Embarking on a higher education journey can be an enriching yet financially demanding endeavor. Aurora University recognizes this and is committed to providing comprehensive financial aid opportunities to make your academic aspirations a reality. By exploring the diverse array of scholarships, grants, loans, and work-study programs available, you can pave the way for an affordable and transformative educational experience.
Scholarships: Merit-Based Recognition
Aurora University awards a multitude of merit-based scholarships that acknowledge exceptional academic achievements and extracurricular involvement. These scholarships range from partial tuition waivers to full-ride awards, providing significant financial relief to qualified students.
- Presidential Scholarship: Up to $30,000 per year for students with a high school GPA of 3.9 or higher and an ACT score of 32 or higher.
- Trustee Scholarship: Up to $20,000 per year for students with a high school GPA of 3.75 or higher and an ACT score of 28 or higher.
- Dean’s Scholarship: Up to $15,000 per year for students with a high school GPA of 3.5 or higher and an ACT score of 26 or higher.
- Honors Program Scholarship: Up to $10,000 per year for students accepted into the university’s prestigious Honors Program.
Grants: Need-Based Assistance
For students demonstrating financial need, Aurora University offers a variety of need-based grants that supplement scholarships and reduce the overall cost of attendance. These grants are awarded based on the information provided on the Free Application for Federal Student Aid (FAFSA).
- Federal Pell Grant: Up to $6,895 for students with an Expected Family Contribution (EFC) of $0.
- Federal Supplemental Educational Opportunity Grant (FSEOG): Up to $4,000 for students with an EFC of $0.
- State of Illinois Monetary Award Program (MAP): Up to $5,126 for Illinois residents with an EFC below $33,000.
- Aurora University Grant: Up to $10,000 for students with demonstrated financial need.
Loans: Financing Your Education
Loans can be a valuable tool for bridging the gap between scholarships, grants, and the cost of attendance. Aurora University partners with various lenders to offer both federal and private loans.
Federal Loans
Federal loans are backed by the U.S. government and typically offer lower interest rates and more flexible repayment options than private loans.
- Federal Direct Subsidized Loan: Up to $3,500 for first-year students and $4,500 for second-year students with financial need.
- Federal Direct Unsubsidized Loan: No financial need requirement; up to $5,500 for first-year students and $6,500 for second-year students.
- Federal Direct PLUS Loan: Available to parents of dependent undergraduate students and graduate students; up to the full cost of attendance minus other financial aid.
Private Loans
Private loans are provided by banks and other financial institutions and may have higher interest rates and less favorable repayment terms than federal loans. It is important to compare interest rates and fees before taking out a private loan.
Work-Study: Earning Your Way
The Federal Work-Study Program allows students to earn money while pursuing their education. Students can work up to 20 hours per week in on-campus jobs related to their major or career goals. Earnings from work-study are typically used to cover educational expenses such as tuition, fees, or books.
- Federal Work-Study Grant: Up to $3,200 per year.
- Aurora University Work-Study Program: Offers on-campus jobs that prioritize students with financial need.
Financial Aid Application Process
To be considered for financial aid at Aurora University, students must complete the following steps:
- File the Free Application for Federal Student Aid (FAFSA) by the priority deadline of March 15th.
- Submit the Aurora University Financial Aid Supplement.
- Provide any additional documentation requested by the financial aid office.
Tips for Maximizing Financial Aid
- Apply for as many scholarships and grants as possible, even if you don’t think you’ll qualify.
- Submit your FAFSA on time to meet priority deadlines.
- Explore work-study opportunities and consider taking out loans if necessary.
- Contact the financial aid office regularly to discuss your financial aid package and payment options.
- Maintain a strong academic record to qualify for merit-based scholarships and grants.
Common Financial Aid Mistakes to Avoid
- Not completing the FAFSA or missing the deadline.
- Not submitting all required documentation to the financial aid office.
- Not understanding the terms and conditions of loans before taking them out.
- Failing to monitor your financial aid status and making payments on time.
- Not seeking help from the financial aid office if you have questions or concerns.
Additional Resources
Aurora University’s Financial Aid Office provides a wealth of resources and support to help students navigate the financial aid process and make informed decisions about their education expenses.
- Financial Aid Office website: https://www.aurora.edu/financial-aid/
- Contact information: 630-844-5509 or [email protected]
- Virtual Financial Aid Counseling: https://www.aurora.edu/financial-aid/virtual-financial-aid-counseling/
- Student Employment website: https://www.aurora.edu/student-employment/
Conclusion
Aurora University’s comprehensive financial aid program empowers students to pursue their educational dreams without being hindered by financial constraints. By exploring the diverse array of scholarships, grants, loans, and work-study opportunities available, students can pave the way for a financially sound and fulfilling college experience. Remember to apply for financial aid on time, maximize your eligibility, and seek guidance from the financial aid office as needed. The investment you make in your education today will yield dividends throughout your lifetime.
