Frequently Asked Financial Aid Questions

What is Kishwaukee College's School Code?

007684

What are the eligibility requirements for state and federal programs?

  • You must be enrolled in a Kishwaukee College degree or certificate program of 16 hours or more in length (A.A., A.S., A.A.S.).
  • You must be a U.S. citizen or eligible non-citizen.
  • You must be registered with the Selective Service (if male and required to be).
  • You may have eligibility suspended or terminated due to a drug-related conviction.
  • You must have a valid social security number.
  • You may not be in default on a federal student loan.
  • You may not owe repayment of a federal grant.
  • You must be making satisfactory academic progress as at the school you attend.
  • Typically, you must attend at least on a half-time basis (six semester hours per term).

How is my financial need determined?

An independent, objective method of need analysis developed by the federal government is used to evaluate a family's financial circumstances and your financial need. Need is determined by subtracting your expected family contribution from your total student expenses. Your parents' contribution is calculated on the basis of income and assets, family size, number of family members attending college, retirement needs, taxes, and other allowable liabilities.

As a student, you are also expected to make a reasonable contribution toward college expenses from long-term savings, other assets, and earnings. A student who meets the self-supporting student definition is considered on the basis of his or her (and spouse's, if applicable) financial situation.

Can I receive more than one type of award?

Yes. The Financial Aid Office is responsible for administering and coordinating aid funds from federal, state, private, and college sources. Applicants for financial aid are considered for all programs for which they are eligible. Several types of aid may be combined to meet your computed financial need.

How should I calculate my college budget?

How Should I Calculate My College Budget?

2013-2014 Financial Aid Budgets

With Parents

Tuition and Fees: $3,570*
Books and Supplies: $1,200
Transportation: $2,700**
Room and Board: $2,330
Personal: $1,000***

TOTAL: $10,800

Separate Residence

Tuition and Fees: $3,570*
Books and Supplies: $1,200
Transportation: $2,700**
Room and Board: $8,030
Personal: $1,000***

TOTAL: $16,500

* In-district tuition and fees based on $101 per credit hour for 15 credit hours per term.
** Transportation based on 30 miles daily at $.56 per mile x 80 days per semester
*** Personal clothing, grooming, insurance, entertainment

 

2014-2015 Financial Aid Budgets

With Parents

Tuition and Fees: $3,760*
Books and Supplies: $1,300
Transportation: $2,700**
Room and Board: $2,340
Personal: $1,000***

TOTAL: $11,100

Separate Residence

Tuition and Fees: $3,760*
Books and Supplies: $1,300
Transportation: $2,700**
Room and Board: $8,240
Personal: $1,000***

TOTAL: $17,000

* In-district tuition and fees based on $113 per credit hour for 15 credit hours per term.
** Transportation based on 30 miles daily at $.56 per mile x 80 days per semester
*** Personal clothing, grooming, insurance, entertainment

 

What if my situation changes?

If your family's financial situation changes after you file the FAFSA, contact the Financial Aid Office. Adjustments to your income can sometimes be made in the case of unemployment, loss of income, death, divorce or other unusual circumstances.

What if I am expecting Financial Aid and cannot afford any out-of-pocket expenditures?

If you have a completed financial aid application and it appears you have a good chance at receiving financial aid, contact the Financial Aid Office to avoid being deregistered from your classes for non-payment.

It is therefore critical that you submit your financial aid application a minimum of two months before the semester begins. The Financial Aid Office will accept late applications but cannot guarantee that they will be processed before the start of the semester.

How long can I receive a Pell Grant ?

As of July 1, 2012 the amout of Federal Pell Grant funds you may receive over your lifetime is limited by a new federal law. You can now receive the equivalent of six years (12 semesters of full-time enrollment) of Pell Grant funding. Since the maximum amout of Pell Grant funding you can receive each year is equal to 100%, the six-year equivalent is 600%.

Learn what the Federal Pell Grant limits are and how your remaining eligibility is calculated by clicking the link below.

How is my Federal Pell Grant Lifetime Eligibility Calculated?

How can I find private scholarships?

Information about private scholarships is often available at your local library, businesses and civic organizations, and your parents' places of employment. The Internet is also an excellent source for private scholarship information.

