Financial Aid

The purpose of the Financial Aid Program is to provide assistance to students who might find it difficult to attend college. The need for financial assistance is determined by subtracting the expected Family Contribution from the estimated cost of attending Iowa Central College Online. The dollar amount of the expected family contribution is determined by the Federal Government through the Financial Aid application process. The Financial Aid Office then subtracts the expected contribution from the college expenses for the year and the difference is the financial need. Available financial aid is then awarded to the student. The total financial aid award may not exceed the total estimated cost. Your financial aid is awarded to you contingent on you attending and successfully completing your coursework. Therefore, if you withdraw, you may be required to repay part of your financial aid to the College or the Department of Education. This policy applies to recipients who are receiving Title IV funds which consist of Pell Grant, Federal SEOG Grant, and Stafford Loans. You may obtain information on this policy from the Financial Aid Office.

---

Financial Aid Contact Information:

Kathy Lawler		Krystal Crandall
Financial Aid Coordinator		Assistant Director Distance Learning, Financial Aid
Iowa Central Community College		Iowa Central Community College
1-800-362-2793 ext. 1092		1-800-362-2793 ext. 1095
lawler_k@iowacentral.edu		crandall_k@iowacentral.edu

---

 

FAFSA

Free Application for Federal Student Aid
Iowa Central Community College Title IV code is 004597

---

Veterans

Information and Forms

---

Online Award Letter Directions

• Directions to view and accept your Financial Aid Award letter
• Directions to complete the Direct Loan Master Promissory Note and Entrance Counseling

---

Sources of Financial Aid at Iowa Central College Online:

Federal Pell Grant

• Federally funded gift aid.
• Students must demonstrate need.
• Students must be an undergraduate.

Federal Supplemental Educational Opportunity Grant (SEOG)

• Federally funded gift aid administered by Iowa Central.
• Students must demonstrate need.
• Students must be undergraduate.
• Awards limited to funds available.
• March 1st priority deadline for campus based aid.

Federal Work Study

• Part-time work opportunities on campus.
• Federally funded, Iowa Central administered.
• Students must demonstrate need.
• Awards limited to funds available.

State of Iowa Vocational-Technical Grant

• Iowa resident students.
• Enrollment in Career or Career Option programs.
• Students must demonstrate need.
• July 1st deadline

Iowa Grant

• Iowa resident students with very low expected family contribution.
• Maximum award is $1,000.00
• Awards limited to funds available

Federal Direct Loan (Subsidized Direct Loan and Unsubsidized Direct Loan)

• 6.8% fixed interest rate for subsidized and unsubsidized loans
• Student must demonstrate need to qualify for subsidized loan
• This award is a loan that must be repaid t othe U.S. Department of Education
• Maximum loan $5,500 per year at first year status, $6,500 per year at second year status
• Independent students may qualify for an additional $4,000 per year unsubsizied
• To be considered 2nd year status you must have earned 30 semester hours of credit in your academic program

Federal Direct PLUS Loan

• Loans available to parents of dependent students.
• Financial need is not required.
• Federal PLUS loans disbursed on or after 7/1/06 through the Direct Loan Program have fixed interest rates of 7.9%
• This award is a loan that must be repaid t othe U.S. Department of Education

Scholarships

Various businesses, organizations and individuals donate money to Iowa Central for the purpose of Financial Aid to students. These awards are made by Iowa Central or the donating organizations. Some awards may be based on need or specific donor criteria. The scholarship application and award process is in February and March for fall term enrollment. Inquiries about specific awards may be made to the Financial Aid Office at the center the student plans to attend.

Additional Aid

Students are encouraged to seek information on financial aid in their own communities. Local service clubs and organizations, as well as national and state organizations may have financial aid for you. The Financial Aid Office is available to assist you in identifying these sources. Non-resident students should check with their home state higher education agency for information about their home state’s aid.

Applications and Award Procedures

To be considered for financial assistance at Iowa Central students must

1. Apply and be accepted by the college.
2. Complete a free application for Federal Student Aid at www.FAFSA.gov (school code is 004597).
3. Complete any additional documentation requested by Iowa Central. (This may include a copy of your/parent’s Federal Income Tax return transcript)
4. Financial Aid Awards are made on a first-come, first-serve basis as students’ files are completed.

When to Apply for Financial Aid

Applications are available after January 1 each year. It is necessary to reapply each year. For best considerations of all types of aid, the application must be submitted by March 1. Pell Grants, Stafford Loans, and PLUS Loans are available after March 1, but other aid may already be committed.

General Eligibility Requirements

All students seeking Financial Aid must:

1. Be enrolled or accepted for enrollment in a program at least six months in length,
2. Intend to complete the program and receive a degree related to the educational objective,
3. Be a United States citizen or eligible non-citizen,
4. Not be in default for any previous loans disbursed,
5. Not owe a refund on any previous Federal Student Aid, and
6. Maintain satisfactory progress.

---

Financial Aid Satisfactory Academic Progress Policy

Iowa Central Community College is required to establish academic progress standards for students who are federal and state financial aid applicants or recipients. This policy ensures that any student who receives or applies for financial aid is making progress toward a degree. The student’s total academic history is monitored regardless of whether he/she has previously received financial aid.

