by our College Data Analytics TeamA large number of students are not billed the advertised price of a school. Instead, they will be provided a financial aid package that will include a combination of scholarships, grants, loans, and work-study. The sum total of attendance at Illinois Eastern Community Colleges can sound overwhelming, but bear in mind that many students get some type of financial aid.
Just what financial assistance solutions will Olney Central College deliver, and just what are you going to be eligible for? Read on for answers. Read on to discover just how much financial aid could be open to you.
Eligibility for aid and scholarships is driven mostly by your household’s income and need. Read on to get a sense of the financial assistance available at Illinois Eastern Community Colleges.
Colleges use loans, grants, scholarships and work-study to minimize what students actually pay out of pocket. Bear in mind that not all aid is equal, and the amount any one student receives can vary widely.
Looking at the entering class at Illinois Eastern Community Colleges, 96% of entering full-time freshmen got some type of financial assistance approximately 646 freshmen).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 94% | $6,430 |
| Institutional grants & scholarships | 79% | $2,898 |
| Federal Pell grants | 45% | $6,674 |
| State/local grants | 31% | $1,428 |
| Federal student loans | 9% | $4,933 |
Gift aid — grants and scholarships — beats loans every time because none of it has to be repaid. At Olney Central College, about 79% of undergraduates were awarded an average grant or scholarship of $3,611 (among about 3736 undergraduates).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 79% | $3,611 |
| Federal Pell grants | 17% | $6,549 |
| Federal student loans | 4% | $6,112 |
On-campus students receiving title-IV aid were awarded grants averaging $7,241.
Since aid is largely need-based, the real cost of attendance falls steeply for lower-income families.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $9,083 |
| $30,001 – $75,000 | $11,340 |
| Over $75,000 | $12,373 |
Each amount is the average cost remaining once grant aid is subtracted, by income band.
After grants and scholarships come off the published price, what remains is the net price — the best estimate of true out-of-pocket cost.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $10,092 |
| Off-campus title-IV students | $9,968 |
For a personalized estimate based on your family’s financial situation, use Olney Central College’s official net price calculator: www.iecc.edu/netpricecalculator.
Graduating students at Olney Central College carry a median federal student debt of $5,500 in federal loans.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $5,500 |
| Median federal debt (graduates only) | $6,500 |
| Typical 10-year monthly payment (graduates) | $68.91/mo |
That monthly figure reflects the median graduate debt repaid on a standard 10-year federal schedule.
Looking only at the median can be misleading because it hides the spread. The figures below chart the debt distribution at Olney Central College.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $1,750 |
| 25th percentile | $2,250 |
| 75th percentile | $5,500 |
| 90th percentile (highest-debt students) | $9,000 |
Median debt varies by family income, by first-generation status, and by dependency status.
Debt by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $5,000 |
| Middle income | $5,051 |
| High income | $5,500 |
First-Gen vs Continuing-Gen Median Debt
| Cohort | Median federal debt |
|---|---|
| First-generation students | $5,250 |
| Continuing-generation students | $5,500 |
Dependency-Status Comparison
| Cohort | Median federal debt |
|---|---|
| Dependent students | $5,500 |
| Independent students | $6,000 |
The figure below distills the debt data into a single burden category for Olney Central College.
Stafford loans make up the bulk of federal direct lending to undergraduates. These figures summarize annual Stafford program activity at Olney Central College:
| Metric | Value |
|---|---|
| Stafford loan recipients | 3419 |
| Total Stafford loan amount | $22,476,131 |
If you are a veteran or active-duty service member, the GI Bill and DoD Tuition Assistance are the primary federal programs you can use at this school.
Post-9/11 GI Bill recipients
| Metric | Value |
|---|---|
| GI Bill recipients | 12 |
| Total GI Bill amount | $46,040 |
| Average GI Bill amount per recipient | $3,837 |
Active-duty Tuition Assistance recipients
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 0 |
| Total DoD amount | $0 |
References
More about our data sources and methodologies.