• How do I get an aid advance?
Aid advance forms are currently located both in the Financial Aid Office and in the Bursar’s Office and online at both offices’ websites. Completed forms should be returned to the Bursar’s Office.
• When does aid show as memoed?
Aid shows as memoed when a student is packaged and semester charging has taken place. Missing required forms will be noted on the bill. Some aid appearing as “memoed” will move to the “authorized” when the proper documents are received. TAP and Loans will only stay as memoed until we receive the disbursements. Once the disbursement is received, it will show as a payment and be deducted from the amount due.
• When does aid show as authorized?
Aid shows as authorized when a student is packaged, all the necessary forms are completed and semester charging has taken place. TAP and Loans will never show as anticipated (see above).
• What is the difference between an Ebsary Loan and a cash advance?
An Ebsary Loan, initiated at the Financial Aid Office, is an interest free loan granted to a student for unusual emergencies (a credit card payment due, for instance, would not qualify). In order to obtain an Ebsary Loan the student must not be on the bad check list and should not have received an Ebsary Loan that semester (exceptions to both are sometimes granted by the Financial Aid Office). Ebsary Loans are not dependent on anticipated aid showing on a student’s account. Loans must be repaid by a designated due date.
An aid advance is an advance on anticipated financial aid. In order to obtain an advance a student must fill out (or call in) a form, available at the Financial Aid Office or the Bursar’s Office, or from either office’s website. The form asks the amount and disbursal instructions (held at window or mailed, for instance). All advances are reviewed by the Bursar and a determination is made as to whether or not the request can be honored (is there enough anticipated aid showing on the account? Is the student registered? Are there forms missing in order to obtain the aid?)
Students can choose to have the advance in a check or in ID Express. Cash is not an option.
• What are Sibling and Heritage Grants and how much are they?
Sibling Grants are given to students who have brothers and sisters at IC at the same time they are attending. Both/all siblings receive the award. Heritage Grants are given to children whose parents graduated from IC. If both parents are alumni, only 1 Heritage Grant is given. In both cases the grant is currently $500/semester. If the recipient is eligible for IC tuition remission, the amount of the grant is deducted from the amount of the tuition remission.
• What is the difference between Stafford and Perkins Loans?
Stafford Loans, both subsidized or unsubsidized, are federal bank loans and are repaid to a bank. Perkins Loans are federal loans administered by the College and are repaid to the College (through our outsourcing agent, ECSI). Subsidized Staffords and Perkins Loans are both need based, while unsubsidized Staffords are based on enrollment. Subsidized means that the government pays the interest on them while you are in school; unsubsidized means that you pay the interest. All are considered Federal Title IV aid.
• What do I have to do to get reinstated for my financial aid if my grades were not high enough to keep it (Merit, Deans, and Presidential Scholarships and ALANA scholarships)?
If you are able to raise your grades, write a letter to the Financial Aid Office asking that your aid be reinstated.
• I received an outside scholarship. How does it get applied to my bill and to whom do I send it?
Both our office and the Financial Aid Office have a part in this. Students with outside scholarships should notify the FAO of the scholarship, the amount, and the number of times it will be received. If a bill needs to be sent (or a voucher), the student should send documentation to the Bursar’s Office as well. The outside scholarships will not show up as authorized. If the scholarship check is not going to come in by the due date, the balance must be paid and then we can refund the money when it comes in.
