What is financial aid? And why you should apply even if you can afford college on your own

Two students talking in a corner on campus Published February 25, 2026

Students often think “financial aid” only means federal loans or help for low-income families. In reality, financial aid is the full menu of resources available to help you pay for college. This includes:

  • Federal grants (Pell, etc.) Free money from the federal government you don’t repay.
  • Illinois state grants (MAP, etc.): Free money from the State of Illinois you don’t repay.
  • Scholarships (CLC + external): Free money awarded for financial need, academic merit or other criteria you don’t have to repay.
  • Federal and private loans: Borrowed money that must be repaid with interest.
  • Work-study and student employment: Part-time jobs that help you earn money to pay for school while going to school.
  • Tuition waivers through employers: Employers pay or waive part of your tuition as an employee benefit.
  • Military/veterans benefits: Education funding for veterans, active-duty service members and eligible dependents.
  • Payment plans: Monthly installments that spread out tuition payments over time.
  • 529 college plan funds: Savings plan money set aside for education expenses with tax advantages.
  • Emergency help: Short-term aid to pay for urgent needs that could disrupt your enrollment.

And yes — you can absolutely receive financial aid at a community college. In fact, policies at College of Lake County (CLC) are designed to help you graduate with minimal or zero debt.

As a student from Warren Township High School starting at College of Lake County, Saffa Sakhi didn’t fully understand financial aid at first. It can be confusing – it kind of has its own language and uses a lot of acronyms. Like FAFSA, which stands for the Free Application for Federal Student Aid.

“When I first heard, ‘Oh, you have to fill out the FAFSA,’ I was like, what is that? How does this all work? I was anxious. But once you get a general understanding of financial aid and gather all your necessary documents, it’s a lot easier to go through the process,” assures Sakhi.

Discover types of financial aid

Applying for aid is worth it — Even if you can pay out of pocket

Even if you can cover the cost of attending College of Lake County, applying for aid is still a good idea. Why? It opens the door to other financial aid opportunities and smart-money strategies:

  • Sun shining through the windows onto the CLC student commonsYou may qualify for merit scholarships.
  • Your employer may offer tuition reimbursement but require FAFSA completion.
  • Financial aid records help you qualify for future scholarships.
  • You preserve your savings for transfer institutions or emergencies.

Always use free money before borrowing money. "Loans should always be the last resort for students,” says CLC Financial Aid Coach Ashely Rico.

Student loans must be repaid. Some come with hefty interest rates, which increase the amount you must pay back over time. The longer you take to repay a loan, the more it costs you to borrow the money. Some students get stuck with loans for decades. This can prevent you from buying a home or starting a family or business.

Apply to FAFSA or the Illinois Alternative Application. Otherwise, you’ll never know if you’re leaving money on the table. You can get a high-quality education for an affordable price at CLC, but every bit of money saved is a good thing.

Explore financial aid at CLC

CLC supports you through the process

Graduate getting hug from a loved one after commencementFinancial aid can feel overwhelming. But at College of Lake County (CLC), you’re never expected to navigate it alone. Every student’s situation is unique. And the financial aid team is here to walk you through the process step-by-step.

Start early, ask questions and take advantage of available resources. By applying for financial aid, you’re taking control of what lies ahead. It helps you grow in your career or reach your educational goals, without taking on overwhelming debt.

“It's important to do as much as you can for your own future,” says CLC student Saffa Sakhi.

“At CLC, you already are saving a lot of money because it’s an affordable, high-quality education. But if you can get the cost reduced even more, that’s helpful, especially if you want to transfer to a four-year school,” she says.


Artificial intelligence was used to organize and summarize this article. Guidance, tips and quotes from CLC experts and students are expressly their own.

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