In order to maintain eligibility for financial aid, a student must meet the “Standards Requirements” listed below. Failure to meet these requirements may result in the loss of aid. Programs affected by “Standards Requirements” are:

Federal Pell Grant Federal PLUS Loan
Federal Work Study Partnership Loan
IA Voc Tech Tuition Grant Federal SEOG
Federal Stafford Loan IA National Guard Program

Standards Requirements

1. Successfully complete 67% of attempted credit hours. This will be measured on a cumulative basis. Example: If the student attempts a total of 24 credit hours the first academic year, the student must satisfactorily complete 16 credit hours. (Example: 24 credit hours x .67 (67%) = 16 credit hours.)
2. Completion of the academic program in 150% of the published credits of the program. Example: Associate in Arts degree = 60 credit hours. Maximum attempted credit hours permitted to complete this program would be 90. (Example: 60 credit hours x 1.5 (150%) = 90 credit hours.)
3. Minimum Cumulative Grade Point Average. (cumulative GPA of 2.00 must be met)

Additional Information

1. Credit/no credit, course repeats, withdrawals, incompletes, and developmental courses will be included as part of the student’s cumulative credit hours attempted for maximum time frame purposes.
2. In computing the cumulative grade point average for graduation, only the most recent grade earned in a course, that has been repeated, will be used.
3. Transfer Students are considered to be making satisfactory academic progress for financial aid purposes upon initial enrollment. Upon enrollment, relevant transfer credits and GPA that become part of the student’s academic record at Iowa Central will be included in the student’s satisfactory academic progress calculation.
4. Courses taken for audit, hours via Institutional Proficiency Exams, Advanced Placement and hours via the College Level Examination Program will not be included as a part of the student’s cumulative credit hours enrolled for maximum time frame purposes.

Monitoring Process

1. Academic progress will be reviewed following each term to determine if the “Standard Requirements” have been met.
2. Financial Aid Warning- The first term the student fails to meet the “Standard Requirements” the student will be placed on Financial Aid Warning. This probationary period should be utilized by the student to meet the “Satisfactory Academic Progress Standard Requirements.”
3. Financial Aid Dismissal – Students failing to show satisfactory progress during their probationary period will be placed on Financial Aid Dismissal. A student may not receive any aid listed above while on Dismissal.

Keeping your Financial Aid

General Eligibility Requirements

All students seeking Financial Aid must:

1. Be enrolled or accepted for enrollment in a program at least six months in length.
2. Intend to complete the program and receive a degree related to the educational objective.
3. Be a United States citizen or eligible non-citizen.
4. Not be in default for any previous loans disbursed.
5. Not owe a refund on any previous Federal Student Aid.
6. Contact the Financial Aid office before withdrawing from any courses.
7. Maintain satisfactory progress: (click to download SAP standards)
   1. Maintain a cumulative 2.0 GPA.
   2. Successfully complete 67% of attempted cumulative credit hours.
   3. Complete the academic program in 150% of the published credits of the program. 
   4. If you are Academically Ineligible and would like to appeal that determination to reinstate your eligibility you must file an Appeal. (click to download the Appeal Form)
   5. If you have already had an approved appeal (starting with the 2011 Fall semester), and you are still not making Satisfactory Academic Progress, you may opt to complete an Academic Plan for reinstatement of your financial aid eligibility. (Academic Plan Worksheet)

Additional Regulations Affect Veterans Benefit Status

For satisfactory academic progress, the following academic performance criteria apply to all veterans or other students eligible for VA benefits. The Veterans Administration requires that all students receiving VA education benefits maintain satisfactory academic progress. ICCC defines satisfactory academic progress as achieving a cumulative 2.00 grade point average. If a full-time or part-time veteran or eligible person does not make at least a “C” average (2.00) on all hours pursued, a probationary period of one semester will be granted. At the end of the probationary term a cumulative grade point of 2.00 must be reached. If a 2.00 is not attained, the VA benefits will be withdrawn and the student will be academically ineligible to receive VA education benefits. Reinstatement of eligibility is obtained by either reaching the 2.00 cumulative GPA or a student can submit a letter of appeal. If the appeal is approved, eligibility for the VA benefits will be reinstated on a semester probationary status.

Credit Balance Authorization’s

Students may authorize Iowa Central to hold financial aid credit balances to their student account to help cover any future tuition and book charges not covered by financial aid.
 
Students may choose this option if they foresee a financial aid shortfall in upcoming terms. For example: In both Terms 1 and 2 a student receives $4,500 in financial aid. Tuition and books total around $4,000 each term for an excess of $1,000 total for both terms. The student may choose to hold all or part of these funds on their Iowa Central account to offset any possible financial aid shortfalls in upcoming terms. If in term 3 the student only received $2,500 in financial aid with tuition and books totaling $3,500, the excess funds held on the student account would be used to offset the balance owed.

Please contact financial aid for more information:

Kathy Lawler 1-800-362-2793 ext. 1092

Krystal Crandall 1-800-362-2793 ext. 1095