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 semester 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 (EFC from the FAFSA results) from your Cost of Attendance. 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?

 

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 expenses?

If you have a completed financial aid application you should sign up for KIPP (Kishwaukee Installment Payment Plan) to avoid being deregistered from your classes for non-payment.

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

How long can I receive a Pell Grant ?

As of July 1, 2012 the amount 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 current 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 submit all documents requested and complete the required loan forms available on the Kishwaukee College website, under Direct Student Loans. 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?

All students must complete loan entrance counseling for Kishwaukee College

Entrance Counseling will walk you through the Direct Loan process and explain your rights and responsibilities as a borrower. If you have not previously received a particular loan type at Kishwaukee College (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 Entrance 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 another school). It helps you understand your rights and responsibilities 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 at www.studentloans.gov.

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 Good Financial Aid 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 IRS tax return was filed). It takes up to three weeks for IRS income information to be available for electronic IRS tax return filers, and up to eight weeks for paper tax return filers. If you are married, and separate tax returns were filed, 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:

What is the deadline for applying for financial aid?

You should file the FAFSA as soon as possible after January 1st for the upcoming school year. You can file throughout the school year, but may give up eligibility for several types of grants that have limited funding.

What does the application look like?

Description: FAFSA website.png

What is the FAFSA?

The Free Application for Federal Student Aid (FAFSA) is the application used for federal and state grants, loans, and work study programs.

How to I fill out a FAFSA form?

On-line at www.fafsa.gov

Do my parents need to fill anything out? If so, is there ever and exception?

The dependency portion of the FAFSA determines if you will need your parents' information. Under unusual circumstances you may be able to file without your parents information, check with the Financial Aid Office for more information.

When will I receive my financial aid?

Your aid will be disbursed up to the amount to cover your tuition, fees, and books a week or so prior to the beginning of the semester. Any remaining funds will be disbursed to the student approximately 5 weeks into the semester.

How much will I receive?

The amount of aid you receive can range depending on your eligibility. The maximum Pell grant is currently $5,730 and the MAP grant at $1,710.

If I don't receive it before school starts, how to I buy books?

If you don't file early enough to be eligible to purchase books using your financial aid, you will have to make arrangements to purchase the books with your own funding.

What is the difference between a grant and a loan? Scholarship?

Typically a grant and a scholarship do not need to be repaid, you must repay a loan.

What if I don't qualify for financial aid and I don't have the money to pay for school?

Most students qualify for unsubsidized loans to assist in meeting the tuition and fee charges for college.

How often do I apply for financial aid?

You must apply for financial aid every year. The new applications are available online on January 1st of each year. Go to www.fafsa.gov to apply.

What is verification and why was I selected?

The Department of Education selects students for verification, mostly randomly; the college may also select you for 'institutional' verification if you have conflicting information between the FAFSA and other paperwork.

What is Federal Work Study and how do I apply?

Federal Works Study is a federally funded program that allows the college to offer part-time employment to students. Students earn a paycheck and get valuable experience while attending college at least 6 credit hours. Your eligibility for this program is determined by the results of your FAFSA, which can be completed at www.fafsa.gov.

Is the FAFSA free to complete?

The first F in FAFSA stands for FREE! Do not pay anyone to complete the FAFSA for you.

What will happen to my financial aid if I withdraw from classes?

You may lose your eligibility for future financial aid if you are not meeting the minimum Satisfactory Academic Progress policy which, in part, requires students to complete at least 67% of their course work. For more details please refer to the Satisfactory Academic Progress policy.

Can my parent(s) or spouse inquire about my financial aid for me?

The Federal Educational Right to Privacy Act protects college student records; therefore, we are not able to give out specific information about a student's records to any but that student. The student must stop in in-person to the financial aid office. However, the student may sign a release form in the Records Office to give the College permission to speak to someone else on their behalf.

How do I purchase my books using financial aid?

Approximately 10 days prior to the semester beginning, students who have a complete financial aid file and have eligibility, will be able to purchase their books in the Kishwaukee College Bookstore and charge the books to their account.

What happens if I apply late?

You will not be able to use your financial aid to purchase books and may have your classes dropped for non-payment. You should consider using KIPP (Kishwaukee Installment Payment Plan) if you are in this situation.

Where can I get help filling out the FAFSA?

The Financial Aid Office has a computer lab for students to use. We also offer workshops in January and February, check the website for dates.

Can I start classes before my financial aid is complete?

You may start classes prior to your financial aid being complete if you either pay for them or sign up for KIPP (Kishwaukee Installment Payment Plan).

I don't live at home with my parents. Does this mean I am an independent student?

No necessarily, the dependency questions on the FAFSA will determine if you are a dependent or independent student for financial aid.

My parents(s) do not claim me on their tax forms; does this mean I am an independent student?

Not necessarily, the dependency questions on the FAFSA will determine if you are a dependent or independent student for financial aid.

I live with my legal guardian (not my parent(s)), whose information should I use on the FAFSA?

Follow the directions on the FAFSA, depending when you were in legal guardianship you may need to use your parent's information.

My parents are divorced. I live with my mother, but my father claims me on his tax return. Whose information do I use on the FAFSA?

For financial aid, it does not matter who claims you on their taxes. You should use the information for the parent who paid the most for your support during the past year.

What if my, and/or my parent(s) taxes are not completed?

You should complete the FAFSA using estimated information. You can go back later and update your FAFSA with the actual/correct information.

Is financial aid available during the summer?

If you have used 100% of your Pell grant and/or loan eligibility during the fall and spring you will not have any aid in the summer. If you were not a full time student for both the fall and spring semesters you may have some aid eligibility remaining.

I need to buy my books but I am waiting on my VA money.

DO NOT wait until VA money or other financial aid arrives to buy textbooks. This can hinder your academic progress. Textbooks are needed at the beginning of the term, but VA money, tuition assistance, grants, and loans can take weeks to post to your account. Be prepared to purchase or rent your books at the beginning of each term. If you have a credit balance after your account is paid, consider saving any extra money to cover your expenses until your future educational assistance arrives. Think ahead and be prepared.

I need to pay my rent but I am waiting on my VA money.

DO NOT depend on VA money or other financial aid arriving in time to pay expenses. Always have a back-up plan. Payments can be delayed for a number of different reasons. Be prepared to cover your expenses until Veterans Affairs can process your claim. Consider saving any extra money from each semester to cover your expenses until your future educational assistance arrives. Think ahead and be prepared.

Why do I have to verify my attendance each month for VA benefits?

Veterans Affairs requires students to verify that they are still enrolled at the end of each month before they will send out your next payment. This prevents students from receiving money with VA will have to recoup. If you receive money for classes in which you are no longer enrolled, the money will have to be returned. Veterans Affairs will get their money back.

Who has to verify their attendance each month with the VA? How?

Students who are receiving money under chapter 1606, 1607, 30, or VRAP have to verify their attendance to Veterans Affairs. Students receiving benefits under Chapter 31, 33, or 35 do not have to verify their attendance. Students can verify their attendance by calling 1-877-823-2378 or by following the WAVE link on the GI Bill website, www.gibill.va.gov (look for the graduation hat).

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