ICC Financial Assistance Office
1 College Drive
t Peoria, IL 61635-0001
Phone: (309) 694-5
Fax: (309) 694-
email: financialaid@icc.edu
Revised May 15, 2020 Page 1 of 3
Loan applications may be completed after your financial aid has been awarded and you are registered for a minimum of 6 eligible credit
hours for the applicable semester. When applying for a student loan you need to understand that this is a loan that must be repaid to
the federal government.
Students must be enrolled in an eligible certificate or degree program and be registered for at least 6 eligible credit hours to borrow a
Federal Direct Loan for any semester of attendance.
The following steps must be completed:
1. Loan Entrance Counseling (First time ICC Direct Loan borrowers)
2. Complete Master Promissory Note(MPN) (First time ICC Direct Loan borrowers)
3. ICC Federal Direct Loan Acceptance Form (Required for all Direct Loan borrowers).
All students must complete Loan Entrance Counseling online at the Department of Education’s Direct Loan web site at
studentaid.gov. Log in and complete the Entrance Counseling session for Direct Subsidized/Unsubsidized Loans.
The loan promissory note is completed on the same web site as above, studentaid.gov. This is your promise to repay the student
loan and it is a legally binding document. Log in to complete the MPN for Subsidized/Unsubsidized Loans. If you have questions
with this process, please contact: Student Loan Support Center at 800-557-7394.
Complete the form and submit once all steps are complete (Required for all Direct Loan borrowers).
Loan Processing:
Loans will be certified for the amount requested or for the amount you are eligible (if less than requested). If you are enrolled less than
full-time, your cost of attendance is adjusted to reflect your actual credit hours enrolled and your loan eligibility may be reduced. Any
change in enrollment status after your loan is certified by the College may require further recalculation and revision of your original loan
amount. You will receive correspondence from the Direct Loan Origination Center that indicates the certified amount of your loan. If
you submit a loan application prior to the tuition due date you will be held in classes. If you decide not to attend ICC, you must officially
withdraw from your classes prior to the refund date(s) for your classes or you will be responsible for payment of your tuition. The
refund dates for your classes are listed on your class schedule in eServices.
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Revised May 15, 2020 Page 2 of 3
Disbursement of Funds:
Federal Loan Regulations prohibit the disbursement of loan funds for first-time borrowers until 30 days following the start of the
oans are disbursed in two payments during the loan period. A Fall/Spring loan will have one disbursement during each semester
one in the Fall and one in the Spring. A one semester loan (Fall, Spring or Summer only) will have two disbursements during the
semester; the second occurring after midterm of the semester
oan funds are received by ICC from the federal government and are credited directly to the student account. Charges owed to
the College will be paid first and any excess funds will be refunded to the student.
Loan refunds are issued no later than two weeks after funds are credited to the student account.
Students have 14 days to contact the financial aid office after their loan is disbursed to their student account to request
cancellation or reduction of their loan amount.
Interest Rate on Federal Direct Loans:
Federal student loan interest rates are tied to financial markets. Interest rates will be determined each June for new loans being made
for the upcoming award year, which runs from July 1, to the following June 30th. Each loan will have a fixed interest rate for the life of
the loan.
Loan Origination Fees:
Current loan origination fees for loans disbursed prior to October 1, 2020 totals 1.059 percent of the total loan amount.
Annual Loan Limits:
Dependent Students
Base Amount
Additional unsubsidized loan amount
Independent Students
Base Amount
Additional unsubsidized loan amount
*These amounts are the annual maximums set by Federal regulations. Students attending Illinois Central College may not qualify for
the total amounts if they are receiving grants, scholarships, work-study, waivers or other educational assistance and/or attending less
than full-tim
Aggregate (lifetime) Loan Limits:
Undergraduate Dependent Students: $31,000 (no more than $23,000 of which can be subsidized)
Undergraduate Independent Students: $57,500 (no more than $23,000 of which can be subsidized)
Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013:
There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In
general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This means your
maximum eligibility period can change if you change programs.
ENROLLMENT IN 12 WEEK and SECOND EIGHT-WEEK COURSES may delay your loan until after these classes start.
A DECREASE IN YOUR CREDIT HOURS ENROLLED after your loan is certified may require a recalculation of your loan eligibility.
DROPPING BELOW SIX (6) CREDIT HOURS will result in cancellation of undisbursed loan funds.
Withdrawing from Classes (returning money to the federal government):
If a recipient of financial aid withdraws during a period of enrollment, the college must calculate the amount of aid the student earned
up through the date of last attendance. Unearned aid (including loans) must be returned to the federal financial aid programs (Title IV
Federal financial aid (Title IV programs) include Pell grant, SEOG, Federal Direct Loan and PLUS loan programs. When a student
withdraws before completing 60% of the semester, a calculation of return of funds will be performed to determine the amount to be
returned. This is called Return to Title IV. When it is necessary to return loan funds, ICC is required to return the money to the federal
government that was disbursed to the student and the student will then be required to reimburse ICC for the returned amount.
Loan Exit Counseling:
Student loan borrowers are required to complete Student Loan Exit Counseling at the completion of enrollment (graduation or
withdrawing). This is done online at studentaid.gov . Student loans enter repayment six months after a student drops below 6 credit
hours of enrollment.
ICC-Financial Assistance Office
1 College Drive
East Peoria, IL 61635-
Phone: (309) 694-5
Fax: (309) 694-
email: financialaid@icc.edu
Revised May 15, 2020 Page 3 of 3
You must complete, sign, and date this form in ink.
Submit this form, upon completion of the steps listed on page 1, to the Financial Assistance Office.
Student Name:
Anticipated Graduation Date from Illinois Central College:
LOAN AMOUNT REQUESTED: $__________________________________ *
Your Subsidized loan amount (if any) will be certified prior to any Unsubsidized loan amount. We will certify an Unsubsidized loan if
you are not eligible for a subsidized loan or your requested loan amount exceeds your subsidized loan eligibility.
All loans will be awarded as fall/spring loans and the amount requested will be split evenly unless a student is only eligible in one
semester. Federal regulations require that all loans are disbursed in two payments during a loan period, including one semester loans.
I authorize Illinois Central College to process my Federal Direct Loan request. I understand that this loan constitutes a debt that will
enter repayment upon the expiration of my grace period, 6 months after I graduate, withdraw, or otherwise drop below half-time
enrollment (6 credit hours).
I understand that I have 14 days to contact the financial aid office,
after my loan is disbursed, to cancel or reduce my loan amount.
Borrower Signature
It is the policy of this College that no person, on the basis of race, color, religion, gender, national origin, age, disability,
sexual orientation, or veteran’s status, shall be discriminated against in employment, in educational programs and activities,
or in admission. Inquiries and complaints may be addressed to the Compliance Officer, Diversity Department.
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