It is important that Oakton students be awarded fairly and equitably. The following procedures help ensure that funds are distributed to all types and categories of students (i.e.; independent/dependent, male/female, full-time/part-time enrollment) based on need, while taking into account that campus based funds (FSEOG, FWS) are limited. Students who complete their financial aid documentation requirements on or before May 1 will receive first consideration for campus-based funding.
All students must complete a Free Application for Federal Student Aid (FAFSA) and submit necessary verification paperwork before financial assistance is awarded. Students must meet all general eligibility requirements and be in compliance with the academic progress requirements for financial aid recipients.
Students who start in the second semester will be considered for campus-based funds, if funds are still available. Awards may be provided after the beginning of the term if funds become available due to transfers, attrition, enrollment, and/or compliance with academic progress requirements.
Federal Pell Grant (Pell)
- Determined from the expected family contribution (EFC) as processed by the Department of Education.
- The amount of Federal Pell Grant funds a student may receive over his or her lifetime is limited by a new federal law to be the equivalent of six years of full-time Pell Grant funding. Since the maximum amount of Pell Grant funding a student can receive each year is equal to 100 percent, the six-year equivalent is 600 percent. If a student's lifetime eligibility used (LEU) equals or exceeds 600 percent, the student may no longer receive Pell Grant funding. Similarly, a student whose LEU is greater than 450 percent but less than 600 percent may only be eligible for a partial Pell Grant award. Any Pell Grant awarded to a student is an estimate and will be adjusted or canceled based on information received from the government. Students can log on to https://nslds.ed.gov to view their LEU.
Illinois Monetary Award Program Grant (MAP)
- The Illinois Student Assistance Commission determines this award.
- Students who are receiving Oakton scholarships that provide only for the cost of tuition and fees may not also receive a MAP grant.
Federal Supplemental Educational Opportunity Grant (FSEOG)
- Awards provided to Pell-eligible students.
- First consideration is given to students who complete their applications by the priority date.
- Maximum award: $800 for the year (exceptions may be made at the discretion of the Manager of Student Financial Assistance).
- Award is adjusted based on the student's enrollment.
Federal Work Study (FWS)
- Available to students who demonstrate need and indicate an interest in the program on the Oakton Community College Financial Assistance Information form.
- Maximum award: $3,500 for the year.
- Employment is available on- or off-campus as a reading tutor in a local elementary school.
Federal Direct Loan
- Provided to students who need funding for primary educational expenses and have no other financial assistance available.
- Student must be in good academic standing with financial aid and be enrolled in at least 6 credit hours of 100-level or above coursework.
- Approved on a case-by-case basis.
- Applications may not be approved.
- Amounts may be reduced.
- Extensive loan counseling is required.
Starting July 1, 2013, new loan borrowers applying for a need-based Direct Subsidized Loan will be limited to borrowing only enough money to cover one and one-half times the length of their program of study. This means that an undergraduate student working on a two-year degree at Oakton will only be able to borrow enough to cover one additional year of schooling (for a total of three years of borrowing), should extra time be needed to graduate. Students who transfer to Oakton from another institution will have their prior borrowing counted toward this limit.
Additionally, the borrower who reaches the 150% limitation will have their interest subsidy end for all outstanding subsidized loans that were disbursed on or after July 1, 2013. Repayment does not begin, but like unsubsidized loans, the student (rather than the government) would become responsible for interest accumulation at this point.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Provided to parents of Oakton students.
- Student must complete a FAFSA form and submit any necessary verification paperwork before eligibility is determined.
- Parent must provide the Enrollment Center with the Direct Parent PLUS Loan Request form and Master Promissory Note.
Private loans are non-federal educational loans. These loans are typically offered by private lenders (educational financing institutions, guarantee agencies, banks) to assist with educational and living expenses not covered by other financial aid. Interest rates, terms, and conditions are set by the bank/lender. Before considering a private loan, make sure you have taken advantage of all other financial aid resources available to you. Oakton Community College does not have a preferred lender list for private loans.
Student Government Association Tuition Assist Grant
- Provided to students who demonstrate need and are not eligible for other grants or scholarships or to students who do not receive enough in grants or scholarships which pay for tuition and fees.
- First consideration given to students who complete their applications by the priority date.
- Maximum award: $2,160 for the year, not to exceed tuition and fees, or amount on award letter.
- Award adjusted to $90 per credit hour.