How and When Do You Receive Aid
Our disbursements begin approximately the 4th week of the semester. Loan disbursements are disbursed in two payments during the loan period.
If the student has requested a two semester loan (IE: fall and spring loan), the student will receive one disbursement in each of the semesters.
If the student has requested a one semester loan (IE: fall only loan), the student will receive two disbursements in the semester. The second half of the disbursement is processed the week after midterm break.
Please Note: Per Federal Regulations, disbursements for first time borrowers are not processed until 30 days after the start of the semester, approximately the 5th week of the academic semester.
Federal financial aid funds are typically received and disbursed before State of Illinois financial aid funds (MAP grant). We typically receive State of Illinois funds (MAP grant) towards the end of each academic semester.
When the funds are received, the funds are applied to the student account to pay for all charges incurred and outstanding on the account. If there is a surplus of funds, a refund check will be processed through the eRefund account that the student has set up through their MyICC (eServices).
Enrollment in late start (12-Week and 2nd 8-Week) courses may delay your Loan and Pell grant disbursements until after these classes start. Enrollment in all late start classes will require use of a lower Cost of Attendance and adjusted EFC calculation.
Changes in your enrollment status may require a recalculation of your Loan and Pell grant eligibility. See our information on Return to Title IV Aid for more details.
Financial Aid Refunds
To ensure timely and accurate delivery of refund monies, ICC offers eRefund services to students. To take advantage of this service, students must set up an eRefund account through their eServices account. Select the link “Setup eRefund Account”. For more assistance, please view our detailed instruction on setting up this account.
It is the policy of ICC to deduct from a student’s refund any outstanding obligation when the refund is processed. Obligations include, but are not limited to; tuition, NSF charges, institutional emergency loans, traffic fines, housing charges, etc. By law, ICC is allowed to use financial aid refund dollars to pay any outstanding obligation for tuition and related fees for a prior term within the same academic year but only $200 can be used to pay an obligation from a previous academic year. It is the student’s responsibility to ensure any remaining balance is paid in full or future services (enrollment, transcripts, credentials, etc.) will be withheld from the student. Financial aid refund checks not cashed within 60 days will be cancelled and the funds will be returned back to the Federal Student Aid program.