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Terms of Financial Aid Awards

  1. Enrollment: All federal and state grant awards, unless noted otherwise, are based on full-time enrollment (12+ credit hours). If you are not enrolled full time in courses that apply to your program of study, federal and state grant aid and student loans will be reduced to reflect actual enrollment verified at the pell recalculation date.
  2. Disbursement of Awards: Federal grants, state grants, and student loans are usually divided equally between the fall and spring semester. Financial aid funds are used first to pay any outstanding tuition, fee, and applicable bookstore charges. If funds remain after all institutional charges are paid, a refund will be issued to you via direct deposit or mailed check within 14 days. Any balance owed on the student’s account after applying all grants and other credits is due and payable before mid-term, unless prior arrangements have been made with the Business Office.
  3. Satisfactory Academic Progress: Students are responsible for meeting satisfactory academic progress standards for financial aid as outlined in the IECC Catalog. View the Satisfactory Academic Progress Policy here.
  4. Repeat Credit Hours: Financial aid will include enrollment hours for repeating a course if a non-passing grade (F or W) has been received for all previous attempts of the course. NOTE: Each time the course is taken it is considered hours attempted for purposes of calculating compliance with Satisfactory Academic Progress.
  5. Developmental Courses: Financial aid will cover the cost of tuition and fees for a maximum of 30 hours of developmental course work. Developmental courses have a PRE or REM prefix. NOTE: Developmental courses are considered hours attempted for purposes of calculating compliance with Satisfactory Academic Progress.
  6. Over awards: For students receiving any federal and/or state financial aid, the total financial aid received from all sources (federal, state, institutional and private) cannot exceed the student’s cost of attendance. In the event a student receives aid in excess of the cost of attendance, financial aid will be reduced in the following order: student loans, student employment and then grants.
  7. Withdrawals: Students who withdraw from all courses or stop attending courses prior to the 60% point in the semester may be required to repay a portion of financial aid funds received, or may have financial aid funds cancelled. The information below summarizes IECC’s Return of Title IV Funds policy. The full policy can be located here.

Regulations state that financial aid is earned by attending class. Students have not earned 100% of their financial aid until they have attended 60.001% of the module or term. If a student withdraws before 60%, a portion of financial aid has not been earned. The unearned portion is equal to the percentage of the term remaining on the date of withdrawal. Financial aid eligibility will be recalculated based on the actual period of attendance, and students may be asked to repay a portion of the aid that was disbursed.

Last date of attendance is determined in one of two ways. If a student officially withdraws from the institution, last date of attendance is the date s/he begins the withdrawal process or notifies the institution of their withdrawal. An unofficial withdrawal occurs when a student stops attending classes but does not notify the institution of his/her withdrawal. At the midpoint of each class, the institution checks for non-attendance. Each instructor will confirm whether the student is still attending class, or they will drop the student from the class. If a student has ceased to attend all classes at this point, the mid-term date will be used as the last date of attendance. At the end of the term, the institution checks for failing grades. Each instructor will award a final grade for the course. Instructors that are awarding a grade of ‘F’ will be required to list the student’s last date of attendance. The latest date reported for all ‘F’ and ‘W’ grades will be used as the student’s last date of attendance.

Once the institution has determined a student has either officially or unofficially withdrawn from the institution, the Financial Aid Office will perform the calculation to return funds. IECC returns funds within 45 days to the U.S. Department of Education. Upon returning funds to the Department of Education, IECC will notify the student if they owe the institution for the return of aid. In recalculating a student’s financial aid eligibility, they will reduce your financial aid in the following order:
1. Unsubsidized Direct Stafford loan
2. Subsidized Direct Stafford loan
3. Direct PLUS loan
4. Federal Pell Grant
5. Federal Supplemental Educational Opportunity Grant (FSEOG)

Conditions of the Financial Aid Award

  1. All federal/state awards are based on the receipt of sufficient funds from the awarding sources. Insufficient funding will result in awards being reduced or removed at the discretion of the Financial Aid Office.
  2. The Financial Aid Office reserves the right to adjust this award to ensure that all aid does not exceed the student’s cost of attendance.
  3. Students will be held responsible for any reduction in grant or loan eligibility from the original aid package as a result of inaccurate data.
  4. A student can get a voucher to use for the purchase of books and supplies (charges will be automatically deducted from their financial aid award). Vouchers are available immediately prior to the beginning of the semester from the Business Office.
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