Policy
The Financial Aid Office processes all financial aid applications. Once completed, reviewed, approved, and/or received, aid is applied to the student’s account.
There are five types of financial aid: grants, scholarships, waivers, loans, and work-study.
- Grants - Financial aid that is often based on student need. Grant monies typically are no-cost, no-interest and do not have to be repaid by the student. They are specific to the semester for which they are awarded, can only apply to specific charges, and align with the grant's stipulated rules.Grant monies are typically applied to the student’s account at the start of each semester or as soon as the funds are approved and/or received. If the grant award amount exceeds allowable charges, those monies may be refunded to the student (see the Refunds policy). Grants are typically funded by the federal government, state government, or Illinois State University.
- Scholarships – Financial aid that is awarded based on eligibility criteria, often based on students’ academic or other achievements, or on financial need. Scholarships typically do not require repayment by the student. They are specific to the semester in which they are awarded, can only be applied to specific, stipulated charges, and align with the specific scholarship’s stipulated rules. Scholarship aid is typically applied to the student’s account at the start of each semester or as soon as the funds are approved and/or received. If the scholarship award amount exceeds allowable charges, those monies may be refunded to the student (see the Refunds policy). Scholarships may be funded by Illinois State University, the federal or state government, or private organizations and donors.
- Waivers – Tuition and fee waivers are an agreement between the student and the University to reduce or eliminate tuition and/or fees. Waivers are applied to the student’s account once received. They are specific to the semester and can only be applied to a student’s tuition and fees. Please note certain state aid programs referred to in policy 7.7.8 as scholarships may be classified as tuition and/or fee waivers based on program requirements.
- Loans – Loans can typically be used to pay for any and all charges on a student’s account. Loans are applied to the student’s account at the start of the semester or as soon as funds are approved and/or received. Loans are applied to appropriate charges based on established rules and, in some cases, excess monies may be refunded to the student (see the Refunds policy).
- Federal Work-Study – Work-study is available for those units that hire an eligible student worker. The student receives a paycheck for hours worked. ISU receives federal funds which it applies toward the expense of having a student as an employee. Federal Work-Study funds are paid through ISU’s Payroll office.
Disbursement of financial aid begins the week prior to the first day of class and refunds are released no sooner than the Friday before the first day of classes.