Financial Assistance
We know that investing in a college education is one of the most important decisions a family can make. We want you to know that Illinois Wesleyan is committed to helping with a broad range of financial assistance programs.
financ ing Your Education
$31.7 million
for scholarships and grants
Illinois Wesleyan has long been known for the economic diversity of its student body. Our students come from small towns, big cities, suburbs and faraway places. Their parents range from professionals and family farmers to blue-collar workers and small business owners to shop clerks and government workers. We truly feel that this diversity enhances the learning experience on campus.
“
Therefore, each year Illinois Wesleyan allocates over $31 million to a wide range
We have had two sons attend Illinois Wesleyan.
of financial assistance programs so that talented and deserving students from many different circumstances have the opportunity to attend the University. More than two thirds of our students are awarded merit or talent scholarships and more than half receive need-based grants, sometimes in addition to a previously offered
We appreciated the financial aid we received
scholarship. The overwhelming majority of these funds are made possible by the
and feel that the financial investment on our part has been a wise and worthwhile decision. The benefits each student carries into life after
generosity of alumni and friends of the University. Overall, more than 90 percent
college are invaluable.”
Parents of graduates from the Class of 2008 and 2011
of students qualify for some type of gift assistance from Illinois Wesleyan.
National Best Buy When considering both the cost to attend, after accounting for financial aid, and the quality of education, Illinois Wesleyan University is a perennial “Best Value” in surveys conducted annually by Kiplinger’s Personal Finance magazine and Barron’s Best Buys in College Education. In fact, among the U.S. News & World Report’s top 60 national liberal arts colleges, Illinois Wesleyan is the 6th most affordable. Combine this competitive cost with our commitment to financial assistance, and an Illinois Wesleyan education can be within the reach of any student. |1
Top Ten 
Questions asked about
Financial Aid
at I l l i n o i s W e s l e ya n U n i v e r s i t y
#1
How do I find out if I qualify for financial aid? Students will begin receiving information about financial aid eligibility after they have been admitted to the University. Merit-based scholarships, based on academic information provided with the admission application, and talent-based scholarships, based on an audition or portfolio review for fine arts majors, are typically mailed with the acceptance packet. For grants and all other sources of need-based financial assistance, students need to submit the Free Application for Federal Student Aid (FAFSA) and either the Illinois Wesleyan University Financial Aid Application or College Scholarship Service (CSS) PROFILE. Need-based financial aid paperwork can be filed before or after a student has been admitted and should be completed between January 1 and March 1.
#2
When will I learn if I am going to receive a scholarship or grant from IWU? We typically award merit and talent scholarships at the time of acceptance, although some scholarships are designated at a later date. Need-based financial award letters regarding grant, loan and student employment eligibility are sent beginning in late February and early March for
#3
accepted students who have completed the necessary financial aid applications. If I receive a scholarship from Illinois Wesleyan University, does this mean that I would not be eligible to receive any additional grants from the University? No. Over half of the students who receive merit scholarships qualify for additional needbased grants from the University. The greatest percentage of the University’s grant budget is designated for need-based funding.
2|
Family Income (# of students) Over () - () - () - () - () - () - () - () - () - () Under () Non-Filers ()
Scholarships/Grants Loan Student Employment
#4
,
,
,
,
I know financial aid is available for lower income families, but is it possible for a family who earns over $100,000 to qualify for need-based assistance? Yes. The income for families who qualified for need-based funds last year ranged from less than $20,000 to more than $200,000. While income plays an important role in determining financial need, the family size, number of children in college and cost of attendance are also major factors
#5 #6
in determining a student’s demonstrated need. Does IWU require a supplemental application to the FAFSA? Yes. For institutional need-based assistance, a student must complete either the IWU Financial Aid Application or the CSS PROFILE. Do you prefer the CSS PROFILE or IWU Financial Aid Application? We don’t have a preference. The IWU Financial Aid Application has fewer questions and has no cost, but for a family who is already completing the CSS PROFILE through College Board, the convenience of only completing one form may be worth the additional fee.
#7 If I have used Family Contribution estimators and know our family’s contribution is more than tuition, room and board at IWU, should I bother to complete the FAFSA and institutional application?
