Financial Aid Office
Location: CC - 257
IHCC School Code: 006935
Financial Aid Office
Inver Hills Financial Aid Office is dedicated to providing you with the highest quality of services, programs and opportunities for financial assistance, which, in combination with the resources expected from you and/or your family, will enable you to attend the College and assist you in achieving your education and life goals.
Frequently Asked Questions
Q: What is Financial Aid?
A: Financial Aid has three categories:
- Free Money: These are grants and scholarships that do not need to be paid back.
- Earned Money: The Federal, State, and Institutional work-study programs provide students a chance to earn money for college expenses. Student jobs are located on campus.
- Loaned Money: These are loans that students are expected to pay back. Federally subsidized loans are need based and often below market interest rates. Moreover, students are not expected to pay these loans back until they have graduated or dropped below half-time enrollment from school. Other loan programs offer non-subsidized loans to students and PLUS loans to parents of college-going children. Make sure to do your research with any student loan.
Q: How do I apply for Financial Aid?
A: The Financial Aid process begins with completing and submitting the application located online at FAFSA (Free Application for Federal Student Aid) - http://www.fafsa.ed.gov/. Students will need the following information to complete the form:
- Federal PIN ID for student. If the student is dependent, parents will also need a PIN ID. Apply for a PIN.
- Federal Taxes and W2s (for the 2013-2014 FAFSA year, students will need their 2012 taxes) for student , and for parents if student is dependent.
- Alien Registration number for non-citizens.
- Information relating to stocks, bonds, investments, income or assets.
Q: I lost my taxes. How can I obtain another copy?
A: Request a tax return transcript from the IRS or call 1-800-829-1040
Q: When do I apply for financial aid?
A: Every year that you are in school you will have to file a FAFSA to receive financial aid funds. Our recommendation is to file your FAFSA application as soon as you have filed your taxes for that year. Remember the Financial aid year starts on July 1st and ends June 30th.
Q: Who is considered an independent student and who is considered a dependent student?
A: To be considered independent, a student must:
- Be at least 24 years old by December 31 of the award year covered by the FAFSA; or
- Be a graduate or professional student; or
- Be married; or
- Have legal dependents other than a spouse; or
- Be an orphan or ward of the court; or
- Be a veteran of the US armed forces; or (basic training does not qualify you)
- Be approved by the Director of Financial Aid.
Q: I wish to take out Federal Stafford loans. Do I need to do anything else?
A: Students taking out Federal Stafford loans will need to complete entrance counseling and complete a Master Promissory Note (MPN). Please visit Direct Loans for instructions and more information. You will need to sign in to complete entrance counseling and the MPN. In addition, you will need your PIN ID from the FAFSA and two references (including name, address, telephone and relationship).
Q: When will I hear about financial aid and when will it be available?
A: Typically, once a FAFSA and enrollment paperwork has been filled out, the Financial Aid Office begins the awarding process. If any additional forms are required, students will be notified by mail. After we receive all forms you will either receive an information request (if we have additional questions) or an Award Notification. This typically happens within 2-4 weeks depending on volume and time of the year. You will receive an email telling you that your Award Letter is available to view by logging into your E-Services account.
All financial aid is first applied to your tuition account. Any excess funding will be refunded to you through the Preference you selected with your IHCC Access Card. Refunds typically begin arriving during week three of the semester. Please remember that financial aid funds are provided to students on the assumption that the student will complete the semester. If a student withdraws, federal regulations require Inver Hills Community College to administer refund calculations which prorates awards based on last day of attendance. These calculations require unearned aid to be refunded and students will be billed for any difference.
Q: What types of students are eligible for Financial Aid?
A: Generally, students must be enrolled in an eligible program and make satisfactory academic progress to receive financial aid. Students classified as Audit, Limited Enrollment, PSEO and Non-PSEO are not eligible for financial aid.
Q: What is Satisfactory Academic Progress (SAP):
A: Generally, to meet SAP, students must have a cumulative GPA of 2.0 or above and complete 67% of classes enrolled. For more information, refer to the Satisfactory Academic Progress policy.
Q: What is maximum time frame/excessive credits?
A: The maximum time frame a student has to complete a program is 150% of the total credits needed for the program. For example, if a program requires 60 credits to graduate, a student cannot attempt more than 90 credits and receive financial aid.
Students attempting additional degrees will have 50% of the required published timeframe.
For example, if a program requires 60 credits, a student cannot attempt more than
30 credits for their second degree.
Q: Am I eligible for a book voucher?
A: Students receiving financial aid funds who will have an excess/overage are provided with book vouchers. Additionally, third-party billing and/or receiving VA benefits will also have vouchers available.
A book voucher is not additional aid. It allows you to use the financial aid you have already accepted towards your required books and supplies. Students eligible for a book voucher will have notification sent to their email address on file.
Q: Can I receive aid for summer session?
A: It is possible to receive financial aid for summer sessions. Depending on eligibility, students may be eligible for grants, loans and work-study. Students interested in Summer financial should check with the Financial Aid Office for more details.
Q: How can I get a general idea of what types of aid I would be eligible for?
A: The State of Minnesota has developed an estimator for financial aid eligibility. Visit the Estimator. Please remember that this is an estimate and when the Financial Aid Office has processed your file, your awards may differ from the Estimator results.
Q: How is my financial need calculated?
A: By filing the FAFSA form, the Department of Education uses income, assets, investment, household size and number in college to determine an Expected Family Contribution (EFC). The Financial Aid Office uses this information to award loans, grants and work-study.
Q: Is financial aid available for international students?
