Admission, Financial Aid and Fees These policies may be updated upon release of new governmental guidelines.
Credit Balances/Refunds Credit balances on a student account are automatically applied to the next term unless a refund is requested. Excess funds at the start of a term are available for refund upon request after the final drop date for a term (please see the withdrawal schedule for dates).
Adjustment of Financial Aid When Students Withdraw There are three distinct ways financial aid funds are adjusted when a student withdraws. The State of Illinois and federal government each mandate treatment of their awards that differ from college policy. Illinois Monetary Awards If a student withdraws during the two weeks of classes, no portion of the Illinois Monetary Award is applicable to a student’s tuition and fees. After the second week of class 100% of an Illinois Monetary Award, up to the amount of the adjusted tuition costs is applied to the student’s account. Federal Grants and Loans The amount of federal grants and/or loans that may be applied to a student’s tuition and fees is determined by taking the number of days the student attended as a percent of the number of days in the semester. For example, if the term is 100 days long and the student withdrew or stopped attending on the 24th day of classes, then 24/100 of that student’s federal grants and loans can be applied to his or her tuition and fees. College Funds and Other Sources of Aid The amount of College funds and/or other financial aid is adjusted at the same percentage rate as the tuition and fees. 20