Financial Aid

Financial aid refers to specific borrowed, given, or earned money that can be obtained from various sources to pay for college. There are many types of financial aid, including scholarships, grants, federal work-study programs, and loans, all of which can come from the state or federal government. Most types of financial aid require students to reapply every year.

Sources of Financial Aid

• U.S. Department of Education Office of Federal Student Aid (FSA)
• Illinois Student Assistance Commission (ISAC)
• Colleges and universities (institutional aid)
• Private sources

Types of Financial Aid

• Scholarships
• Grants
• Loans
• Work study

There are two basic types of financial aid—gift aid and self-help aid. Like the name says, gift aid is assistance received that does not typically have to be repaid. Self-help aid includes work opportunities and loans, and is called self-help because the individual takes responsibility for receiving this type of aid. 

Students may receive a single type of aid, or a combination of different types of financial aid. Depending on the type of financial aid programs awarded to the student, funds can be used to pay tuition, fees, books, transportation, study abroad, and housing costs.

CPS provides students and their families with resources and tools to explore financial aid options and to assist with timely completion of applications. School counselors can help students and their families review college financial aid notices and to consider next steps in planning for the responsibilities associated with a postsecondary plan.

Types of Financial Aid

How to Determine Financial Need

• Cost of Attendance (COA)
  Cost varies by school. Each college estimates the COA by adding the costs of tuition, fees, room and board, transportation, books, supplies, and other miscellaneous living expenses. Most colleges publish the COA on their website.
• Student Aid Index (SAI)
  Your Student Aid Index (SAI) is a formula-based index number ranging from –1500 to 999999. Where your SAI falls within the SAI range helps your school determine how much financial support you may need. A negative or low SAI indicates you have a higher financial need.
• Financial Need
  The difference between the student's cost of attendance and the family's ability to pay these costs. A student's SAI helps each college determine a student's financial need at their institution.