Yes. IWU uses a slightly different calculation than the FAFSA when awarding institutional aid. Also, our budgeted cost for financial aid is greater than tuition, room and board once we include figures for personal expenses and books. Therefore, we would encourage you to complete the institutional application in addition to the FAFSA. At a minimum, the FAFSA needs to be completed in order to take advantage of the Federal Stafford Loan program. — continues on following page |3
“
 Having two children in college at the same time in the past couple of years, I have seen a lot of tuition bills and financial aid/scholarship packages from different colleges. In my opinion, IWU was not only the best fit for my son, it also was the best value.�
Parent of a 2010 graduate
#8
I know that borrowing for college is a great way for me to help invest in my future, but I am concerned about the stories of students saddled with $100,000 or more in loans when they earn their undergraduate degree. How much college indebtedness has a typical IWU student incurred when he or she graduates? IWU is also concerned with this issue and has made a concerted effort to ensure our students borrow a responsible amount for their education. On average, IWU students who borrow have approximately $31,000 in loans when they graduate. Those same students, on average, have received more than two times that amount in grant funds from IWU. As a rule of thumb, most financial advisors recommend that students not borrow more for their undergraduate education than what they expect their first year starting salary to be, and the average IWU graduate earns
#9
approximately $41,000 in their first year of work. After I receive my financial aid proposal, are there other sources of aid I should consider? If there are any unusual financial circumstances for your family, please contact the University. Also, any outside scholarships you secure can be used in combination with your IWU financial aid proposal. If you or your parents are interested in pursuing loans to help with a portion of your balance due to the University, you may want to consider a Federal PLUS Loan. As an example, a parent who borrows $5,000 with a PLUS Loan would have a monthly loan payment of $60.
#10 What other factors should I consider when evaluating my cost to attend IWU?
First and foremost, we certainly understand that obtaining an Illinois Wesleyan education may require some sacrifice on the part of you and your family. We also believe strongly that an IWU education is a great investment. One very important factor to consider is the time it will take to graduate. It is highly likely that you will graduate in four years from Illinois Wesleyan versus the national trend of students taking five to six years. In fact, this past year, 95 percent of our graduates did so in four years or less. Our success of graduating students on time is a great comfort to families as they avoid struggling with a fifth year of tuition payments and loans, as well as a lost year of income for the student.
4|
Financial Aid timeline a n d Process January Plan to complete Income Tax Returns as
soon as possible February Complete Income Tax Return Before March 1 Complete FAFSA and Illinois Wesleyan
University Financial Aid Application or CSS PROFILE After March 1 Receive and review financial aid proposals June Receive loan applications for loans March & April If necessary, review additional loan
offered in financial aid proposal
opportunities (PLUS, alternative loans, home July Receive necessary forms and equity loans, etc.) information on student employment if a campus job was awarded in your By May 1 Make your college selection — hopefully financial aid proposal Illinois Wesleyan!
|5
Below are the different financial aid resources available to students who show a financial need after they have been admitted to the University and completed the FAFSA and the IWU Financial Aid Application or CSS PROFILE.
qualify f o r need-based financial aid?” “ W h at c a n I g e t i f I
Scholarships and Grants Alumni Scholarship — renewable four-year scholarship
Private Scholarships — scholarships from non-University
provided by Illinois Wesleyan based on academic information
sources that can reduce the family’s contribution or the student’s
provided with the application for admission. Range for 2012-13
self-help portion (loan or employment) of the University’s
is $5,000 to $18,000 per year.
financial aid package.
Alumni Fine Arts Award — renewable four-year scholarship
Alumni Grant — gift assistance provided by Illinois Wesleyan
provided by Illinois Wesleyan based on audition or portfolio
based on results of submitted financial aid forms and evaluated
review submitted by students majoring in art, music or
on a yearly basis. Range for 2011-12 was $500 to $23,000.
theatre arts. Range for 2012-113 is $5,000 to $18,000 per year.
These amounts can often include dollars received with Alumni
Jennings Music Scholarship for Non-Majors — $1000 per year awards for non-music majors that also provide free music
Pell Grant — gift assistance provided by the federal government
lessons. The scholarships are renewable for four years. Awards
for low-income families which is based on the FAFSA and
are based on an audition and the requirement that the student
evaluated yearly. Range for 2011-12 was $550 to $5,550.
participate in an appropriate music ensemble. Satisfactory progress in private lessons is also a condition of the award.
Supplemental Education Opportunity Grant (SEOG) — gift assistance provided by the federal government and
Theatre Tech Scholarship for Non-Majors — The $1000 per
administered by the University. These grants are for students
year scholarship is available through competitive portfolio
from low-income families who are eligible to receive a
interviews and is based on the overall technical needs of
Pell Grant and would not be able to attend college without
the School of Theatre Arts. This scholarship is for students
additional financial assistance. The grants are based on the
interested in continuing with their technical theatre skills
FAFSA and evaluated yearly. Range for 2011-12 was $200
and interests.
to $2,000.
