC website and updated weekly.

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