Types of Financial Aid Available
There are two main types of financial aid, grant aid and self help aid. Grant aid typically does not need to be repaid by the student. Scholarship funds are also considered grant aid. The student takes responsibility for the self help aid. This would include student subsidized/unsubsidized loans and work opportunities through the federal work study program.
Direct Loan Program (Subsidized and Unsubsidized Loans)
Loan applications may be completed after you enroll for classes for the applicable semester and are awarded Financial Aid. Loans will be certified after your financial aid award is determined. When applying for a student loan, you must understand that this is a loan that must be repaid.
Private loans, also known as alternative loans, provide another borrowing option. Although the FASFA is not required, private loans may have varying interest rates and limited repayment options. You should consider alternative loans as a “last resort” lending option. An option that you can use to review and compare private lenders is available at www.credible.com/illinoiscentralcollege.
The Office of Financial Assistance does not endorse, recommend, or promote any lender for private loans. The listing shown on Credible are not preferred lender lists, nor do they represent every lender that provides private educational loans. Illinois Central College will certify private education loan requests for any lender you choose, regardless if they appear on Credible or not. The lender you choose will provide you with current interest rates, processing fees, and co-signer requirements. The lender based on the student and co-signer’s credit worthiness determines interest rates for loans.
Federal Pell Grant
The Federal PELL grant is grant aid and is the foundation for a student’s financial aid package. This grant is available to students with the lowest expected family contributions as determined by the Federal Government when the FAFSA is submitted. This grant is only available to students that have not yet earned a bachelor’s degree. However, this grant is available to students that are enrolled in less than six credit hours at ICC.
Federal regulations require that Illinois Central College specify a date each semester to finalize Pell grant eligibility. If you add classes after the dates indicated below, your eligibility will not increase.*
Fall 2020 Semester: Wednesday, September 2, 2020
Spring 2021 Semester: Wednesday, February 3, 2021
Summer 2021 Semester: TBD
* These dates also apply to late starting classes.
Classes dropped on or before or added after these dates do not count toward Pell grant eligibility. For example, if you are enrolled in 6 credit hours (half-time) on September 1 then add 6 more credit hours on September 2 (increasing your enrollment to full-time) you will only receive aid for half-time enrollment.
Please note that if you don’t begin attending classes, stop attending classes, or withdraw from the college after the dates indicated above, you may be required to repay some of your financial aid. Please contact the Financial Assistance Office before adding or dropping classes to verify the impact on your financial aid package.
If you know your EFC and financial aid eligible credit hours, you can determine your Pell award amount using the payment schedule below.
|Enrollment||12+ Hours||9-11.5 Hours||6-8.5 Hours||0.5-5.5 Hours|
|Pell Grant Amount||Full Time||3/4 Time||1/2 Time||<1/2 Time|
The Federal Supplemental Education Opportunity Grant (FSEOG) is a campus based grant aid program. Each participating school is allocated a fixed amount each year from the Federal government in order to supplement the education cost of the students with the lowest EFC. ICC selects awardees from the earliest pool of FAFSA filers who have completed all necessary verification requirements. Students that may potentially be eligible for FSEOG are awarded the grant. Final eligibility is determined before disbursement based on funding levels and student enrollment. Due to the limited funding, recipients must be enrolled at least part-time, with preference for funding given to full time students. At ICC these awards typically range from $300 to $600 per year.
Federal Work Study
The Federal Work Study (FWS) program is a need based financial aid program. It allows students to work as part of their financial aid package. Illinois Central College offers jobs on or off campus with a Federal, State or local public agency, or a private nonprofit organization. Illinois Central College does not guarantee job placement when the student is awarded FWS as part of the financial aid package. FWS awards may be reduced or withdrawn if the student receives other assistance or does not begin working within a reasonable amount of time.
Illinois Central College regularly employs students during the academic year and summer months. To be eligible for FWS, you must be awarded FWS as part of your financial aid package and be enrolled at ICC for a minimum of six semester hours for the semester in which you wish to work. FWS employees may work up to 29 hours per week during each semester and a maximum of 40 hours during semester breaks as approved by administrative College staff.
To view a current listing of FWS positions at ICC, please visit the Career Lab located in the Leitch Career Center, Room CC207. Each job listing will include a contact person at ICC for inquiry on the position. If you have any questions about the job listing, please call (309) 694-5321.
All employees are required to present documentation verifying both their identity and employment eligibility. The most commonly used documents are a driver’s license and an original social security card or birth certificate. International students must present the proper immigration documents to show their eligibility to work on campus. To prevent delays in the hiring process, you should take the appropriate verification documents to each interview.
When you obtain a FWS employee position, your verification documents must be submitted to the Human Resources Office and payroll forms must be completed before your begin work.
Earnings are paid on a biweekly basis in accordance with the ICC payment periods. FWS employees are employees of ICC; all ICC employment policies and guidelines also apply to students working under the FWS program.
Illinois MAP Grant
At Illinois Central College, the Illinois Student Assistance Commission (ISAC) currently awards students in the range of $294 to $2,880 per year. Eligibility for the awards is based on the financial need of the student and/or the family, and awards are determined by ISAC. It is very important to file the FAFSA as soon as possible each year; MAP grants are limited based on the number of applicants and funding levels appropriated by the Illinois General Assembly. Early applicants receive preference for MAP grant funds.
At Illinois Central College, MAP funds are generally received at the end of the academic semester.
MAP awards are for enrollment levels between 3 and 15 credit hours, but the actual disbursement of funds depends upon the number of credit hours in which the student is enrolled. Documentation of attendance may be necessary if you withdraw from class(es). The MAP award does not pay for summer semester and in some instances, may not pay if the student is receiving other scholarships or grants specified for tuition only.
Illinois Central College students are eligible for only 75 credit hours to be paid by the MAP grant during the freshman and sophomore years of study. Credit hours paid at another institution count towards the 75 credit hour rule.
Please be aware that due to state funding constraints, reductions to estimated and actual MAP grants are possible.