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). In order to receive excess aid funds, students must sign up for direct deposit via eServices.
Direct deposits will first be available:
- Fall 2020: September 9, 2020
- Spring 2021: January 27, 2021
- Summer 2021: variable based on classes
New financial aid processed throughout the semester is applied to ICC student accounts every Tuesday and Thursday. Excess aid funds will typically be available to students every Wednesday and Friday.
Beginning in March of 2020 and continuing through the COVID-19 pandemic, paper checks for financial aid overages will not be available for pick-up at the school and will be mailed to the student's permanent address on file. Please ensure that your contact information, including your mailing address, telephone number and email are continuously updated in eServices.
Students who do not have enough financial aid in place to cover their charges should establish a payment plan prior to the first day of the semester. For more details contact the Business Office at 218-322-2310.
Current students who are first time, first year borrowers must wait 30 days from the start of the semester to receive Direct Loan funding.
Additionally, loans taken out for one semester at a time are subject to multiple disbursements. This means that for a single semester (term) loan, a student would receive half of the loan at the beginning of the semester and the other half at the midpoint of the semester.
Please note that grant/scholarship funding in excess of your tuition/fee costs IS TAXABLE and must be reported on your tax return. A 1098-T form will be accessible in eServices for you to print out in late January 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.