Financial Assistance
Augustana College recognizes a responsibility to provide students with financial assistance when needed. Most students, regardless of their families' income levels, qualify for some form of financial assistance. Such assistance is available from a variety of sources, including federal and state programs and the college itself.
Most financial assistance is awarded based on financial need as determined by Augustana College. All students applying for financial assistance based on financial need must complete the Free Application for Federal Student Aid (FAFSA).
Financial need for assistance is determined by subtracting what parents and student are able to contribute to the student's education (as determined by the U.S. Department of Education and Augustana College) from the total expenses for one year.
Generally, need is met through a combination of scholarships, grants, campus employment or federal work study and loans. Scholarships and grants are gift assistance and do not require repayment. Loans will require repayment. Campus work wages are paid to the student bi-weekly.
Students applying for financial assistance based on need must submit the FAFSA and Office of Financial Assistance Information Form each year to continue receiving aid. The priority deadline for applying for aid is March 15 preceding the academic year, which begins in September. FAFSA packets may be secured from the Augustana College Financial Assistance Office.
New students also must complete the Office of Financial Assistance Information Form along with the common application and Augustana College application supplement.
If the student is applying for only an academic or talent scholarship from Augustana College, the FAFSA need not be filed.
Students taking fewer than 8 credits receive no institutional financial assistance. The only aid programs for which a student may be eligible while taking fewer than 8 hours are the Illinois State Monetary Award, Federal Pell Grant, Federal SEOG, Federal Stafford Loan, and Federal Work Study.
A student may be eligible for partial Illinois Monetary Award Program (MAP) award if enrolled in 3-8 credits. A student must be enrolled in 9 credit hours to receive a full MAP.
A student who is eligible for the Federal Pell Grant receives three-fourths the full-time grant if enrolled for 6-7 credits. Students enrolled for 4-5 credits receive one-half the full-time grant. In some cases, a student enrolled for fewer than 4 credits may be eligible for a partial award. Students enrolled for fewer than 4 credits should contact the Office of Financial Assistance for determination of the grant amount.
No federal, state or institutional grant aid is available for students who have previously completed a four-year degree program. A Federal Stafford Loan may be available to these students.
Augustana requirements for awarding and maintaining grants are reviewed annually and are subject to change. Current information may be obtained by contacting the Office of Financial Assistance.
Non-attendance in Class
Students who never attend a class will have their state, federal and institutional assistance adjusted if it is determined that the students’ enrollment status is part-time rather than full-time.
Federal Funds
Federal Pell Grant
Awards are determined by a standardized federal formula and range from $609 to $5,350. Application is made by completing the Free Application for Federal Student Aid (FAFSA). Each Pell Grant applicant receives a Student Aid Report (SAR) which is the official notification of eligibility for a Pell Grant.
Federal Supplemental Educational Opportunity Grant (SEOG)
The SEOG is for students who demonstrate financial need, with priority given to students who demonstrate a substantial need. Augustana selects the recipients based on the information provided on the FAFSA. No separate application is necessary. The maximum grant award is $4,000.
Federal Perkins Loan
Funding for this loan is provided by both Augustana College and the federal government. The College acts as the lender and selects the recipients. Perkins Loan funds are limited and therefore reserved for students with substantial financial need as determined by the completion of the FAFSA. The Perkins Loan is interest free during the duration of the student’s educational program and is repaid over a 10-year period at a 5 percent per annum interest rate, beginning nine months after the student leaves school.
Federal Work Study
Students who need financial assistance are eligible to participate in the college’s work study program. Students are paid per hour and can earn up to the amount approved on their financial aid award.
Subsidized Federal Stafford Loan
Eligibility is determined by completion of the FAFSA. Loans can be secured directly from the federal government through the Office of Financial Assistance. First-year students are eligible to borrow up to $3,500 per academic year. Sophomores are eligible to borrow up to $4,500 per academic year. Juniors and seniors may borrow up to $5,500 per academic year depending on calculated eligibility. The loan is interest-free during the duration of the student’s educational program. Repayment begins no later than six months after graduation or cessation of at least half-time study. Payments are made over a 10-year period with a fixed interest rate of 6.80 percent.
