What is The Illinois Monetary Award Program and How Do I Qualify: JR’s Daily Two-Minute Financial Aid Tip


Today we are talking about the Illinois Monetary Award Program.

Now 41 out of 50 states offer financial aid programs that often help with tuition and fees at institutions in within their states. Illinois being one of the most populated states in the US is one of those states that offer an excellent tuition benefit call the Monetary Award Program, or MAP.

 

The Map Grant is a tuition and fees based grant that will cover up to the first $4,968 of tuition costs for a single school year. Now, the rate of real payment of aid is tied to the lesser of $4968, or the real cost to attend a school on full-time status. For example, someone attending a community college would not need an award of almost $5000, so the award would simply equal the amount of tuition if they had an EFC of zero and attended full-time.

To qualify for the MAP, you simply need to file the FAFSA and have been an Illinois resident for the past 12 months. the Illinois Student Aid Commission and your school will do the rest of the calculation automatically.

Now here’s the catch; First Applicants with an EFC of $9,000 or above are not eligible for the MAP. Also, the MAP is scaled up or down based on your enrollment level and EFC. Also, only Illinois Residents attending Illinois Colleges are eligible for the MAP.

So, what should you do if you are attending a college in Illinois but originally from out-of-state? here’s a quick tip: Register to VOTE, and Get a Drivers License in Illinois. To set up residence you need to prove you live in Illinois, and both a vote registration card, and DL do just that. While it can’t help you the first year of school, it can in later years, and possibly make you eligible to more aid, but also lower the cost of attending state universities by being charged in state rates.

Have a problem with financial aid or scholarships? go ahead and send JR a tweet @ CollegeCashMan. Thanks for listening to JR’s Two Minute Financial Aid Tips at www.collegemoneyman.com.

The College Money Man Podcast, and JR’s Two Minute Tips are available for subscription for FREE via iTunes, and Stitcher. New episodes of 2-Minute Tips are released everyday Monday thru Friday, and our weekly broadcast is released each Wednesday. Subscribe, like, and comment! Download and get your dose of financial aid help on the go.

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