Grants & Loans

Grants

Grants are a form of financial aid that do not need to be repaid. Students pursuing a degree in the REACH program may be eligible to receive federal or state grants, in addition to Trinity’s Church Match Grant.

Church Match Grant

This grant is available to both graduate and undergraduate students. If your church donates funds toward your education TIU will match that donation up to $1,000 for each academic year. Applications and checks must be received before the first day of classes. Simply fill out the application and send it in.

Federal Pell Grant

This is a need-based grant used to pay for tuition, fees, room, board, and living expenses. You can apply for this grant by submitting the Free Application for Student Aid (FAFSA). The maximum amount of this award is $5,550.

State of Illinois Monetary Award Program (MAP)

This is a need-based grant used to pay for tuition and mandatory fees. You can apply for this grant by submitting the Free Application for Student Aid (FAFSA). The maximum amount of this award is $4,720. For more information regarding this grant program please visit the ISAC website.


Loans

Student loans can come from the federal government or from private institutions like banks. The money is borrowed, and will need to be paid back to the government or bank with interest.

William D. Ford Direct Loan Program

This is a low-interest loan taken out by the student. The FAFSA must be completed in order to be eligible. Interest rate for both the Subsidized and Unsubsidized Loans is 6.8 percent. Repayment begins six months after graduation or if the student drops below half-time status. The Subsidized Loan is based on need, and interest is paid by the government while the student is in school; interest on the Unsubsidized Loan begins to accrue upon disbursement of funds.

 

The Federal Government requires all new, first-time borrowers to complete Loan Entrance Counseling and a Master Promissory Note. You can find more information and complete these two loan steps online at StudentLoans.gov.

Private Loans

This is a variable rate loan that students take out on their own behalf. This loan requires a credit check and possibly, a cosigner. Interest rates vary depending on the lender. Please note that an alternative loan should be considered a loan of last resort.  You may qualify for Title IV loans (William D. Ford Direct) and should first explore these options before seeking an alternative/private education loan.

 

Private loans should be considered a last resort. Find out why.