THIS MODULE IS DESIGNED TO HELP STUDENTS DEVELOP STRATEGIES TO

FINANCE THEIR EDUCATION WITH THE END GOAL OF GRADUATING WITH THE

LEAST AMOUNT OF STUDENT LOAN DEBT POSSIBLE.

Financing an Education

Work Part Time

On-campus jobs listed on Eastern Illinois University’s website New jobs always showing up Some have GPA requirements

Off-campus jobs listed on Eastern Illinois University’s website Charleston/Mattoon Area Work in person and/or work from home

Any other job Local Area Commute

Expected Family Contributions

How much is your family expected to contribute? This form is used to calculate the Expected Family

Contribution (EFC) and financial need, and to estimate your student financial aid.

Are you considered “dependent” or “independent”? This form is used to determine whether you are a

dependent student or an independent student according to the Federal Need Analysis Methodology.

Scholarships

Scholarships listed on Eastern Illinois University’s Website Never have to be paid back

Each scholarship has different requirements Financial need Location based GPA requirement Paper Required Etc

Grants

Grants listed on Eastern Illinois University’s

website

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant

Teach Education Assistance for College and Higher

Education Grant

Monetary Award Program Grant

Never have to be paid back

Loans

Loans from the Federal Government Direct Subsidized Loans are loans made to eligible undergraduate

students who demonstrate financial need to help cover the costs of higher education at a college or career school. 

Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan.

Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid.

Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.

Private Loans Sallie Mae, Wells Fargo, other banks, etc. Commonly have higher interest rates than federal student loans

Fellowship/Apprenticeship

Fellowship positions listed on Eastern Illinois University’s website The Fulbright U.S. Student Program James Madison Graduate Fellowship Knowles Science Teaching Foundation (KSTF) Teaching

Fellowships Carnegie Junior Fellows Program Donald M. Payne International Development Fellowship

Program Charles B. Rangel International Affairs Program Graduate

Fellowship

Graduate Assistantship

Graduate Assistant positions listed on

Eastern Illinois University’s website

Only available to graduate students

Monthly stipend

Tuition Waver