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Financial Aid Disbursement


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 eServicesDirect deposits will first be available:

 

Summer 2015

June 3, 2015 or June 24, 2015

Fall 2015 September 11, 2015
Spring 2016

January 29, 2015

Summer 2016

to be determined

 

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.

 

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 218-322-2403.

 

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.