Loading...

Determining Your Eligibility

Table of Contents

Who is eligible to receive financial aid?
How is your eligibility for aid determined?
2014-15 Cost of Attendance
Your Financial Aid Award Notification
Special Circumstances
How do you receive your Financial Aid funds?

 

Who is eligible to receive financial aid?

In order to be eligible for Financial Assistance applicants must:

  • be a U.S. citizen or eligible non-citizen;
  • have a high school diploma or GED certificate;
  • not be in default on a student loan, nor have borrowed in excess of established Title IV loan limits;
  • not owe a refund on a Federal or State grant received at any previously attended school(s);
  • be registered with Selective Service if a male and required by Federal law;
  • be enrolled at least half-time in an associate degree program or an approved certificate program (in certain cases students enrolled less than half-time may qualify for a partial Federal Pell Grant or Illinois Monetary Award Program (MAP) Grant: contact the Financial Aid Office for details); and
  • maintain Satisfactory Academic Progress while completing a degree or certificate.

How is your eligibility for aid determined?

Financial need is determined using the financial information you and your parents supply when you complete and submit the Free Application for Federal Student Aid FAFSA (or the renewal FAFSA if you applied for aid during the previous year).

The information you provide on the FAFSA is processed using a formula, established by the U.S. Congress. The formula calculates an Expected Family Contribution (EFC). The federal processing system will send this information to you on your Student Aid Report (SAR) which serves as an acknowledgment that the application was processed, plus it tells you if you are eligible for the Federal Pell Grant. The federal processor also electronically transmits the analysis of the data you submitted to each of the institutions you specified on the FAFSA.

Each college determines a student’s Cost of Attendance (COA). The COA reflects how much it actually costs you to attend college; it includes the following components:

  • Tuition & Fees
  • Books and Supplies
  • Room and Board
  • Transportation Expenses
  • Personal Expenses

The COA is unique to each school to which you apply. As a result, you may be eligible for different types and amounts of aid at different schools.   While your eligibility for some kinds of aid at IVCC may be less than a private college, it also means your costs are lower.  As a result, you may not need to take out a loan when you attend IVCC.  You might want to give that some thought.

The difference between the COA and the EFC equals the student's Financial Need for financial aid (grants, scholarships, employment or loans).

Cost of Attendance

- Expected Family Contribution

= Financial Need

2014-15 Cost of Attendance

The student budget for 2014-15 used to estimate cost of attendance is as follows for a full-time in-district student during the nine-month school year.

Direct Costs
Direct Costs
Tuition and fees (based on 16 credit hours
for 2 semesters @ $111 per credit hour)
$3,562
Books and supplies $1,400
Estimated total direct costs $4,962

 Room, board, transportation, and personal expenses vary greatly with each student’s individual situation, however, for financial aid purposes, these costs are estimated as follows:

 For dependent students living with parents: 

Dependent Student Costs
Room and Board $3,600
Transportation $2,640
Personal Expenses $1,800
Loan Fees (est) $60 
Total (for Dependent Students) $8,100

For independent students not living with parents: 

Independent Student Costs
Room and Board $6,750
Transportation $2,640
Personal Expenses $1,800
Loan Fees (est)
$60
Total (for Independent Students) $11,250

Your Financial Aid Award Notification

Once the IVCC Financial Aid Office has received the results of your FAFSA (and other required forms) and determined your eligibility, you will receive a Financial Aid Award Notification.  This notification provides details on our analysis of your financial need  and a breakdown of your financial aid package according to source and amount of aid. 

Special Circumstances

Although the process of determining financial aid eligibility is basically the same for all applicants, there is some flexibility in specific circumstances.

If you feel you have any Special Circumstances that might affect the amount you and your family are expected to contribute, be sure to contact the IVCC Financial Aid Office to start the process of review. This review may necessitate an in-person appointment with a Financial Aid Advisor and the submission of additional documentation.

How do you receive your Financial Aid funds?

The IVCC Cashier's Office is responsible for disbursing your financial aid. Your financial aid is first applied directly to contracted charges (tuition waivers or bookstore vouchers). Excess funds will be mailed to you.  For this reason it is important to keep your current address updated with the College.

The actual disbursement of financial aid funds to students, excluding funds the student has used for tuition or bookstore charges, is always subject to the students’ enrollment. Students who decrease the number of credit hours for which they are enrolled will have their awards recalculated and reduced (or canceled).  

Contact the Financial Aid Office for additional information.