Employment RSS FeedFrequently Asked Financial Aid Questions
Questions
- How should I calculate my college budget?
- What are the eligibility requirements for state and federal programs?
- How is my financial need determined?
- What if my situation changes?
- What is Kishwaukee Collegeís Title IV Code?
- Can I receive more than one type of award?
- How do I apply for a loan?
- How do I transfer financial aid to a different school?
- What is satisfactory academic progress?
- What is academic probation?
- How can I find private scholarships?
- How does financial aid affect my taxes?
- Where can I get more information?
Answers
How Should I Calculate My College Budget?
2008-09 Financial Aid Budgets
With Parents
Tuition and Fees: $2,430*
Books and Supplies: $1070
Transportation: $2,300**
Room and Board: $1,800
Personal: $1,000***
TOTAL: $8,600
Separate Residence
Tuition and Fees: $2,430*
Books and Supplies: $1070
Transportation: $2,300**
Room and Board: $6,000
Personal: $1,000***
TOTAL: $12,800
* Tuition and fees based on $71 tuition per hour for 15 semester hours per term.
** Transportation based on 30 miles daily at $.48 per mile x 80 days per semester
*** Personal clothing, grooming, insurance, entertainment
What Are The Eligibility Requirements For State And Federal Programs?
- You must be enrolled in a Kishwaukee College degree or certificate program over 16 hours 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 not 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 parentsí 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.
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 Is Kishwaukee College's Title IV Code?
007684
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 Do I Apply For A Loan?
Kishwaukee College participates in the Stafford Loan Program. You must complete the FAFSA and request a loan application packet available in the Financial Aid Office. Official academic transcripts from all colleges and universities previously attended are required.
If you have borrowed a Stafford Loan for a previous school year, you should borrow again from the same lender using the same lender code on your loan application. Loan checks are sent to the College, made payable to the student, and are disbursed each semester.
How Do I Transfer Financial Aid To A Different School?
To add a new school to your FAFSA, go 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 is needed at the new school.
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 Probation?
Students not in Financial Aid good standing, will be allowed to continue to receive financial aid and veterans benefits on financial aid probation as long as the cumulative Kishwaukee College GPA is at least the following:
| Requirements for Good Academic Standing | ||
|---|---|---|
| Hours Attempted | Probation GPA | 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 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.
Internet Resources for Private Scholarships:
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 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 Hope Tax Credit and/or Lifetime Learning Tax Credit 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.
Where Can I Get More Information?
- Illinois Student Assistance Commission (ISAC)
(800) 899-ISAC (4722) - Federal Aid Processing Center
(800) 4-FED-AID (800-433-3248) - Veterans Affairs Office
(888) GI-BILL-1 www.gibill.va.gov - Internal Revenue Service
(800) 829-1040 www.irs.gov - ISAC Online
- Mapping Your Future
- U.S. Department of Education
- General Financial Aid Information
- FAFSA
- Sallie Mae Online
Contact the Financial Aid Office
Hours: Monday ‚ Friday 8 - 5 p.m.
Special evening and Saturday hours take effect during registration for fall and spring terms.
Kishwaukee College
Financial Aid/Veterans Office
Room: U-128
21193 Malta Road
Malta IL 60150
Title IV code: 007684
Phone: (815) 825-2086, Ext. 224
Fax: (815) 825-2968
E-Mail: