Types of Financial Aid
Federal Pell Grant Program
The Federal Pell Grant Program is a need-based federal student aid program administered by the U.S. Department of Education for students who meet eligibility requirements. Awards do not have to be repaid.
The Federal Supplemental Educational Opportunity Grant (FSEOG) is a limited fund program based on financial need and administered by the Financial Services Office at the American Academy of Art College. Awards do not have to be repaid.
State of Illinois Grant Program
The Monetary Award Program (MAP) provides grant assistance to eligible Illinois residents demonstrating financial need. MAP grants are applied toward tuition and mandatory fees for undergraduate students. Applicants must complete the Free Application for Federal Financial Student Aid (FAFSA).
Federal Direct Subsidized Loan
The Federal Direct Subsidized Loan provides federally guaranteed, low-interest loans of $3,500 for first-year, $4,500 for second-year and $5,500 for third-year and fourth-year students. These loans are for undergraduate students who meet the eligibility requirements. Repayment is deferred until six months after the student’s last day of attendance. Interest is charged when the student enters repayment.
Federal Direct Unsubsidized Loan
The Federal Unsubsidized Loan provides $2,000 for dependent students as a supplement to the subsidized loan program. For independent students and dependent students whose parents do not qualify for the Federal Direct Parent Loan, the Federal Direct Unsubsidized Loan provides as much as $6,000 for the first and second year and $7,000 for third- and fourth-year academic grade levels. Repayment of the principal is deferred until six months after the student’s last day of attendance. However, interest is charged from the time the loan is disbursed but may be deferred while the student is in school.
There may be exceptions to the criteria for the listed financial aid programs, and students may need to provide additional information to be considered an eligible student.
Federal Direct PLUS Loan
The Federal Direct Parent Loan for Undergraduate Students (PLUS) provides loans up to the cost of attendance for an academic year, less other financial aid, to qualifying parents of undergraduate students. Repayment usually begins 60 days after the loan is disbursed. PLUS loans offer an alternative for families who may not qualify for other forms of aid or provide supplemental funding for those who need additional assistance.