What Do I Have To Do To Receive AND Keep My Aid?
Please CAREFULLY read the Satisfactory Academic Progress Standards (SAP) standards available online
To remain eligible for Federal and State aid you must meet Financial Aid satisfactory academic progress standards. These SAP standards are different from the college’s general Academic Standing Policy. SAP standards look at your course completion rate, grade point average and your total hours attempted. These requirements are evaluated at the end of each fall, spring and summer semester.
Illinois Central College is required to establish satisfactory academic progress standards for its federal and state financial assistance recipients in accordance with the U.S. Department of Education regulations. These standards ensure that only students demonstrating satisfactory academic progress toward the completion of their educational programs will continue to receive financial assistance.
How And When Will I Receive My Financial Aid?
For grants, most scholarships, Direct Loan funds, and PLUS Loan funds, the financial aid office reviews your enrollment and other eligibility criteria and authorizes payment to your student account.
Your awards may increase, decrease, or be cancelled, depending on these eligibility reviews. If your aid is cancelled for any reason, you are responsible for paying all tuition, fees, and book charges you have incurred. Financial aid funds are applied to your unpaid balance, including any charges you may have for books.
For grants, scholarships, and processed loans for repeat borrowers, funds are credited to students’ accounts approximately the fourth week of the academic term.
For first-time Federal Direct Loan borrowers, funds are credited 30 days after the first day of classes. All other disbursements begin approximately the 4th week of the semester.
If your financial aid exceeds your ICC charges, ICC will process a refund for you within 14 days after your aid is credited. If your charges exceed your financial aid, you must pay the remaining balance due. These payment arrangements can be made in your eServices.
How Do I Pay For My Books?
Eligible enrolled students whose Pell grant, scholarship, and/or certified loan funds exceed their tuition and fee charges may be eligible to use the surplus funds in the ICC Bookstore in order to purchase required course materials. The Financial Aid office will automatically set up bookstore charges for eligible students.
Students should purchase all required books and supplies during the charge period. Charges may be reopened to accommodate 2nd eight week, 12 week, Fast Track, Open Entry/Open Exit, or other odd duration courses. Check with the Financial Aid Office for specific requests for these types of classes.
What Happens If I Drop, Withdraw, Or Change Grading Method To Audit?
Your Shopping Sheet in eServices lists the amount of financial aid you have been awarded. You cannot receive aid for Dropped or Audited courses. Audited courses are those in which the student is a non-participating listener in a course. The student receives no grade or notation on a transcript relative to the audited course.
A course is considered dropped if you drop before the 100% tuition refund deadline. There are no charges or SAP penalties for dropped courses. Each class has a different refund deadline. Refer to your class schedule for the refund dates of your classes.
If you withdraw from a course after the tuition refund date, it is a withdrawal. You will be charged for withdrawn courses, and withdrawals can lead to violations of the Financial Aid SAP Standards.
If you withdraw from all your courses or stop attending them before completing more than 60% of the semester, you may have to repay all or a portion of the financial aid that you received.
What If My Financial Situation Has Changed?
If your family experiences an extreme change in its finances due to circumstances such as illness, disability, divorce, or unemployment, you can have your eligibility reevaluated based on your new family financial circumstances. Print a Special Circumstances Application and submit all of the requested documentation to the Financial Assistance office. Your request will be reviewed and you will be notified of the results.
Head to the Financial Aid Forms page to get the correct year’s Special Circumstances Application.
What Is My Cost Of Attendance (COA) And How Is It Determined?
The Cost of Attendance will include tuition and fees, books and supplies, housing, transportation and miscellaneous personal expenses. It provides the college with a basis for establishing your Financial Need.
How Is My Financial Need Determined?
Financial Need is calculated as the Cost of Attendance (COA) minus Expected Family Contribution (EFC).
COA – EFC = Need
The EFC is taken from the Student Aid Report (SAR) which results from your FAFSA filing. If you submitted your FAFSA online, your SAR will be emailed to the email address you provided on your FAFSA. If you submitted your FAFSA through the U.S. Mail, your SAR will be mailed to the address provided on your FAFSA. Your Financial Need plays a big role in determining the programs and the amounts for which you are eligible.
If you have questions regarding your financial aid: