HOPE Scholarship and Other Educational Tax Benefits
- The HOPE Scholarship is a tax credit available to eligible students during their first two years of post-secondary education. For students enrolled in a degree or certificate program at least half-time, the credit covers 100 percent of the first $1,200 of tuition and qualified fees and 50 percent of the second $1,200 over two tax years. Joint filers whose income exceeds $116,000 and single filers who earn over $58,000 annually are ineligible, and the amount covered by the HOPE tax credit is reduced by other grant and scholarship aid received.
- Other tax benefits include the Lifetime Learning Credit, Exemption of Employer-Provided Assistance, Exemption of Scholarships and Tuition Remission, and Deduction of Student Loan Interest. Additional information may be obtained by calling the Parkland College Business Office at 217/ 351-2362 or by contacting the Internal Revenue Service.
- Hope and Lifetime Learning Publication from IRS
Major Financial Aid Programs
Parkland administers a variety of federal and state programs, along with many special scholarships just for Parkland students.
Monetary Award Program (MAP). The MAP is awarded by the Illinois Student Assistance Commission (ISAC) and is designed to pay tuition and basic fees at Parkland for Illinois students.
MAP Eligibility
Silas Purnell Illinois Incentive for Access Grant Program. This is a one-time grant of $1,000 or $500, dependent upon the Expected Family Contribution as calculated by the federal government. This grant is awarded by the Illinois Student Assistance Commission. To qualify for this award, students must be classified as freshmen.
Federal Pell Grant. This grant is designed to help pay college-related expenses. The exact dollar award is determined by the student’s class load and the Expected Family Contribution (EFC) as calculated by the federal government.
Academic Competitiveness Grant. This grant will provide up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study to full-time students who are eligible for a Federal Pell Grant and who have successfully completed a rigorous high school program, as determined by the state or local education agency recognized by the Secretary of Education. Second-year students must also have maintained a cumulative grade point average (GPA) of at least 3.0. The Academic Competitiveness Grant award is in addition to the students' Pell Grant award.
Federal Work-Study (FWS). As a campus-based program, FWS is awarded through the Office of Financial Aid in the form of part-time employment. Students who participate generally work from 10-20 hours per week and are paid twice a month. The actual FWS award is based on demonstrated financial need.
Federal Supplemental Educational Opportunity Grant (FSEOG). As a campus-based program, the SEOG is awarded to students who have exceptional financial need. SEOG awards depend on the amount of funds available.
William D. Ford Direct Loan Program. Students enrolled in either college transfer or vocational/technical programs may apply for this loan. Depending upon demonstrated financial need and academic program length, freshman students may borrow $3,500. Sophomores may borrow up to $4,500 with demonstrated financial need. Repayment begins six months after the student drops below half-time student status, but there are deferment provisions. A variable rate of interest is charged and adjusted annually not to exceed 8.25 percent. Monthly repayment varies with the total amount borrowed.
Application for the Direct Loan at Parkland begins when applying for financial aid on the Free Application for Federal Student Aid. All applicants must have a Federal Pell Grant eligibility determination made before loan processing can be completed. First-time Parkland borrowers must complete loan entrance counseling before receiving their first check. Direct loans are made through the U.S. government.
Direct Parental Loan for Undergraduate Students (PLUS). PLUS loans are available to parents of dependent students who are enrolled at least half-time. Repayment begins within 60 days of signing a promissory note. Application for the Direct PLUS begins when completing a PLUS Application, which is available from the Office of Financial Aid. Direct PLUS loans are made through the U.S. government.
Perkins Grant The Carl D. Perkins Vocational and Technical Education Grant, funded by the U.S. Department of Education, provides assistance to students in career and technical education programs. Intended to increase the competitiveness of the U.S. in the world economy by improving workers’ technical skills nationwide, the Perkins Grant provides financial assistance for reimbursement of additional course fees and lab fees; purchase of class supplies, required tools, instructional materials, and uniforms.
All Perkins Grant recipients must be enrolled in one of the career programs at Parkland College. These include all Associate of Applied Science degree and Certificate programs. Call career programs at 217/351-2218 for application information.
Parkland College Foundation Scholarships/Special Scholarships. Students may also apply for special scholarships and scholarships available through the Parkland College Foundation.