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 One-Stop Student Services.
- 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-served basis. Students are strongly encouraged to submit the FAFSA each year as soon as possible after October 1.
- 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 creditworthiness. 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.
- 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 creditworthiness of the student and his or her cosigner. Please see the next section 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 1. Check the website for more details and the application process.
Private & Alternative Loans
Educational loans that are not part of the Federal Student Aid program are typically referred to as "private" or "alternative" loans. These loans can be made to either the student or the parent, and usually require a co-signer.
Before considering additional funding through a private loan program, MacMurray encourages students and their parents to utilize the maximum federal loan eligibility available to them. Comprehensive information regarding federal loan programs is available at www.studentaid.ed.gov. Once all federal opportunities have been exhausted, a private loan can assist the family in bridging the gap between college costs and traditional funding sources.
Terms and conditions of private loans (including approval, interest rates and fees) are dependent on the creditworthiness of the borrower or the co-borrower. The borrower as a consumer should carefully review program details before selecting a private loan program.
- Eligibility — The school must certify enrollment and eligibility based on total cost of education minus other financial aid received. The borrower and co-borrower must be creditworthy as determined by the lender.
- Interest rates and fees — The interest rates on private loans can vary depending on the type of loan, the lender and the credit history of the borrower or co-borrower. The interest rates are variable and have no cap. Interest rates and fees for students who do not have a co-borrower will usually be higher.
- Repayment — Repayment of a private loan can be deferred until six months after the student ceases to be enrolled at least half-time; however, the interest will accrue during the in-school period, which will increase the amount of the loan. Some lenders may require that you make interest-only payments while in school.
Private loan borrowers must complete a Self-Certification Form. Your lender will provide you with this form and instructions on how it must be completed (electronically or by paper). All Self-Certification Forms for private loans should be sent to your specific lender and not One-Stop Student Services.
MacMurray College will process private loans from any lending institution; however, we have provided our historical list of lenders used here over the past several years. This list is not all encompassing, and students are encouraged to find their best option when using private loan financing. Students are encouraged to read all terms and conditions before applying for a private loan. The lenders in this list appear in alphabetical order. We also suggest visiting www.finaid.org. This will help students and parents compare many lender rates, terms and benefits.
|Discover Student Loans||www.discoverstudentloans.com||877-728-3030|
|Midwest Bank of Western Illinois||www.slfc.com||800-521-7714|
|Wells Fargo EFS||www.wellsfargo.com/student||877-599-6788|
Student Lending Code of Conduct
MacMurray College is committed to providing students and parents with the best information regarding the private loan process.
As a member of the National Association of Student Financial Aid Administrators (NASFAA), MacMurray adopts and adheres to the ethical principles that govern our behavior in helping students achieve their educational goals. The full statement may be found on the NASFAA website.
Staff Code of Conduct
As a professional member of NASFAA, the staff of One-Stop Student Services will personally and professionally conduct themselves with the standard of expectations set by NASFAA found on their website.
MacMurray College is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between MacMurray College officers, employees, or agents and education loan lenders, MacMurray College has adopted the following guidelines.
- MacMurray College does not participate in any revenue-sharing arrangements with any lender.
- MacMurray College does not permit any officer, employee, or agent of the school who is employed in the Financial Aid Office or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender, guarantor, or servicer.
- MacMurray College does not permit any officer, employee, or agent of the school who is employed in the Financial Aid Office or is otherwise involved in the administration of education loans to accept any fee, payment, or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating to education loans.
- MacMurray College does not permit any officer, employee, or agent of the school who is employed in the Financial Aid Office or is otherwise involved in the administration of education loans to accept anything of value from a lender, guarantor, group of lenders, and/or guarantors in exchange for service on an advisory board, commission, or other group established by such a lender, guarantor, group of lenders, and/or guarantors. MacMurray College does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders, guarantors, or groups of lenders and/or guarantors.
- MacMurray College will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans or a preferred lender arrangement for Title IV loans.
- MacMurray College will not request or accept any assistance with call center or Financial Aid Office staffing from any lenders, guarantors, and/or affiliates.
The financial aid forms below are available to complete and return to One-Stop Student Services:
- Direct Loan Entrance Counseling — completed electronically
- Direct Loan Master Promissory Note — completed electronically
- Financial Aid Acceptance Form
- Student Account Agreement
You may fax, mail or email to:
One-Stop Student Services
447 East College Avenue
Jacksonville, IL 62650