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Financial Aid

The Financial Aid Office Mission

The Financial Aid Office serves students and families by helping them find sources of assistance that give them access to college.

The Financial Aid Office educates people about financial aid programs, application procedures, responsible management of financial aid funds and fulfilling all responsibilities that accompany being a student, student employee or an educational loan borrower.

Phone: (815) 224-0438

Fax: (815) 224-0638

Web Address: https://www.ivcc.edu/financialaid/

Overview of Services

Financial Aid Advising

The Financial Aid Office staff is available to answer your questions about all aspects of applying for and receiving financial assistance. Students and their parents are welcome to contact us at any time.

Special Financial Aid Reviews

In certain cases, a financial aid application may not accurately reflect an applicant's current financial situation due to circumstances beyond his/her control. As a result, the Financial Aid Office may exercise "professional judgment" and revise an application to reflect the applicant's current financial situation.

The following scenarios illustrate some special circumstances that can be addressed by the Financial Aid Office. This is not an exhaustive list.

  • Major loss of income or benefits due to unemployment, unexpected layoff, dislocation, natural disaster, certain unexpected nondiscretionary expenses, etc.
  • Separation or divorce after an initial financial aid application has been completed.
  • Death of a parent or spouse after an initial financial aid application has been completed.

Tuition Deferments and Bookstore Vouchers

Students with financial aid, if the amount awarded exceeds the cost of tuition and fees, are eligible to defer their tuition and may charge required books and supplies in the bookstore before financial aid funds are disbursed.

  • Contact the Financial Aid Office or Cashier for information.

What happens to Financial Aid recipients who withdraw or stop attending classes?

Students who receive federal financial aid are subject to a federal regulation if they cease attending before the end of the term. This law applies in cases where a student ceases enrollment officially OR unofficially. This law is explained in the following paragraphs.

Leave of Absence

Students who need to request a complete withdrawal (withdrawal from all courses) may do so by using WebAdvisor or by submitting a Withdrawal Form to the Records Office. Students who receive financial aid are strongly encouraged to contact the Financial Aid Office to determine what effect it may have on their current and future financial aid eligibility. (see Return of Title IV Funds.)

Return of Title IV Funds

IVCC must return financial aid funds to the Department of Education when a student stops attending before 60% of the term has been completed. If a student stops attending classes before that point in time, IVCC must return a portion of the financial aid because it was not "earned."

Because IVCC has to repay money to the federal government, the Business Office will bill the student for this amount (i.e., the balance created on the student's account once the funds have been returned by the college). If this balance is not paid, the student will be prevented from registering for future classes at IVCC and a hold will be placed on the student's academic transcripts.

The amount the student will owe is based on the date the student stops attending. IVCC will determine what percent of the semester has been completed. For example, if the student's tuition and fees are $800 and the student completes 25% of the semester, then IVCC must return 75% of the student's aid (= $600) to the Department of Education. The student will then owe $600 to IVCC for the now unpaid tuition and fees.

Financial Aid Disbursements

A student receiving financial aid who stops attending IVCC may also be required to return a portion of Federal Grant aid (Pell Grant or SEOG Grant) which was paid directly to the student by IVCC. The student may be required to return a percentage of the unearned grant aid he/she received if he/she stopped attending before 60% of the term has been completed.

Students who do not return these federal funds will be barred from receiving further financial aid because IVCC will refer these persons to the Department of Education for debt collection. If that happens, the student will lose eligibility for financial aid at all colleges in the United States until he/she has either repaid the money or established a satisfactory repayment program with the Department of Education.

Because this regulation is complex, you are strongly encouraged to contact the Financial Aid Office before you stop attending IVCC.

Who is eligible to receive financial aid?

In order to be eligible for Financial Assistance the applicant must:

  • Be a U.S. citizen or eligible non-citizen;
  • have a high school diploma, graduated from a Home School, or have a 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 you are a male as required by Federal law;
  • be enrolled in an associate degree program or an approved certificate program of at least 16 credit hours in length;
  • maintain Satisfactory Academic Progress while completing a degree or certificate program (see section on Satisfactory Academic Progress).

How do I apply for financial aid?

To apply for Federal and State financial aid (grants, work-study and loans) you must complete a Free Application for Federal Student Aid (FAFSA). You can complete the FAFSA online at https://fafsa.ed.gov/. (https://fafsa.ed.gov/) Use School Code: 001705.