Student Financial Aid

Student Financial Aid

SOLEX College is approved by the United States Department of Education (USDE) to award federal financial aid to those who qualify.
We do not accept any financial aid/Title IV funds at this time.

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.