Unsubsidized Federal Stafford Loan
This loan is available for students who do not qualify for the entire subsidized Federal Stafford Loan. Eligibility is determined by completion of the FAFSA. Loans can be secured directly from the federal government through the Office of Financial Assistance. Students may combine both unsubsidized and subsidized loans up to the program maximum (see Subsidized Federal Stafford Loan for program maximums). The Unsubsidized Federal Stafford Loan requires the student to pay the interest on the amount borrowed from the date funds are disbursed. Repayment of principal begins no later than six months after graduation or cessation of at least half-time study. Payments are made over a 10-year period with a fixed interest rate of 6.80 percent.
Federal Parent Loan for Undergraduate Students (PLUS)
This loan may be secured directly from the federal government through the Office of Financial Assistance. Parents can borrow up to the cost of education minus other aid. PLUS Loan borrowers whose funds were first disbursed on or after July 1, 2008 have the option of delaying their payment on the PLUS Loan either 60 days after the loan is fullly disbursed or six months after the dependent student is no longer enrolled at least half-time. During this time, interest may be paid by the parent or capitalized. The repayment period for the PLUS Loan may range from 10 to 25 years. The interest rate is fixed at 7.90 percent.
State Funds
Illinois State Monetary Award Program
Illinois resident students who demonstrate financial need can receive an award from the State of Illinois. Applicants should complete the FAFSA each year for consideration. The priority deadline is prior to March 1.
Illinois Future Teacher Corps (IFTC) Program
The IFTC program encourages academically talented students to pursue teaching careers in Illinois. Selection criteria include cumulative grade-point average, expected family contribution, minority student status and renewal status. The amount of the award is determined by whether the applicant is studying in a teacher-shortage discipline and/or agrees to teach in a hard-to-staff school. Awards are from $5,000 and up to $10,000. For complete program requirements, go to www.collegezone.com. The award is under the heading of “Gift Assistance Programs.”
Minority Teachers of Illinois Scholarship Program
The MTI program encourages academically talented minority students to pursue careers at nonprofit Illinois preschool, elementary and secondary schools. The scholarship awards up to $5,000 per academic year. For complete program requirements, go to www.collegezone.com. The award is under the heading “Gift Assistance Programs.”
Augustana Institutional Funds
Institutional funds are available to full-time (8 credits or more) students for up to 12 terms or upon completion of the degree. Students who never attend a class, resulting in part-time enrollment, will have their assistance recalculated based on part-time enrollment, with no institutional assistance for that term. Additional information regarding assistance may be obtained from the Office of Financial Assistance.
Alumni Scholarship
Students who have a parent who is an alumna or alumnus of Augustana College are eligible to receive $1,000 per academic year.
Art Scholarships
After review of their portfolios, students selected by the art department faculty are awarded art scholarships. Awards range up to $2,500 per academic year and may be renewed with the recommendation of the Augustana College art department.
Augustana Grant
These grants are given by Augustana College to students who demonstrate financial need. Application is made by completing the FAFSA and the Office of Financial Assistance Information Form.
Augustana Lutheran Brotherhood Scholarships
Eligible Lutheran students will receive up to $1,000 per academic year for four years. Students receiving $1,000 or more in gift assistance from any other source (state, federal or Augustana aid programs) are ineligible for this award.
To be considered for the scholarship, the student’s pastor must send a letter to the Office of Financial Assistance prior to June 1 indicating the student is a member in good standing in the church.
Carver Scholarship
Established with funds from the Roy J. Carver Charitable Trust, Muscatine, Iowa, these scholarships are awarded to students who have demonstrated commitments to excellence, quality and leadership, and who show capacity for college work at a high level of accomplishment. Preference is given to first-year students from western Illinois and eastern Iowa who demonstrate financial need. The scholarship is renewable for four years based on maintaining a 3.00 grade-point average.
