Financial Aid FAQ
How do I apply for financial aid?
You will need to complete the Free Application for Federal Student Aid (FAFSA). You can either complete a paper form which takes 3-4 weeks to get results or you can go to www.fafsa.ed.gov and apply online and receive your results in 3-5 days. You will need to apply for aid every year. Completing the 2005-2006 application is for financial aid during the Fall 2005, Spring 2006, and Summer 2006 terms. Completing the 2006-2007 application is for financial aid during the Fall 2006, Spring 2007, and Summer 2007 terms.
Is it too late to apply for financial aid?
By applying online, we can get results within 3-5 days. Please see the financial aid office to receive the steps on how to expedite the process
I received financial aid at another college for the fall. Do I have to apply again?
If you attended college somewhere else during the fall term or completed the form last year, you do not have to apply again. You will need to supply the financial aid office with your DRN number found on your Student Aid Report. Please see the financial aid office for more information.
I know I won’t qualify for aid. I just want to get a loan. What must I do?
You will still need to complete the FAFSA to apply for a student loan. Once we receive your information, we will send you an award letter along with loan information that you will need to complete and return to our office.
What is financial aid?
Financial aid consists of:
Once we receive all required information from you, we will send you a financial aid award letter. This letter will list all of the types of aid you qualify for. We will also enclose loan papers that you must complete and return to our office before we can process your loan. Make sure you read everything we send you.
When will I receive my financial aid?
Before we disburse your financial aid, we look at what you are enrolled in at 3 weeks into the term and base your financial aid on that. For example, you start the semester enrolled in 12 credits, but by the second week you drop down to 6 credits, financial aid will only pay for the 6 credits. We then disburse all of your grants and one half of your student loans in the first disbursement and the second half of your loans in a second disbursement. If you owe the college for tuition, fees, and/or books, your financial aid will first be applied to your account. Any remaining financial aid will be returned to you in a refund check. Please keep in mind that the check is being sent from Calmar and may take a few days to reach your home mailbox.
Do I have to attend my classes in order to receive financial aid?
Instructors are required by the Department of Education to monitor attendance. If you miss two weeks and/or fail to do the required work for your class, the instructor will notify us and we will put a hold on your financial aid. You will need to meet with your instructor to get the hold removed.
What happens if I withdraw from my classes?
You may be required to repay part of your financial aid. Please see our office before you decide to drop any of your classes.
Do I have to get good grades to continue receiving financial aid?
Federal regulations state that you must be making satisfactory academic progress in order to receive any type of financial aid. You must achieve a cumulative 2.00 GPA and complete 61% of your classes that you enroll in each term in order to receive financial aid. Failure to do that will place you first, on financial aid probation, where you will continue to receive financial aid and the second time it happens you will be placed on financial aid suspension and lose your funding for the upcoming term.
Where else can I find information regarding financial aid?
How do I apply for financial aid?
You will need to complete the Free Application for Federal Student Aid (FAFSA). You can either complete a paper form which takes 3-4 weeks to get results or you can go to www.fafsa.ed.gov and apply online and receive your results in 3-5 days. You will need to apply for aid every year. Completing the 2005-2006 application is for financial aid during the Fall 2005, Spring 2006, and Summer 2006 terms. Completing the 2006-2007 application is for financial aid during the Fall 2006, Spring 2007, and Summer 2007 terms.
Is it too late to apply for financial aid?
By applying online, we can get results within 3-5 days. Please see the financial aid office to receive the steps on how to expedite the process
I received financial aid at another college for the fall. Do I have to apply again?
If you attended college somewhere else during the fall term or completed the form last year, you do not have to apply again. You will need to supply the financial aid office with your DRN number found on your Student Aid Report. Please see the financial aid office for more information.
I know I won’t qualify for aid. I just want to get a loan. What must I do?
You will still need to complete the FAFSA to apply for a student loan. Once we receive your information, we will send you an award letter along with loan information that you will need to complete and return to our office.
What is financial aid?
Financial aid consists of:
- grants and scholarships which do not have to be repaid
- Federal Pell Grants with amounts ranging from $400 to $4050. The Federal Government determines your eligibility.
- SEOG Grants with amounts ranging from $300 to $600. This grant is from the Federal Government and is awarded to students who qualify for the Pell Grant and is awarded on a first come first serve basis.
- Iowa Grant is very similar to the SEOG grant with the only difference is that the state of Iowa is awarding the grant to Iowa residents.
- Iowa Vo-Tech Grant with amount ranging from $600-$1200. To qualify for this grant, you must be an Iowa resident enrolled in a Vo-Tech program and have filed for aid by July 1st. The state determines your eligibility for this grant.
- NICC Scholarships with amount varying from $200-$1000 per academic year. The deadline to apply for these are April 15 for the fall term and November 15 for the spring term
- student loans which do have to be repaid
- Direct Subsidized Loan where you, the student will not have to pay back principal plus interest until 6 months after you graduate or drop below half-time. The Federal Government is paying the interest on this loan while you are in school. The interest rate is capped at 8.25% with the current repayment rate at 5.30%
- Direct Unsubsidized Loan—you will be required to make interest only payments while you are in school. Principal plus interest will start 6 months after you graduate or drop below half-time study. The interest rate is the same as the subsidized loan.
- Work-study where you give you the opportunity to work on campus and get paid $6.50/hour. Please stop by our office to apply for a position.
Once we receive all required information from you, we will send you a financial aid award letter. This letter will list all of the types of aid you qualify for. We will also enclose loan papers that you must complete and return to our office before we can process your loan. Make sure you read everything we send you.
When will I receive my financial aid?
Before we disburse your financial aid, we look at what you are enrolled in at 3 weeks into the term and base your financial aid on that. For example, you start the semester enrolled in 12 credits, but by the second week you drop down to 6 credits, financial aid will only pay for the 6 credits. We then disburse all of your grants and one half of your student loans in the first disbursement and the second half of your loans in a second disbursement. If you owe the college for tuition, fees, and/or books, your financial aid will first be applied to your account. Any remaining financial aid will be returned to you in a refund check. Please keep in mind that the check is being sent from Calmar and may take a few days to reach your home mailbox.
Do I have to attend my classes in order to receive financial aid?
Instructors are required by the Department of Education to monitor attendance. If you miss two weeks and/or fail to do the required work for your class, the instructor will notify us and we will put a hold on your financial aid. You will need to meet with your instructor to get the hold removed.
What happens if I withdraw from my classes?
You may be required to repay part of your financial aid. Please see our office before you decide to drop any of your classes.
Do I have to get good grades to continue receiving financial aid?
Federal regulations state that you must be making satisfactory academic progress in order to receive any type of financial aid. You must achieve a cumulative 2.00 GPA and complete 61% of your classes that you enroll in each term in order to receive financial aid. Failure to do that will place you first, on financial aid probation, where you will continue to receive financial aid and the second time it happens you will be placed on financial aid suspension and lose your funding for the upcoming term.
Where else can I find information regarding financial aid?
- Refer to our college catalog or visit our website at www.nicc.edu/
- Call us at 1-800-728-2256, ext. 376 (Calmar) or 1-800-728-7367, ext. 401 (Peosta) or stop into our office.