Loans & Grants
MacMurray College participates in the following grant and loan programs. For more information on each program, follow the links listed below. Questions regarding any of the programs listed can be directed to the Financial Aid Office.
Federal Pell Grant Program
The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain post-baccalaureate students to promote access to postsecondary education. Eligibility is determined by results of the FAFSA and the lifetime maximum award is the equivalent of 12 full-time semesters or 6 years. Pell Grant does not have to be repaid and must be applied for annually via the FAFSA.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Students who will receive Pell Grants and have the most financial need will receive FSEOGs first. FSEOG is campus based and will vary based on the school. FSEOG does not have to be repaid and must be applied for annually via the FAFSA.
Illinois Monetary Award Program (IMAP)
The Monetary Award Program (MAP) provides grants, which do not need to be repaid, to Illinois residents who attend approved Illinois colleges and demonstrate financial need based on the information provided on the FAFSA. MAP Grants are awarded by the state annually on a first come, first serve basis. Students are strongly encouraged to submit the FAFSA each year as soon as possible after January 1st.
TEACH Grant Program
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to quality students (minimum GPA 3.25) who intend to teach in high-need fields, such as mathematics, science, and special education, in a public or private elementary or secondary school that serves students from low-income families. Recipients of the grant must teach a minimum of 4 out of 8 years following graduation in the high-need subject and low-income school. Failure to meet this service requirement will convert the grant funds to an unsubsidized loan, retroactively. Students are encouraged to carefully review all the terms and conditions before requesting this grant. The Agreement to Serve and TEACH Grant Counseling must be completed online before a student may receive the grant.
Federal Direct Loan Program for students
Direct Loans are low-interest loans for students to help pay for the cost of a student's education after high school. Students must be enrolled at least part time and file a FAFSA to be eligible. There are two types of Direct Loans: subsidized and unsubsidized. Subsidized loans are need based and do not accrue interest while the student is enrolled. Unsubsidized loans are not need based and do accrue interest from the time of disbursement. Repayment begins 6 months after a student graduates or drops below half-time status. There are maximum loan levels a student may borrow based upon grade level and dependency status. First-time borrowers must complete a Master Promissory Note and Entrance Counseling online at www.studentloans.gov.
Federal Direct PLUS Loan Program for parents
Direct PLUS Loans are low-interest loans for parents to help pay for the cost of a student's education after high school. This loan enables parents to borrow up to the cost of attendance, minus other financial aid, for a student who is enrolled at least part time. The loan is not need based; however, parents must complete an application to determine credit worthiness. The credit application is available online through www.studentloans.gov. The loan must be applied for annually and does accrue interest from the time of disbursement. Repayment begins 60 days after disbursement or 6 months after a student graduates or drops below half-time status if deferment is requested. First-time PLUS borrowers must complete a Master Promissory Note online at www.studentloans.gov.
Federal Perkins Loan Program
The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education. The lender is MacMurray College and these loans must be offered to the highest-need students first. Interest is fixed at 5% and repayment begins 9 months after a student graduates or drops below half-time status. First-time borrowers are required to complete a Master Promissory Note, entrance counseling, and a loan application. The forms may be found here.
Private Non-Federal Student Loans
These student loans are offered by a number of private lenders and banks. Interest rates and fees vary depending on the credit worthiness of the student and his or her cosigner. Please visit the above link for more information and a historical list of lenders used by MacMurray College students.
Golden Apple Scholars of Illinois
Golden Apple, a leader in advancing the teaching profession in Illinois since 1985, works with teachers across the spectrum of their careers. Golden Apple recruits, prepares, and mentors outstanding prospective teachers; provides high quality professional development; and recognizes and supports the work of excellent teachers. Beginning in May of their junior year and continuing through November of their senior year, any Illinois high school student who is interested in a teaching career is eligible for the Golden Apple Scholars of Illinois program. Students must be nominated. Visit the website for more details.
The United Methodist Student Loan Program
Active members of the United Methodist Church may be eligible to borrow up to $5,000 per year at 5% interest. Fall applications generally open on June 1st. Check the website for more details and the application process.