The following websites are a great place to start a private scholarship search:

Financial Aid Resources for Minority Students

Kishwaukee College also awards a number of scholarships from various sources. For information about the Kishwaukee College scholarships, check out the Kishwaukee College Foundation at http://www.kishfoundation.com/scholarships.html

How do I transfer financial aid to a different school?

Add the new school code to your FAFSA by going to the FAFSA Website. You will need your PIN. You can also call the Federal Aid Processing Center at 1-800-4-FED-AID (1-800-433-3243). Student loans must be canceled at the other school and a new loan application may be needed at the new school.

How do I apply for a loan?

Kishwaukee College participates in the Direct Loan Program. You must complete the FAFSA and complete the required loan forms available on the Kishwaukee College website, under Financial Aid Forms. Official academic transcripts from ALL colleges and universities previously attended are required.

Loan checks are mailed to the student preferred mailing address or direct deposited.

What is Entrance/Exit Loan Counseling?

Entrance Counseling will walk you through the Direct Loan process and explain your rights and responsibilities as a borrower. If you have not previously receive da particular loan type (subsidized/unsubsidized or PLUS), under the Direct Loan Program the Federal Government requires you to complete loan counseling to ensure that you understand the responsibilities and obligations you are assuming. You can complete Entrace Counseling at www.studentloans.gov.

Exit Counseling is required before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to antoher school). It helps you understand your rights an dresponsibilities as a student loan borrower and provides useful tips and information to help you manage your loans. You can complete your Exit Counseling online through the Department of Education.

What is satisfactory academic progress?

To receive federal and state financial aid, you must actively pursue your courses. Active pursuit means regular classroom attendance, handing in assignments, and taking tests and quizzes.

At Kishwaukee College, you must successfully complete 66% of all courses you attempt. A successful completion is a grade of A, B, C, D, or P. An unsuccessful completion is a grade of F, I, NC, or W.

What is academic warning?

Students not in Financial Aid Good Standing, will be allowed to continue to receive financial aid and veterans benefits on Financial Aid Warning status as long as the cumulative Kishwaukee College GPA is at least the following:

Requirements for Good Academic Standing
Hours Attempted Warning GPA Requirement Good Standing
1-11.9 .750-.999 1.000-4.000
12-20 1.000-1.749 1.750-4.000
20+ 1.750-1.999 2.000-4.000

How does financial aid affect my taxes?

Due to the Tax Reform Act of 1986, a portion of financial aid awards may be considered taxable income that is required to be reported to the U.S. Internal Revenue Service (IRS).

Students and their families may be eligible for the Education Credits when tuition and fees are paid by the student or family and when U.S. income taxes are owed. Consult a tax preparation expert or the IRS for details and requirements.

How do I request a tax transcript?

The preferred method for you to submit your tax information to the college is by using the IRS Data Retrieval Tool in the FAFSA. Step-by-step instructions on how to utilize this tool are provided below.

How to use the IRS Data Retrieval Tool or obtain Tax Return Transcripts online

If you are unable or ineligible to use the Data Retrieval Tool then you can request a tax transcript from the IRS in one of three ways.

1. Go to www.IRS.gov and click on the "Get Transcript of your Tax Records" link. Click the link above for step-by-step instructions on obtaining your Tax Return Transcript online.

2. Call 1-800-908-9946

3. Fax or mail a Request for Transcript of Tax Return to the IRS

Make sure you order the "IRS TAX RETURN TRANSCRIPT" and not the "IRS tax account transcript." You will need your Social Security Number, date of birth, and the address on file with the IRS (normally this will be the address used when the 2012 IRS tax return was filed). It takes up to two weeks for IRS income information to be availabe for electronic IRS tax return filers, and up to eight weeks for paper tax return filers. If you are married, and separate 2012 tax returns were filed, 2012 IRS tax return transcripts must be submitted for both you and your spouse.

Where can I get more information?

Contact the Financial Aid Office

Hours: Monday - Thursday 8am - 6pm, Friday 8am - 4pm

Special evening and Saturday hours take effect during registration for fall and spring terms.

Kishwaukee College
Financial Aid/Veterans Office
Room: Student Center C2150
21193 Malta Road
Malta IL 60150

School Code: 007684

Phone: 815-825-2086, ext. 2240
Fax: 815-825-2968
E-Mail:

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