How to Use Financial Aid Awards

Financial Aid Disbursement

Our disbursements begin approximately the 4th week of the semester. Enrollment in late start courses (12-Week and 2nd 8-Week) may delay your Loan and Pell grant disbursement until after these classes start. Enrollment in all late start classes will require use of a lower Cost of Attendance and adjusted EFC calculation.

Disbursement RequestDisbursement Date
Two-semester loanFirst disbursement in fall, second in spring
One-semester loanFirst disbursement beginning of semester, second disbursement the week after midterm break
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 grants). We typically receive State of Illinois funds (MAP grants) towards the end of each academic semester.

Notification of Awards

Awarding for each aid year typically begins in April. If your application and all supporting documentation is completed, you will receive an award email to your ICC student email.

Grants & Loans

All grants are prorated based on actual level of enrollment at the time of disbursement.

Fall & Spring Semester Awards

Summer Awards

Financial Aid Shopping Sheet

The Financial Aid Shopping Sheet is a tool used to notify students about their financial aid package.

How Funds are Received

When the funds are received, they 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).

Purchasing Textbooks with Financial Aid

A Bookstore Charge Account is available to students who need assistance purchasing their required books and supplies.

You can set up a Bookstore Charge Account on your MyICC account under the Financials tab.

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”.

It is the policy of ICC to deduct from a student’s refund any outstanding obligation when the refund is processed.

Outstanding Obligations Include:

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 canceled and the funds will be returned to the Federal Student Aid program.

Financial Aid Course Audit

Financial aid is intended to help you complete your degree or certificate. Make the best use of your financial aid by selecting courses that count toward your declared program of study.

ICC has adopted the Financial Aid Course Audit (FACA), a new system that allows us to inform you shortly after you enroll whether any of your course selections are ineligible for financial aid.

Financial Assistance

Mon – Thur: 8 am – 4:30 pm
Fri: 8 am – 2 pm
Virtual Hours
Mon-Tue: 8 am – 6 pm
Edwards Library / Administration Building » L211
East Peoria Campus
Arbor Hall » A002
Peoria Campus