Carver Logos Scholarship
Significant academic scholarships are available to first-year students accepted into the highly distinctive and rigorous Logos honors program. Developed in 1995 with a grant from the American Council of Learned Societies, the three-year honors program enables students to approach their liberal arts education through the sciences. The scholarship is renewable for all four years based on maintaining a 3.00 gradepoint average and completion of the Logos honors program. Recipients of the award are designated as Roy J. Carver Honors Scholars.
Dean's Scholarships
Scholarships ranging from $14,000-$15,500 are awarded to students with outstanding academic achievement. Scholarship renewal requires a 2.75 Augustana cumulative grade-point average.
Debate Scholarships
Up to $2,500 per year may be awarded to students on the basis of performance and proficiency in debate as recommended by Augustana’s Department of Communication Studies.
Family Allowance Grant
Students from families that have two or more children enrolled full-time at Augustana are given a $3,000 family allowance in their financial assistance package. A student receiving $3,000 or more in gift assistance from any other source (state, federal or Augustana aid programs) is not eligible for this award. This grant is not available for enrolled married couples or for a parent and child enrolled at the same time. Students who have completed a degree program or who have completed 12 terms of attendance also are not eligible for this grant.
Founders Scholarships
Scholarships ranging from $10,000-$13,500 are awarded to qualified students based on previous academic performance. Scholarship renewal requires a 2.50 Augustana cumulative grade-point average.
General Music Scholarships
Scholarships up to $4,000 are awarded to talented students—including non-majors—on the basis of auditions held on campus. Awards are renewable based on recommendations from the Department of Music. Scholarships are awarded in all applied areas of piano, organ, voice, and band and orchestral instruments.
Naeseth Writing Awards
Up to $1,000 per year is available to students who show promise as writers and intend to major in English. Applicants must submit three pieces of original writing to the Department of English.
Presidential Scholarships
Scholarships ranging from $16,500 are awarded to students who demonstrate exceptional academic ability. Award determination is based on high school grade-point average, class rank, ACT or SAT scores, leadership qualities, community involvement, and extracurricular activities. Scholarship renewal requires a 3.00 Augustana cumulative grade-point average.
Rissing Scholarship
Established by Fred W. Rissing and Florence J. Rissing for the purpose of assisting students who are preparing for professional leadership in the Lutheran Church, these awards are made in an amount up to $5,000. They are renewable annually by maintaining a 2.50 Augustana cumulative grade-point average.
Application information for the Rissing Scholarship may be obtained from the Augustana College Office of Admissions.
Theatre Scholarships
Exceptional individuals who are pursuing interests in performance, technical theatre, dance, and playwriting or criticism are awarded up to $2,500 per academic year in scholarships. An on-campus audition is required for consideration. Renewal of this award is based on recommendation of Augustana’s Department of Theatre Arts.
Other Scholarships
In addition to applying for funds available from the federal and state governments and from Augustana College, students are urged to investigate the possibility of scholarships, grants and loans that may be available to them in their own communities. It can be worthwhile to consult churches, the company or business employing parents, high school counseling offices, fraternal organizations and service clubs for information about scholarships and other aid available to students who meet their requirements.Veteran's Benefits
All veterans who wish to receive benefits under the Veterans Administration Education Program must complete a Veteran Application for Program of Education form, which is available from any VA office or the Augustana Office of the Registrar. Before each term begins, the veteran must inform the Office of the Registrar of the number of credits taken. G.I. Bill benefits provide monthly stipends to eligible veterans while they attend Augustana.
Spouses and children of veterans who died or became totally disabled as a result of military service are also eligible for monthly benefits while attending college. Eligible students should contact a VA office or the Augustana Office of the Registrar for more details.
