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State Financial Aid Runs Dry in Illinois

Mar 22, 2012

State Financial Aid Runs Dry in Illinois

by Alexis Mattera

Did you already file your FAFSA this year? If you live in Illinois, your early bird mentality will help you pay for college because state funding has run out earlier than expected.

Officials said the state’s primary source of need-based financial aid, the Monetary Award Program (MAP), received 40,000 more applications this year than last. "It's a sign of incredible demand more than anything else," said John Samuels, spokesman for the Illinois Student Assistance Commission but since these scholarships are awarded on a first-come, first-serve basis, students who applied after March 13th – roughly 140,000 – will have to find alternate funding. Illinois currently provides at least $387 million for the program and Governor Pat Quinn has proposed increasing that amount by $50 million to give financial assistance to 35,000 additional students – though it would take $1 billion to for every eligible student to receive a MAP grant.

Does this news impact your college plans or did you submit your financial aid forms in time?

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