Financial aid programs available for Kendall students include:

1. FEDERAL PELL GRANT
The Federal Pell Grant is gift assistance which does not have to be repaid. Annually, the U.S. Department of Education determines student eligibility for this grant. For the 2008-2009 award year, the minimum grant for a full year for an eligible student is $523 and the maximum grant is $4731.

2. FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)
The FSEOG is gift assistance which does not have to be repaid. FSEOG is awarded from limited funds to students who have an exceptional financial need as determined by the U.S. Department of Education standards. Students with the lowest "Expected Family Contribution" (EFC) are awarded FSEOG. The maximum annual award is $800.

3. FEDERAL WORK-STUDY
The Work-Study program offers students a limited number of opportunities to meet part of their expenses by working part-time for at least minimum wage. A limited number of assignments are available, and priority is given to students with the greatest need who are qualified for the available job assignments on a first-come, first-served basis. Once approved for work study, students must work with the Career Services Department to identify and apply for available positions. A Work Study student will not be authorized to work more than 20 hours per week while classes are in session.

4. SUBSIDIZED FEDERAL STAFFORD STUDENT LOAN
The Subsidized Federal Student Loan program provides low interest loans through banks, savings and loans, and other lending institutions. Eligibility for this loan is determined by need as calculated using federal methodology for students who are attending at least half-time (6 credits per quarter). The maximum annual loan amount for the first academic year (grade level 01) is $3,500, less origination and other fees (if applicable). The minimum annual amount is $250. The maximum Subsidized Stafford Loan for grade level 02 is $4500, and this loan is capped at $5500 each for grade levels 03 and 04.

Interest does not accrue and payments are not made until six months after the student leaves school. The minimum payment amount is $50 per month as long as the loan can be paid in full in ten years. Subsidized Federal Student Loans provide many flexible repayment plans including a plan which takes into consideration the student’s ability to make payments. For loans first disbursed on or after 7/1/2006, the interest rate is fixed at 6.8%, and for loans first disbursed after 7/1/2008, the interest rate is fixed at 6%. Borrowers who have other outstanding loans may be eligible to consolidate these loans into one consolidated loan payment.

5. UNSUBSIDIZED FEDERAL STAFFORD STUDENT LOAN
The Unsubsidized Federal Stafford Student Loan program provides loan eligibility for students who do not qualify for a full or partial Subsidized Stafford Loan based on financial need and who are attending at least half-time (6 credits per quarter). Additionally, all students may qualify for $2000 Unsubsidized Stafford Loan, and independent students and certain dependent students may borrow additional Unsubsidized amounts up to $4000 per year for the first and second academic years (grade levels 01 and 03), and $5000 per year for grade levels 03 and 04.

Interest accrued during in-school and deferment periods is not subsidized for these loans, and the borrower is responsible for these amounts. However, these Interest amounts may be capitalized until the loan enters repayment. For loans first disbursed on or after 7/1/2006, the interest rate is fixed at 6.8%. Repayment terms are the same as the Subsidized Stafford Loan except as noted above for in-school and deferment periods.

6. PARENT PLUS FEDERAL LOAN
The Federal PLUS loan is a credit-based loan available to parents who wish to apply for additional assistance for their dependent child's education. The PLUS loans are made by through banks, savings and loans, and other lending institutions. The amount of the PLUS loan cannot exceed the student's cost of attendance less other financial aid.

PLUS loans through the Federal Family Education Loan Program first disbursed on or after 7/1/2006 have a fixed interest rate of 8.5%. The repayment period for a Federal PLUS Loan begins on the date after the loan is fully disbursed. The first payment will be due within 60 days after the final loan disbursement, and payments are due on both principal and interest.

7. FEDERAL PERKINS LOAN PROGRAM
The Federal Perkins loan is available based on need and availability of funds. The current interest rate is 5%. Repayment on the loan begins 9 months after the student leaves school. No fees are involved.

8. ACADEMIC COMPETITIVENESS GRANT (ACG)
The ACG Grant program is gift assistance which does not need to be repaid. An ACG Grant recipient must be eligible for Pell Grant, be a first-time full-time student in Year One or Year Two of a degree program, be a United States Citizen, and have graduated from a federally defined rigorous high school program on or after January 1, 2005. The maximum 2008-09 ACG Grant is $750 for first year students and $1300 for second year students. Final high school transcripts must be submitted to the Registrar’s Office prior to consideration for this award.

9. STATE AWARDS
Kendall students who meet the requirements for Illinois residency are assessed for eligibility for the following State programs as part of their standard application process: Illinois Incentive for Access Grant, Monetary Award Program Grant (MAP), and Merit Recognition Scholarship. Students, and parents of dependent students, must document a minimum one year of Illinois residency.

Students must complete a separate application to the State to be considered for the Illinois Future Teacher Corps (IFTC) Program Scholarship and the Minority Teachers of Illinois Scholarship.

The specific award amounts for all of these programs are set by the State and are affected by the student’s major, credit load, and need as calculated by federal methodology. Some states other than Illinois will provide awards to students who are domiciled in the home state but attend school in other states.

Students with residency in states other than Illinois may contact their state education agency for additional information. Telephone numbers and links to state agency websites can be found at: www.ed.gov/Programs/bastmp/SHEA.htm

10. KENDALL INSTITUTIONAL AWARDS
Kendall Merit Scholarships are awarded based on prior educational achievement as reviewed at the time of enrollment and Kendall major. The maximum 2008-09 award is $400 per term.

Kendall Grant is awarded annually based on financial need and Kendall major. The maximum 2008-09 Kendall grant award is $850 per term. Kendall Institutional Awards are not concurrent. A student with eligibility for more than one Kendall Institutional Award will be awarded the higher of the two Kendall Institutional Awards.

11. ENDOWED SCHOLARSHIPS
There is a separate application process each Spring for endowed scholarships such as the Joseph L. Karp Scholarship, Genevieve Rockwood MacDougal Scholarship; Eric D. Lane Scholarship; Joe Mrowka Scholarship; Jason Roth Scholarship; 1950’s Alumni Scholarship; Ray Geraldson, Jr. Scholarship; Aaron David Collar Memorial Scholarship; Capitanini Family Scholarship, US FoodService Scholarship., Kendall Business Scholarship, Helen Graham Scholarship, Hispanic Advisory Board Scholarship, Kendall Hospitality Scholarship, and Jean Banchet Scholarship.

12. ALTERNATIVE/PRIVATE LOANS
The Financial Aid Office will assist borrowers with applications for credit-based alternative or private loan programs utilized by Kendall College students and their families Additionally, students and their families may consider other consumer loan options available through their current lending institutions.