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Understanding Your Letter
Once you have submitted all forms and your file has been processed, you will receive a Personalized Aid Letter. This letter lists the Cost of Attendance, the Disbursement Dates, and the funds you've been awarded, along with the dollar amounts, based on full-time enrollment status. If you are less-than-full-time, your actual disbursement amounts will be adjusted accordingly.
Defining the terms in your Aid Letter:
Cost of Attendance (COA) - the estimated amount it will cost for you to go to college for one year. This is not your bill or what you owe the college. The COA amount factors in tuition and fees based on an average course load of 15 credit hours, housing and food allowance (room and board), as well as allowances for books and supplies, personal expenses, transportation, and dependent care when applicable. The COA reflected in your letter will be for the semesters you have been awarded aid.
Disbursement Schedule- these are the earliest dates financial aid funds will be applied to your student account. Aid funds are first applied to any outstanding tuition, fees, and/or bookstore charges. Should a disbursement create a negative balance (overpayment), students will be refunded within 14 days of the disbursement date.
Federal Pell Grant - federal need-based financial aid that does not have to be re-paid.
Federal SEOG - federal need-based financial aid that does not have to be re-paid and offered on a first-come, first-serve basis to students with the greatest need.
Federal Work Study - a federally-funded employment program through which you earn money to help pay for school. Disbursements for Work Study occur on a bi-weekly payroll schedule as you earn the funds through hourly work performed.
State of IL MAP Grant (Est) - state grant monies offered to Illinois residents who attend an approved Illinois college and demonstrate financial need. MAP disbursements occur as IECC receives funding from the State.
Federal Direct Sub Loan - federal loan available to students who demonstrate financial need.
Federal Direct Unsub Loan - federal loan available to students who may or may not demonstrate financial need.
Federal Direct PLUS Loan - federal loan available to parents of students who may or may not demonstrate financial need.
Private Loan - a loan requested and certified from an outside lender.
Return to the Financial Aid page to view the links under Sources of Aid for information on all Aid Programs.