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Types of Financial Aid: How to Pay for College
The true cost of college may be more than you expected, but you can try to make the cost less than many might assume. While a school may say its cost is $40,000, the net cost of college may be significantly less. The net price for a college is the true cost a family will pay when grants, scholarships, and education tax benefits are evaluated. You can meet with a financial aid representative at Moraine Valley to learn what is available to you. You must seek out opportunities, complete paperwork, and meet criteria, but it can save you thousands of dollars.
Average Cost per Year based on College Type in Illinois (2024-2025)*
|
College Type |
Tuition and Fees |
Living Costs (On-Campus) |
Living Cost (Commuting) |
Total Estimated Cost |
|---|---|---|---|---|
|
Public 4- Year (In-State) |
$10,400 |
$16,600 |
$6000 |
$27,000 (on-campus)/$16,500 commuting) |
|
Public 4- Year (Out-of-State) |
$13,500 |
$16,600 |
$6,000 |
$30,000 (on-campus)/$19,500 commuting) |
|
Private 4- Year (Non-Profit) |
$31,400 |
$16,600 |
$6,000 |
$48,000 (on-campus)/$37,500 commuting) |
|
Community College (In-District) Moraine Valley Community College |
$4,000 |
X |
$5,000 |
$9,000 |
|
Community College (Out-of-District) Moraine Valley Community College |
$8,700 |
X |
$5,000 |
$13,700 |
*Table data complied from College Tuition Compare, LendEDU, and Moraine Valley Community College.
Textbooks, Fees, and the Evolution of the Costs of College
An important part of understanding college’s costs is being prepared for the fees beyond tuition that students may be expected to cover. Purchasing textbooks is a common part of the process of college, but how they are accessed, or what they cost, varies widely. Traditionally, faculty provide students with a syllabus and information on required physical books/supplies for the course; materials often are available at the college’s bookstore. The Moraine Valley Bookstore still is a resource where students can purchase required course books and supplies, but faculty may assign Open Educational Resource (OER) texts (often with no fee), or include e-books on a course website as part of the Inclusive Access process. The Moraine Valley Library also has a textbook reserve program for students to check out their textbooks/materials. With higher education’s modern-day transformations, be mindful that book choices, access platforms, and fees can vary by class.
College/University Grants and Scholarships
Most colleges and universities have their own scholarships and grants. These are distributed through a wide variety of sources, including the school’s financial aid office, the school’s endowment fund, individual departments, and clubs on campus.
The Moraine Valley Community College Foundation, the fundraising arm of the college, offers more than 300 scholarships each academic year for both incoming and current students ranging from $250 to $5,000. Scholarships are gift aid—you do not have to repay them or earn them by working.
Some students think they must be a straight-A student to get a scholarship. The average GPA requirement at Moraine Valley is about 2.5. Scholarship requirements vary broadly. Some are based on outstanding academic achievement or financial need. Others may reward leadership skills and community involvement, or are for students enrolled in specific programs or fields of study.
To be considered for a Foundation scholarship, you need only apply online one time each academic year for all available scholarships for which you qualify.
The application process is simple.
- Go to morainevalley.edu and under the COST AND AID tab, you will see scholarships.
- Find the link on that page that says APPLY HERE, which takes you to the scholarship application.
- Once you create a username and password, you may begin the application.
Answer the simple multiple-choice questions and write a 300-to-500-word essay describing why you feel you deserve a scholarship. This essay is an opportunity for the scholarship committee to learn more about you. Be mindful of the prompts and share honestly, according to your comfort level. As writing about yourself can be a difficult process, it is ok to have questions and be unsure. Rather than utilizing AI, consider reaching out to the consultants at the college's Speaking and Writing Center to talk about your essay. The center is in Building A, Room A258. Email: Writing Center [writingcenter @morainevalley.edu] to set up a consultation.
There are three times a year that the Foundation awards scholarships:
During the SPRING semester: The spring application period awards about 200 scholarships for students to use for the following fall and spring semesters.
Before the start of the FALL semester: This application period starts mid-summer and offers about 50 scholarships. Students are notified if they received a scholarship about two weeks before fall classes begin for use during the fall semester.
Before the start of the SPRING semester: This application period starts Dec. 1 and offers about 50 scholarships. Students are notified if they received a scholarship about two weeks before spring classes begin for use in the spring semester.
Things to remember:
- Completing a Federal Application for Federal Student Aid (FAFSA) will increase your chances of receiving a scholarship; however, there are scholarships for students without a FAFSA.
- Scholarships are available for full- and part-time students.
- You can receive a scholarship even if you already have some financial aid.
- Besides Foundation scholarships, applications for additional awards are listed on the scholarship web page as well as a link to a list of scholarships offered outside of the college.
- Scholarships must be used at Moraine Valley and cannot be transferred to another college.
- Scholarships may be used for tuition, fees, or books purchased at the Moraine Valley Bookstore.
- To access scholarships offered by outside organizations, go to MVConnect/Resources/Student Services/Financial Aid/Scholarships. These constantly are updated, so check back often.
If you have any questions about scholarships, please contact the Foundation Office at Email: Scholarships [scholarships @morainevalley.edu] or call (708)974-5551. The Foundation Office is in Building M, Room M220.
Federal Pell Grants are awarded to students based on financial need, although there is no income or wealth limit on the grant program. The Pell Grant can give you more than $7,000 per year in free money toward tuition, fees, and living expenses Pell Grants Website [studentaid.ed.gov/sa/types/grants-scholarships/pell]
Federal Supplemental Educational Opportunity Grants (FSEOGs) are funds available to students with financial need. Through the FSEOG program, you can receive up to an additional $800 in free money at Moraine Valley. These grants are distributed through your school’s financial aid department on a first-come, first-served basis, so pay close attention to deadlines.
