Q: What do I have to do to find out if I qualify for financial aid?

A: The Department of Education requires a completed Free Application for Federal Student Aid form. These forms are available in our Financial Aid Office.

Q: Do many people qualify for grants?

A: Several students do qualify. Eligibility is based on income, number in household, number in college, marital status, etc.

Q: Can I qualify for student loan money even if I make too much money for state and federal grants?

A: Yes. The ability to receive student loans is not based on income. Some of our students even qualify for subsidized student loan money. That means the Federal Government makes the interest payments until the student stops taking six credit hours per semester or graduates whichever comes first. The income level can affect whether or not a student qualifies for subsidized dollars. If that happens, the student would then receive available unsubsidized student loan money.

Q: How long do I have to repay a student loan?

A: You have up to ten years to repay depending on how much money is borrowed.

Q: Do I have to pay the interest on student loans while I am in college?

A: No. Loan interest and principle are in deferment as long as the student takes at least six credit hours per semester. When the student fails to take at least six credit hours per semester or graduates, the student must start making payments. (Note: The student must show academic progress during the time they are attending.)

Q: I had a student loan at a previous school, and I am making payments. Will that loan be deferred when I start taking at least six credit hours per semester at McKendree?

A: Yes, assuming you are in good standing with the lender and show academic progress. Special stipulations apply for student loans between 1987 and 1993.

Q: I don't like to be in debt. Why should I go into debt for an education?

A: A quality education is a great investment. Unlike a car or other items, a quality education does not depreciate. It gives individuals a tool to earn more money and increase job satisfaction.