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Financial Aid Disbursement
Financial aid (grants, scholarships, loans) is applied to all unpaid tuition, fee, and book charges on each student's account on the 11th business day of the semester (the exception to this is work-study wages which are paid to students after every two weeks they work). Aid overage checks may be picked up in the Business Office (Backes Student Center) according to the posted schedule:
| Fall 2010 |
September 8-9, 2010 |
| Spring 2011 |
January 26-27, 2011 |
First time, first year borrowers must wait 30 days after the term starts before ICC is allowed to disburse Stafford Loan funding. We also must disburse one term only loans in multiple disbursements, rather than all at one time. These requirements are due to our student loan default rate being over 10%.
Late charges are not assessed to students with enough financial aid pending to cover their bill. Aid overage checks not picked up are mailed to the student's local address or to the permanent address, if there is no local address available.
During the semester, new financial aid is applied to accounts every Tuesday and Thursday. Students may pick up aid overage checks on Tuesday and Thursday mornings until noon in the Business Office. Checks are mailed after that time.
Students who do not have enough financial aid in place by the first week of each semester to cover their charges should establish a NelNet monthly payment plan prior to the first day of the semester. For more details contact the Business Office.
Please note that grant/scholarship funding in excess of your tuition/fee costs IS TAXABLE and must be reported on your tax return. You will receive a 1098-T form in late January or early February that details your calendar year costs for tuition/fees as well as your calendar year grant/scholarship funds. The difference should be claimed on your tax return as taxable income. You then can report this taxable grant/scholarship amount as an exclusion from income on your FAFSA application.
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