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Student Financial Aid
SOLEX College is approved by the United States Department of Education (USDE) to award federal financial aid to those who qualify.
Contact the Financial Aid Office for assistance in completing the Free Application for Federal Student Aid (FAFSA) at 847-229-9595 or toll-free at 866-79SOLEX.
What Is Federal Student Aid?
Federal Student aid comes from the U.S. Department of Education. It is money that helps students pay for educational expenses at a postsecondary school (e.g., college, vocational school, graduate school) for eligible programs.
Federal student aid covers such expenses as books and supplies, room and board, tuition, fees, and transportation. Federal student aid can also help pay for a computer and for dependent care.
Federal student aid is available to those who qualify in the form of grants and loans.
- Grants –This money usually does not need to be paid back. Most U.S. Department of Education grants are based on the student’s financial need.
- Loans – If you are awarded a loan as part of your financial aid package, you may be eligible for either subsidized or unsubsidized funds, or a combination of both. The big difference between the two is when the interest begins to accrue.
- Subsidized loans are awarded on the basis of financial need. You won't be charged any interest before you begin repaying the loan because the federal government subsidizes the interest during this time.
- Unsubsidized loans charge interest from the time the money is first disbursed until it is paid in full. The interest is capitalized, meaning that you pay interest on any interest that has already accrued. One way to minimize how much interest accrues is to pay the interest as it accumulates.
More detailed information can be found at FAFSA.
Who Can Get Federal Student Aid?
There are basic eligibility requirements for federal student aid:
- You must be a U.S. citizen or an eligible noncitizen (F-1 visa holders are not eligible)
- You must have been accepted to and enrolled in an eligible postsecondary program. Eligible programs at SOLEX College are:
- You must have a valid social security number
- You need to be able to show that you’re qualified to obtain a postsecondary education by
- Having a high school diploma, GED or equivalent
- Completing a high school education in a home school setting approved under state law
How to Get Started
Step 1: Be Prepared
Having the information that you will need ahead of time will simplify the process. Your free application will ask you questions about you, your financial information, your school plans and more. Please have the following documents and information handy:
- Social Security number (SSN).
- E-mail address.
- Driver’s License.
- Most recent tax returns (including all W2’s). You will need info from your W2’s as well as from your tax returns.
- You will need to know your current checking and savings account balances. (For yourself and your spouse or parents if applicable).
- You will need to know the net worth of your (and spouse’s) investments, including real estate. Do not include the home that you live in. Net worth means current value minus debt.
- You will need to know the net worth of your (and spouse’s) current businesses and/or investment farms. Do not include a family farm or family business with 100 or fewer full-time or full-time equivalent employees.
- If you are a green card holder, you will need your alien registration number.
Step 2: Apply Online
Go to www.fafsa.ed.gov and fill out the application. There is a set of instructions that will guide you easily through each section.
The School Code for SOLEX College is 041685.
Step 3: Follow-up
You can view your results, check your status and make corrections to a submitted or processed FAFSA application.
FAFSA4caster is a federal aid estimator that you can use before officially applying for aid using the Free Application for Federal Student Aid (FAFSA).
Any student, regardless of age or year in school, may use FAFSA4caster.