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Financial Aid Jargon

Illinois National Guard Grant (ING)

An entitlement program in which eligible student members may receive a waiver of tuition and certain fees at Illinois public 2- and 4-year colleges.

Illinois Student Assistant Commission (ISAC)

The state agency that administers scholarship and grant programs for Illinois residents in accordance with state appropriations and legislation.

Illinois Veteran Grant (IVG)

An entitlement program in which eligible student veterans may receive a waiver of tuition and certain fees at Illinois public 2- and 4-year colleges.

Independent Student

To qualify as an independent student you must be able to answer "Yes" to one of the following statements:

  • Be born before January 1, 1988 (for the 11-12 academic year)
  • Be enrolled in a graduate degree program
  • Be married as of date the FAFSA was filed
  • Have legal dependents other than a spouse who lives with you and you provide more than half support for
  • In foster care or dependent/ward of the court when you were age 13 or older
  • Emancipated minor as of the date you filed the FAFSA
  • In legal guardianship until you reached the age of 18
  • Identified as an unaccompanied youth who was homeless or at-risk of being homeless at any time on or after July 1, 2012
  • Be a veteran or current active duty member of the U.S. Armed Forces (called to active duty for purposes other than training)
  • Both parents are deceased

Interest

The interest on a loan is a fee charged periodically in exchange for the use of a lender's money. It is paid in addition to repaying the amount borrowed. Interest is usually calculated as a percentage of the outstanding principal balance of the loan.