Federal & State Aid
Various State & Federal Financial Aid Programs
Federal and State Grants are estimated pending finalization of Government budgets. Following are brief descriptions of the major programs.
To be considered for one of these awards, you must complete the Free Application for Federal Student Aid (FAFSA).
Quincy University’s FAFSA school code is 001745.
Federal Pell Grant
- The value of this grant can range from $626 – $5775 for eligible students in 2015-16.
- Application must be made annually with the FAFSA www.fafsa.gov.
- The Federal Pell Grant Program provides need-based grants to eligible degree-seeking undergraduates. The amount of the award is based on the Expected Familty Contribution (EFC) and the number of credit hours for which the student is enrolled. Awarding of Pell Grant is limited to 12 full-time semester awards. This award is only for first Bachelors degree.
Federal Supplemental Education Opportunity Grant (FSEOG)
The Federal SEOG is a limited-fund award available to degree-seeking undergraduate students who demonstrate substantial financial need. As with the Federal Pell Grant, these funds are available for the first Bachelors degree only. Due to federal guidelines, preference is given to the neediest Pell Grant eligible students.
Federal Work-Study Programs (FWS)
- This program provides part-time, on-campus employment for students with established need.
- Students in this program usually work between 8-12 hours per week.
- Most jobs are on campus.
- The Office of Financial Aid will post information about available job opportunities on our website at On-Campus Work Study Jobs. FWS positions are limited and priority is given to students who indicate they are interested in Federal Work Study on their FAFSA and met the priority filing date.
Federal Stafford Subsidized and Unsubsidized Loan Program
- This program enables undergraduate students to borrow annual amounts up to $3,500 for freshmen, $4,500 for sophomores, and $5,500 each for juniors and seniors.
- Dependent undergraduates whose parents can borrow PLUS Loans may borrow an additional annual amount of $2000 through the unsubsidized Federal Stafford Loan Program.
- Undergraduate dependent students whose parents cannot borrow PLUS Loans and undergraduate students meeting the federal criteria for independent status may borrow for the freshman and sophomore years an additional annual amount of $6000 through the unsubsidized Federal Stafford Loan Program while students at the junior and senior level may borrow up to an additional $7000 per academic year. Contact Financial Aid for current interest rates and fees.
- Subsidized Federal Stafford Loans are need based with all interest paid by the U.S. Department of Education while attending at least half time (six credit hours for undergraduates).
- Unsubsidized Federal Stafford Loans are not need based and interest accrues on the loan. Students with an unsubsidized Stafford Loan are responsible for paying the interest while they are in school; however, the student has the option of capitalizing the interest.
Direct Loan borrowers must:
- Complete the Federal Stafford Loan Entrance Counseling online at www.studentloans.gov.
- Complete a Master Promissory Note at the same website. When you sign the Master Promissory Note, you are agreeing to repay the loan according to the terms of the note. If you have completed an MPN in the last 10 years in the Direct Loan program and received funds based on it, you will not need to complete a new MPN.
You may check your loan history at: www.nslds.ed.gov/nslds_SA/
Graduate students can borrow up to the cost of education or a total of $20,500 unsubsidized Stafford Loan.
All Financial Aid documentation must be received in the Financial Aid office before your Stafford Loans can be processed including your Entrance Counseling and Master Promissory Note at www.studentloans.gov
Federal Parent Loan for Undergraduate Students (PLUS)
- Parents (or step-parents) who need additional funds to assist with educational expenses may borrow up to the cost of education minus any financial aid the student is eligible to receive for the academic year.
- Parents must complete a Plus Loan Application and Master Promissory Note at www.studentloans.gov.
- Repayment normally begins after the loan is fully disbursed.
- Interest begins to accumulate at the time the disbursement is made.
- Contact Financial Aid for current interest rates and fees.
Illinois Monetary Award Program (MAP) Grant
- The Illinois Student Assistance Commission (ISAC) offers a need-based grant to eligible Illinois residents.
- Residence status for dependent students is based on parents Illinois residency. Independent students must document Illinois residence for 12 months before the beginning of the academic year.
- Due to limited funding students are encouraged to apply early to avoid loss of funding.
- Application for the MAP Grant is made by properly completing the FAFSA www.fafsa.ed.gov, listing an Illinois school, and meeting Illinois residency requirement.
- Eligibility is limited to 135 paid MAP credit hours.
- Students who have been paid 75 or more MAP credit hours must attain junior status.
- Quincy University’s FAFSA code is 001745.
MAP grants are limited based on the number of applicants and funding levels appropriated by the Illinois General Assembly. Please be aware that in light of state funding constraints, reductions to estimated or actual grants are possible.
Vocational Rehabilitation Services
- Students having disabilities which limit them vocationally may be eligible for the services of their state’s department of rehabilitation.
- These services include vocational counseling and training, payment of tuition, fees, books, and job placement.
- Contact your local department of rehabilitation office for details.
Quincy University is approved by the State Approving Agency for educational assistance benefits to veterans and veterans’ dependents.
QU’s FAFSA code
Quincy University’s FAFSA code is 001745.