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Categorized | Illinois

One Two Financial Punch (in the gut) for Illinois Students

ISACYesterday, I wrote an article about how the University of Illinois was increasing their tuition by 9.5% for the upcoming academic year.  While this is sometimes hard to stomach, most families and students are somewhat expecting an increase in fees over the years.  Unfortunately though, thousands of students anticipating to receive financial aid from the state of Illinois just recently found out that the money has run out and many students will go without funding this year.  Certainly not a good time for students in the great state of Illinois.

The Illinois Student Assistance Commission (ISAC) is estimating that it will have $400 million dollars to award to needy students this coming year, which is a pretty typical dollar amount based upon prior years. However, as you can imagine, the number of eligible needy students has increased and the group just does not have enough money set aside to meet the demand. They have already turned down approximately 27,000 students and they anticipate the number of rejections to increase to 200,000 once all is said and done..

ISAC administrators state that rejections are nothing new and that they have been increasing in number for the past couple of years. In 2008-2009 they rejected almost 60,000 students and in 2009-2010 they turned down 120,000 eligible student applications for funding. The feeling that I am getting is that they don’t necessarily want to turn students away, they just don’t have a choice once the money is no longer available.

Recommendation

It appears that students are awarded on a first come first serve basis and your “number” in line is going to be based upon when you complete your FAFSA for the upcoming academic year. ISAC states that funding ran out this year by April 19th. So, I would recommend students next year to make sure that they complete their FAFSA on-time and ahead of schedule to insure receipt of the limited financial aid available from the state of Illinois. Here is a link to all the grant applications provided by the Illinois Student Assistance Commission. Enjoy!

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