National Merit, National Achievement and National
Illinois Student Assistance Commission Monetary Award
Hispanic Scholarship — $2,000 to $4,000 scholarship per
Program (MAP) Grant — gift assistance provided by the State of
year awarded to students who are named finalists in the
Illinois for residents who enroll at an approved Illinois college or
National Merit, National Achievement or National Hispanic
university. The maximum award for 2011-12 was $4,720.
programs. 6|
Scholarships and Alumni Fine Arts Awards.
Federal Stafford Loan (Unsubsidized)
Year in School
Subsidized Maximums
Additional Unsubsidized
Total Available Subsidized or Unsubsidized
First-Year
$ 3,500
$ 2,000
$ 5,500
Sophomore
$ 4,500
$ 2,000
$ 6,500
Junior
$ 5,500
$ 2,000
$ 7,500
Senior
$ 5,500
$ 2,000
$ 7,500
Total
$ 19,000
$ 8,000
$ 27,000
Loan Assistance Federal Stafford Loan (Subsidized) — Students may borrow
Parent Loan for Undergraduate Students (PLUS) — This
up to $3,500 their first year, $4,500 as a sophomore, and $5,500
loan allows parents to borrow the remaining family contribution
their junior and senior years, or a maximum of $19,000 for
after the student has received his or her financial aid and can
four years of college. The term “subsidized” means the loans
provide a means of financing the family contribution by
are interest-free while the student is enrolled at least half-time
spreading the payments over a period of up to 10 years. This
in an approved college or university. Students begin repayment
program may be of particular interest to families with large
on Stafford Loans six months after they cease to be a full-time
non-liquid assets but modest incomes. Repayment period for
college student. For students who borrow for the upcoming
this loan begins within 60 days of check disbursement, and
year, the interest rate during repayment will be 6.8%.
PLUS Loan interest rates are fixed at 7.9%.
Federal Stafford Loan (Unsubsidized) — If a student does not qualify for the full amount of a subsidized Federal Stafford
Job Assistance
Loan in any given year, he or she has the option to borrow
On-Campus Employment — Illinois Wesleyan has a variety
the remainder in an unsubsidized Federal Stafford Loan. The
of on-campus positions for students with a demonstrated
term “unsubsidized” means the student is responsible for
financial need. A job opportunity may be included with the
paying the interest from the date the funds are disbursed, and
student’s offer of assistance. The typical arrangement is a
unsubsidized Stafford Loan interest rates are fixed at 6.8%.
10-hour per week job. Students will interview for these positions
Any student is also eligible to borrow an additional $2,000 in
when they arrive on campus.
the unsubsidized Federal Stafford Loan program above the yearly maximum (see chart).
Off-Campus Employment — There are many opportunities for part-time jobs in the Bloomington/Normal community,
Perkins Loan — This loan program is funded by the federal
which typically boasts the lowest unemployment rate in the
government, but administered by the University, and may be
state of Illinois. The Financial Aid Office and Hart Career
available to low income families. A student may borrow up to
Center assist students by maintaining a listing of potential
$5,500 each year or $22,000 for four years.
employers and available job openings.
|7
Below are the different financial aid resources available to students who choose not to file for need-based assistance or students who file for need-based aid but do not qualify.
don’t qualify f o r need-based financial aid?”
“ W h at c a n I g e t i f I
Scholarships and Grants Alumni Scholarship — renewable four-year scholarship provided
National Merit, National Achievement and National
by Illinois Wesleyan based on academic information provided
Hispanic Scholarship — $2,000 to $4,000 scholarship
with the application for admission. Range for 2012-13 was $5,000 to
per year awarded to students who are named finalists in
$18,000 per year.
the National Merit, National Achievement or National
Alumni Fine Arts Award — renewable four-year scholarship provided by Illinois Wesleyan based on audition or portfolio review submitted by students majoring in art, music or theatre arts. Range for 2012-13 was $5,000 to $18,000 per year. Jennings Music Scholarship for Non-Majors — $500 per year awards for non-music majors that also provide free music lessons. The scholarships are renewable for four years. Awards are based on an audition and the requirement that the student participate in an appropriate music ensemble. Satisfactory progress in private lessons is also a condition of the award.
