Grants
A grant is a form of financial assistance that does not need to be repaid. Grants are made available to those with certain levels of financial need or who meet other requirements.
Types of Grants
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (SEOG)
- Federal Teacher Education Assistance for College Education (TEACH) Grant
- State Funds (Illinois): IL-MAP
- Other State Grants
Federal Pell Grants
Federal Pell Grants are provided by the U.S. Department of Education to all students who qualify on the basis of need. The Free Application for Federal Student Aid (FAFSA) used to determine eligibility for this grant may be filed online. Pell grant awards normally range from $652 to $6,095 per year.
| Federal Pell Grants | |
|---|---|
| Type of aid | Grant |
| Award amounts | $639 to $6,345 per year per academic year |
| Application process | File the FAFSA for the following fall semester, although eligibility for this fund continues regardless of the FAFSA filing date. |
| Eligibility requirements | Demonstrate high financial need |
| Renewal requirements | Eligibility determined annually |
| Enrollment requirements |
|
| Grade level eligibility | First undergraduate degree only. Pell Grant funding cannot be used for graduate class expenses or subsequent undergraduate studies after the student earns his or her first bachelor’s degree. |
| Costs this aid can cover | Any educationally related expenses |
Federal Supplemental Educational Opportunity Grant (SEOG)
Federal Supplemental Educational Opportunity Grant (SEOG): Awarded to students with exceptional financial need. The SEOG is awarded through the University from funds allocated to the school by the federal government. Awards are typically $1,000 per year.
| Federal Supplemental Educational Opportunity Grant (SEOG) | |
|---|---|
| Type of aid | Grant |
| Award amounts | $1,000 per academic year |
| Application process | File the FAFSA as early as possible although potential eligibility for this fund continues regardless of the FAFSA filing date. SEOG is a limited funding source that can get exhausted, so early filing is recommended annually. |
| Eligibility requirements | Zero EFC. |
| Renewal requirements | Eligibility determined annually |
| Enrollment requirements |
|
| Grade level eligibility | First undergraduate degree only. SEOG funding cannot be used for graduate class expenses or subsequent undergraduate studies after the student earns his or her first bachelor’s degree. |
| Costs this aid can cover | Any educationally related expense |
Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant
Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant: The Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant Program was designed to benefit current and prospective teachers. The maximum TEACH Grant amount is up to $4,000 per academic year. Maximum aggregate awards are $16,000 for students working toward their first undergraduate or post-baccalaureate program; and $8,000 for graduate students.
Recipients of this grant must sign an agreement to meet specific teaching requirements within eight years after completing the program for which the grant was received. If the teaching requirement is not fulfilled, the grant must be repaid as an unsubsidized Direct Stafford Loan.
Applicants must complete and submit the Free Application for Federal Student Aid (FAFSA), which includes a question that will assist colleges in identifying students who may be eligible for a TEACH Grant. Details (including eligibility requirements, specifics regarding the agreement to serve/promise to pay, and academic requirements for the college the applicant attends) are provided on at TEACH Grant.
| Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant | |
|---|---|
| Type of aid | Grant |
| Award amounts | Up to $4,000 per year |
| Filing deadline | Open |
| Application process | Complete the Free Application for Federal Student Aid (FAFSA). Complete TEACH Grant Counseling and TEACH Grant Agreement to Serve each year at studentaid.gov. After completing the Agreement to Serve please email finaid@olivet.edu to complete the process. |
| Eligibility requirements | Be a U.S. citizen or eligible non-citizen; be enrolled as an undergraduate, post-baccalaureate, or graduate student; enroll in coursework that is necessary to begin a career in teaching in one of these high-need fields:
|
| EFC eligibility range | Open |
| Enrollment requirements | Grant prorated for less than full-time enrollment |
| Grade level eligibility | Student must be fully admitted into a qualifying major. |
| Special rules | In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. You must teach for at least four academic years within eight calendar years of completing the program of study for which your received a TEACH Grant. If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You will repay this to the U.S. Department of Education and will be charged retroactive interest from the date the grant(s) was disbursed. We encourage only those students who believe they can fulfill this service obligation to accept this funding. |
| Costs this aid can cover | Amount of TEACH Grant, in combination with other assistance, may not exceed cost of attendance. |
State Funds (Illinois): IL-MAP
State Funds (Illinois): IL-MAP: Illinois Student Assistance Commission Monetary Award Program (MAP): The State of Illinois provides financial assistance to all residents of the state who show a need for college assistance. This grant may cover tuition and fees only. The current maximum yearly award is $5,340. The FAFSA form used to apply for federal aid applies to the Illinois state assistance as well. The award amounts are contingent upon legislative action and funding each year.
| State Funds (Illinois): IL-MAP | |
|---|---|
| Type of aid | Grant |
| Award amounts | Amounts vary annually. Maximum amount for the year is $5,340. |
| Application process | File the FAFSA by state deadline. This is a budgeted category, so those eligible are serviced on a first-come, first-served basis. |
| Eligibility requirements | Student must be an Illinois resident. Student must be a high school graduate or hold a GED. Student must show financial need for this award. |
| Renewal requirements | Eligibility for this award calculated annually |
| EFC eligibility range | Open |
| Enrollment requirements | Student does not have to be enrolled full-time to receive IL-Map Grant. IL Map Grant award amounts vary depending upon the number of hours a student is enrolled, from 3-15hrs./semester. |
| Grade level eligibility | First undergraduate degree |
| Costs this aid can cover | Tuition and fees |
Other State Grants
Other State Grants: Residents outside the state of Illinois should inquire into the availability of state grants for college education which may be applied toward their education at Olivet. The states of Vermont, Massachusetts, Pennsylvania and New Jersey are among those who will permit students to transfer grants to out-of-state private schools. All Illinois grant programs can be found here.