Other Sources of Financial Assistance. There are a number of organizations that offer tuition and other assistance for students attending college. In addition to the GI Bill, there are several government agencies, called third-party agencies, who offer aid based on specific circumstances. The two most common are Vocational Rehabilitation, which provides assistance to students with physical and learning disabilities, and the Workforce Investment Act (WIA), which provides assistance to dislocated workers.
Veterans and active-duty members of the U.S. Armed Forces are eligible for benefits through the Veterans Benefits Administration. Spouses and children also may be eligible. Moraine Valley’s Veterans Resource Center is dedicated to helping veterans and members of the military coordinate their benefits.
For more information about benefits for veterans and active service members and their spouses and children, visit: www.va.gov or MVCC Veterans [morainevalley.edu/student-success/support-services/veterans-services/].
Chicagoland Regional College Program
The Chicagoland Regional College Program helps with the high costs associated with earning a college degree or career certificate. Students can attend Moraine Valley Community College while working part-time at United Parcel Service (UPS) in Hodgkins, Illinois. CRCP students receive pay starting at $14.00/hour, up to $6,000 per year for tuition, fees, and books, and a $300 monthly bonus (more for qualified veterans), to offset any other expenses.
To learn more, visit crcprogram.com.
Federal Work-Study Program
The Federal Work-Study Program provides part-time jobs through colleges and universities to students who are enrolled in the school.
Student employment is a great way to earn money for personal expenses. The Federal Work-Study Program pays the student an hourly wage for working on campus. It is important to note that federal work-study money goes directly to the student and not to the amount the student owes Moraine Valley for tuition and other charges. The program is designed to help students with the personal expenses component of their cost of attendance budget.
Students who receive federal work-study funds must demonstrate need, be paid federal minimum wage, and perform work-study employment from 5-20 hours per week. The number of hours worked is based on the amount of work-study dollars awarded and financial need. If you are interested in the work-study program, contact the Financial Aid Office in Building S, Room S107.
For positions not based on need, visit the Job Resource Center in Building S, Room S202.
Student Loans
Federal student loans are offered through the US Department of Education and are designed to give easy and inexpensive access to loans for school. You do not have to make payments on the loans while you are in school, and the interest on the loans is tax deductible for most people. Direct Loans, also called Federal Stafford Loans, have a competitive fixed interest rate and do not require a credit check or cosigner.
Direct Subsidized Loans are federal student loans on which the government pays the interest while you are in school. Direct Subsidized Loans are made based on financial need as calculated from the information you provide in your application. Students will begin making payments six months after leaving Moraine Valley or dropping below half-time.
Direct Unsubsidized Loans are federal loans on which you are charged interest while you are in school. If you don’t make interest payments while in school, the interest will be added to the loan amount each year and will result in a larger student loan balance when you graduate. Students will begin making payments six months after leaving Moraine Valley or dropping below half-time.
Direct PLUS Loans are additional loans a parent or stepparent can take out to help pay for additional costs of college. PLUS loans require a credit check and have higher interest rates, but the interest still is tax deductible. The maximum PLUS loan you can receive is the remaining cost of attending the school.
Parents should be careful when taking out PLUS loans on behalf of a child. Whoever is on the loan is responsible for the loan forever, and the loan generally cannot be forgiven in bankruptcy. The government also can take Social Security benefits should the loan not be repaid.
Private Loans also are available for students who need them from banks, credit unions, private investors, and even predatory lenders. But with all the other resources for paying for college, a private loan is generally unnecessary and unwise. Private loans will require a credit check and potentially a cosigner, they will likely have higher interest rates, and the interest is not tax deductible. As a rule, you should be wary of private student loans or avoid them altogether.
Applying for Financial Aid, FAFSA, and Everything Else
As a required first step, the federal government offers a standard form called the Free Application for Federal Student Aid (FAFSA), which qualifies you for federal financial aid and also opens the door for nearly all other financial aid. Most grants and scholarships require you to fill out the FAFSA, and they base their decisions on the information in the application.
The FAFSA only requests financial aid for the specific year you file your application. This means you will need to file a FAFSA for each year you are in college. Since your financial needs will change over time, you may qualify for financial aid even if you did not qualify before.
You can apply for the FAFSA at studentaid.gov. Once you file a FAFSA, meet with a representative in the Financial Aid Office before registration to ensure you have submitted all the necessary paperwork to receive your aid.
To maintain your financial aid throughout college, you need to make sure you meet the eligibility requirements for each year you are in school, not just the year of your initial application. The basic requirements include being a US citizen or eligible noncitizen, having a valid Social Security number, and registering for selective service, if required.
You also must make satisfactory academic progress (see Chapter 2), including meeting a minimum grade-point average, taking and completing a minimum number of classes, and making progress toward graduation or a certificate. Moraine Valley has a policy for satisfactory academic progress, which you can get from the Financial Aid Office.
Payment Plans
Payment plans are offered through the Cashier’s Office in Building S, Room S105. Payment plans provide students the opportunity to spread the amount owed to pay off their bills over the span of a semester.
It is important to understand that financial aid is not unlimited. You can lose your financial aid if your GPA drops below 2.0 or if you withdraw from or fail too many classes. You also are limited in how many overall hours you can earn without completing a degree. That means you must stay on track to graduate within a certain period of time.
Now that you know what college costs and how you are going to pay for it, you have the starting point for setting up your personal budget. Once you have determined how much money you have coming in, subtract the money you owe to Moraine Valley; the rest can be used for personal expenses.
This page titled 6.1: Types of Financial Aid- How to Pay for College was last modified on Fri, 22 May 2026 02:20:04 GMT and is shared under a CC BY 4.0 license and was authored, remixed, and/or curated by .
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