Private Scholarships — scholarships from non- University sources that can reduce the family’s remaining financial contribution. Illinois Wesleyan scholarships will be reduced only if the Illinois Wesleyan scholarships and private scholarships exceed direct charges of tuition, room, board and activity fees. Alumni Opportunity Grant — need-sensitive grant available to students who file need-based financial aid forms but don’t qualify for any grant assistance based
Theatre Tech Scholarship for Non-Majors — The $1000 per year
on an expected family contribution just outside of the
scholarship is available through competitive portfolio interviews
qualifying range. These grants are reviewed each year
and is based on the overall technical needs of the School of Theatre
and require students to complete required financial aid
Arts. This scholarship is for students interested in continuing with
paperwork.
their technical theatre skills and interests. 8|
Hispanic programs.
“
My daughter, who attended a large public high school in California, was able to receive extensive aid to attend Illinois Wesleyan, something she never dreamed was financially possible. She fully embraced this incredible gift, challenging herself to excel academically, athletically, and in character development, all of which allowed her to obtain a job in her field right after graduation.”
Parent of a 2009 IWU graduate The Minor Myers, jr. Welcome Center, home to the Admissions Office.
Loan Assistance Federal Stafford Loan (Unsubsidized) — The term “unsubsidized” means
Federal Stafford Loan (Unsubsidized)
the student is responsible for paying the interest from the date the funds are
Year in School
Federal Stafford Loan Maximum
disbursed, and unsubsidized Stafford Loan interest rates are fixed at 6.8%.
First-Year
$ 5,500
Students can borrow up to a particular amount per year according to the chart
Sophomore
$ 6,500
Junior
$ 7,500
Senior
$ 7,500
Total
$ 27,000
on the right. Parent Loan for Undergraduate Students (PLUS) — This loan allows parents to borrow the remaining family contribution after the student has received his or her financial aid and can provide a means of financing the family contribution by spreading the payments over a period of up to 10 years. This program may be of particular interest to families with large non-liquid assets but modest incomes. Repayment period for this loan begins within 60 days of check disbursement, and PLUS Loan interest rates are fixed at 7.9%.
Job Assistance On-Campus Employment — Illinois Wesleyan has a limited number of on-campus jobs for students who do not qualify for a job based on need. The typical arrangement is a 10-hour per week job, and students are responsible for arranging interviews for these positions when they arrive on campus. Off-Campus Employment — There are opportunities for part-time jobs in the Bloomington/Normal community, which typically boasts the lowest unemployment rate in the state of Illinois. The Financial Aid Office and the Hart Career Center assist students with off-campus job placement by maintaining a listing of potential employers and available professional openings in the area.
|9
Costs
Payment options
and
Contact Illinois Wesleyan For additional information contact the offices of Financial Aid or Admissions: Financial Aid Office 1 Holmes Hall 309-556-3096 iwufaid@iwu.edu
Admissions Office Myers Welcome Center 309-556-3031 iwuadmit@iwu.edu
2011-2012 Costs Tuition and Fees $ 36,602 Room and Board $ 8,476
The adjacent charges are determined on an annual basis, and different options exist
Mail inquiries to: IWU Financial Aid or Admissions P.O. Box 2900 Bloomington, IL 61702-2900
Total
www.iwu.edu/finaid www.iwu.edu/admissions
no interest or service charges and allows University charges to be
$ 45,078
for payment. The amount due to the University can be paid in two
installments in August and January or through a monthly payment schedule. The 10-month payment plan begins in July each year, has budgeted into smaller payments over the entire calendar year. University financial aid funds, which will exceed $31 million this year, are substantial but not unlimited. Therefore, only applicants who meet the deadlines and comply with all guidelines will be eligible for full
Accreditation Illinois Wesleyan University is accredited by The Higher Learning Commission of the North Central Association of Colleges and Schools. Equal Opportunity Illinois Wesleyan University does not discriminate on the basis of age, race, religion, sex, sexual orientation, disability, or national origin in its admissions policies, educational programs and activities, or employment policies. Illinois Wesleyan expressly recognizes the requirements of Title IX legislation and complaints should be reported to the University’s Title IX coordinator, who is the Executive Assistant to the President (Susan Bassi, Holmes Hall 204, 309-556-3151). If you are a person with a disability and require any auxiliary aids, services or special arrangements for an event, please contact the University at 1-800-332-2498 so we may discuss your accommodation needs.
consideration of University financial aid funds. All financial aid awards are reviewed each academic year based on the timely completion of the Illinois Wesleyan Financial Aid Application and the FAFSA, continued demonstration of financial need, maintenance of good standing within the University and availability of resources.