The Illinois Student Assistance Commission conducted more than 240 financial aid workshops across the state in February. Photo – Kit Ay

CHICAGO – During February’s Financial Aid Awareness Month, the Illinois Student Assistance Commission (ISAC) was pleased to conduct or help support more than 240 workshops across the state to assist students and families in navigating the financial aid process and in completing the Free Application for Federal Student Aid.

Supported this year by Gov. Bruce Rauner’s proclamation of Financial Aid Awareness Month, annual workshops during February highlight the importance for students of completing the FAFSA to determine their eligibility for federal, state, and many college financial aid programs.

Workshops and communications that focus on encouraging students to complete their FAFSAs as soon as possible after January 1st  have helped to improve the rate of early FAFSA filings: as of March 1, 2015 over 51% of Illinois high schools seniors had fileda FAFSA, an almost 39% increase from the same date in 2010, with steady increases each year. ISAC collaborates with school partners to get the word out to students about the importance of early FAFSA filing. In addition, the ISACorps, a group of recent college graduates who act as near-peer mentors to high school students and who also work with returning adults across the state, provide workshops and one-on-one assistance year-round to help with the college-going and financial aid process. In February alone, 243 FAFSA completion workshops reached over 2900 Illinoisans.

“If we are going to meet the state’s goal of increasing the proportion of Illinois adults with a postsecondary credential to 60 percent by 2025, we must provide students with the money and knowledge necessary for them to get to college,” said Eric Zarnikow, executive director of ISAC. “Financial aid workshops across the state provide the knowledge students need to navigate the process, and FAFSA completion workshops help them file the form that can give them access to the dollars they need to attend college.”

Early FAFSA filing has been particularly important for access to the Illinois Monetary Award Program (MAP) grant. For many years, demand has exceeded available funding for the state’s largest need-based grant program, which is offered first-come, first-served based on the date of receipt of a completed FAFSA. In large part as a result of early FAFSA filing, the date suspending announcement of 2015-16 MAP awards was six days earlier than last year. A set of Frequently Asked Questions regarding MAP Suspense is available on ISAC’s website.

“Even though we have announced the initial MAP suspense date,” said Zarnikow, “it is still important for students who have not yet filed a FAFSA to do so as soon as possible.” The FAFSA determines eligibility for financial aid other than MAP for which students might be eligible, such as federal Pell grants and other institutional aid.

“For those who are eligible, a federal Pell grant for a full-time student can cover the cost of tuition at most Illinois community colleges,” said Zarnikow. There are many students in Illinois who will be eligible for Pell based on financial need: as of March 4, 2015, Illinois FAFSA filers were eligible for over $903 million in federal Pell grants alone. Filing a FAFSA is also important because, if MAP funds do become available later in the year, it is the only way a student can be considered for the grant.