Financial Aid

Financial aid is designed to bridge the gap between the cost of education at a higher education institution and the expected family contribution (EFC) as determined by the Federal Government when a student submits the annual Free Application for Federal Student Aid (FAFSA).

There are four main sources of funding available:

1. Federal Government (through the US Department of Education)
2. Illinois State Government
3. Institutional aid (availability is different at each institution)
4. Private sources (community organizations, churches, professional organizations, etc…)

Quick References

• Federal Websites
  • FAFSA
  • Federal Student Aid
  • IRS
  • Veteran’s Affairs
• Financial Literacy

  MyMoney
• Credit Report
  • Equifax
  • Transunion
  • Experian
• Student Loan Code of Conduct

  The 2008 Higher Education Opportunity Act requires that all institutions adopt a Student Loan Code of Conduct which serves as the formal guiding principles in ensuring integrity of the student loan process and ensures the ethical conduct of Illinois Central College (ICC) employees in regard to student loan practices.

  Interaction with Borrowers

  Illinois Central College participates in the William D. Ford Federal Direct Loan Program through the U.S. Department of Education. This program includes Direct Subsidized, Direct Unsubsidized and Direct Parent PLUS loans.

  To a much lesser extent, private education loans are also processed for students at their request as needed.

  ICC does not maintain a preferred lender list for private student loans, nor does it recommend any private lender. All decisions concerning private education loans will be made by the borrower based on his/her independent review of lender benefits and services. ICC will not refuse to certify or delay certification of any private education loan based on the borrower’s selection of a particular lender.

  Gifts

  Employees of the ICC Financial Assistance Office are prohibited from receiving gifts from any lender, guarantee agency or loan servicer. Exceptions related to specific types of activities or literature include the following: Brochures or training material related to default aversion or financial literacy.

  • Food, training or informational materials as part of training, as long as the training contributes to the professional development of those individuals attending the training.
  • Favorable terms and benefits to the student employed by the institution as long as those same terms are provided to all students at the institution.
  • Entrance and exit counseling as long as the institution’s staff are in control and they do not promote the services of a specific lender.
  • Philanthropic contributions from a lender, guaranty agency or servicer unrelated to education loans.
  • State education, grants, scholarships, or financial aid funds administered by or on behalf of the State.

  Contracting Arrangements

  Employees of the ICC Financial Assistance Office shall not accept from any lender or affiliate of any lender any fee, payment or other financial benefit as compensation for any consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.

  Revenue Sharing

  ICC will not enter into any revenue-sharing arrangement with any lender. This is defined as any arrangement between a school and a lender that results in the lender paying a fee or other benefits, including a share of the profits, to the school, its officer, employees or agents, as a result of the school recommending the lender to its students or families of those students.

  Opportunity Pool Loan

  ICC will not request or accept from any lender any offer of funds to be used for private education loans including funds for an opportunity pool loan, in exchange for ICC providing concessions or promises to the lender for a specific number of loans, or inclusion on a preferred lender list.

  Staffing Assistance

  ICC will not request or accept from any lender, guarantor or servicer of student loans any assistance with call center staffing or financial aid office staffing.

  Advisory Board Compensation

  Employees of the ICC Financial Assistance Office who serve on any advisory board, commission or group established by a lender, guarantor or student loan servicer are prohibited from receiving anything of value from the lender, guarantor or loan servicer for serving in this capacity, except that an employee may be reimbursed for reasonable expenses incurred while serving in this capacity.

Freqently Asked Questions

• How do I know if my courses are eligible for financial aid?

  The Financial Aid Course Audit (FACA) uses the advisement report to identify courses required for your program. Shortly after you enroll (typically by the following day), you can determine whether any of your course selections are ineligible for aid by following these steps:

  1. Log in to myICC, eServices
  2. Click on Financials tab
  3. Under Financials, click on View Financial Aid
  4. Select the aid year from the drop down, click on the term
  5. Click on View Class Eligibility

  You will see each course identified as eligible or ineligible for financial aid: Eligible courses marked with a green checkmark, ineligible courses marked with a red “x”, and courses not yet evaluated will have a question mark.
• How do I view my advisement report?

  Follow these steps to view your advisement report:

  1. Log in to myICC, eServices
  2. Click on Academics
  3. Under Academics, click on Degree Progress
  4. Click View PDF to print off
• What do I do if my course is not eligible for financial aid?

  You can continue to take the course, but you will be responsible for paying the tuition, fees, books and expenses for any ineligible course that doesn’t count toward completion of your program. Or you can drop the ineligible course, but in order to have your tuition removed for a course, please ensure you drop the course on or before the listed refund date.
• Can I use my financial aid to cover books for ineligible courses?

  No. Financial aid is intended to cover tuition/fees, books, and supplies only for courses that apply to your program.
• Are remedial, pre-req., or developmental courses eligible for financial aid?

  Remedial, pre-req., or developmental courses up to 30 credit hours will be counted as eligible for financial aid.
• I am repeating a course. Will it be eligible for financial aid?

  If you have already earned a passing grade for the course, financial aid will only pay for one more attempt. For example: if you earned a D on your first attempt and an F on your second attempt, you are responsible for paying all tuition, fees, and expenses on your third attempt.
• Why isn’t my course eligible for financial aid?

  Check the program plan listed on your degree planner to see if you are enrolled in the correct program. If the wrong program is listed in your degree planner, contact your Student Success Advisor. If you feel the course marked as ineligible is incorrect, contact your Student Success Advisor for a detailed look at your record and further assistance.
• What do I do if I need to change my program?

  We suggest you contact your Student Success Advisor to discuss your new program, your academic goals, and how to achieve them.
• What do I do if my program is correct, but my catalog year is wrong?

  If you are enrolled in the correct program, but need to change your catalog year, work with your Student Success Advisor. Your Student Success Advisor’s signature is required for a catalog year change.
• I am substituting a course in my program. Is it eligible for financial aid?

  First, meet with your Student Success Advisor for assistance with obtaining a course substitution. The substitution must be approved and processed before you enroll in the substitution course for it to be eligible for financial aid.