A: To receive financial aid from Inver Hills Community College, you must be a U.S. citizen or a eligible non-citizen. Generally you are a eligible non-citizen if you are:
- A U.S. permanent resident and you have an Alien Registration Receipt Card (I551)
- A conditional permanent resident (I551-C); or
- Other eligible non-citizen with an Arrival-Departure Record (I94) from the U.S. Immigration
and Naturalization Service showing any one of the following designations:
- Asylum Granted
- Indefinite Parole and/or Humanitarian Parole or
- Cuban-Haitian Entrant
Those who are in the U.S. on an F1 or F2 student visa, a J1 or J2 exchange visitor visa, or a G series visa, are not citizens or eligible non-citizens and cannot receive federal aid from Inver Hills Community College.
Q: My parents are divorced or separated. Which information do I use?
A: Please use the information below as a guide for parental information:
- If your parents are divorced or separated, you should provide the information about the parent you lived with more during the past 12 months.
- If you did not live with one parent more than the other, use the parent that provided more financial support during the last 12 months, or during the most recent year that you actually received support from a parent.
- If this parent is remarried as of today, provide information about the parent AND the person whom your parent married (step-parent).
Q: What are the general eligibility requirements for federal financial aid?
A: To be considered for federal aid, you must be in an eligible program and enrolled half-time (6 credits) to receive loans. Some grants may be available for less-than half-time students. You must also be a U.S. Citizen or an eligible non-citizen. Additionally, students having defaulted Stafford loans or Pell Grant over-payments are not eligible for Federal and State financial aid funds.
Q: What is the difference between Subsidized and Unsubsidized Federal Stafford Loans?
A: The biggest difference between the two loans is that the Federal Government pays in the interest on the subsidized loan while students are in school. On a unsubsidized loan, the student is responsible for paying the interest. For more information, please read the answer to the first question in this FAQ list, "What is Financial Aid?"
Q: How do I get scholarships and where do I send the check if awarded one?
A: The best strategy for starting a scholarship search is to check locally first. Talk to individuals such as counselors to determine if local scholarships exist. Inver Hills offers some scholarships directly. There are also scholarship sites available through the web. Below are a few excellent sites:
Q: I am enrolled at Inver Hills Community College but need to take a class at Metro
State, what do I do?
A: You cannot receive financial aid from two schools at the same time. However, Inver Hills has consortium agreements with many colleges and universities in the area. Please check with the financial aid department for agreements and required documentation.
Inver Hills Consortium Agreement
Q: What is loan consolidation?
A: A consolidation loan can help you simplify loan repayment by allowing you to combine several types of federal student loans with various repayment schedules into one loan with a fixed interest rate.
- In most cases, students must be out of school to consolidate loans.
- You can consolidate your loans only one time.
Keep in mind that there may be disadvantages to consolidation. Make sure you do your research.
Q: When I graduate how much will my monthly student loan payments be:
A: The monthly Stafford repayments amounts will differ based on amount borrowed and repayment terms. To find out more, visit Repayment Plans and Calculators.
Q: Are there Financial Aid Limits?
A: There are limits to the amount of financial aid you can receive. Please see the details below for each funding source:
- Pell Grant: Students may receive Pell funding for 12 semesters or 600% Pell eligibility.
- MN State Grant: Students may receive funding for 8 full-time semesters.
- Stafford Loans:
- Dependent Students: $31,000 - No more than $23,000 of this amount may be in subsidized loans.
- Independent Students: $57,500 - No more than $23,000 of this amount may be in subsidized loans.
Q: I have to take developmental courses. Does Financial Aid cover these types of courses?
A: You can receive financial aid for up to 30 development credits.
Q: How are student loans awarded?
A: Student loans are awarded evenly between Fall and Spring semester, between Spring and Summer semester or during Summer semester. One semester loan awards are subject to loan prorations for graduating students.
Q: I'm graduating after Fall Semester, what is my loan eligibility?
A: Loan Pro-ration Requirement (Undergraduate students only):
If you will complete your degree program by attending only one semester of the academic year, we are required to pro-rate your student loan amount. Your loan must be pro-rated according to a required formula. If your loan offer is subject to the pro-ration requirement, then the ceiling on your loan eligibility is the product of the annual maximum limit multiplied by the number of credit you have remaining, and divided by the number of credits in an academic year (24). For example, if the annual loan limit is $10,500, and you have 8 credits remaining to graduate, the most you may receive from the Federal Stafford loan program for your final semester of study is ($10,500 x 8)/24 or $3,500. Proration calculations are done at the time we certify your loan, based on information you provide through the loan request process.
Q: How do I know if I'm eligible for Programs provided through the State of Minnesota?
A: An eligible student for MN State Programs means a student who meets one of the following conditions:
- a dependent or independent student who has resided in Minnesota for 12 consecutive
months without being enrolled in a postsecondary school for more than five credits in
any term; or
- a dependent student whose parent or legal guardian resides in Minnesota at the time the student applies; or
- an independent or dependent student who graduated from a Minnesota high school, if the student was a resident of Minnesota during the student's period of attendance at the Minnesota high school, and the student is physically attending a Minnesota post-secondary educational institution; or
- an independent or dependent student who, after residing in the state for a minimum of one year, earned a high school equivalency certificate (GED) in Minnesota; or
- an independent student who was granted residency as a dependent student and has not since left the state of Minnesota; or
- an independent or dependent student who is a member (or spouse/dependent of a member)
of the armed forces of the United States stationed in Minnesota on active
federal military service as defined in section 190.05, subdivision 5c; or
- a spouse or dependent of a veteran, as defined in Minnesota Statutes 197.447, if the veteran meets the residency definition used for state financial aid programs; or
- an independent or dependent student (or spouse of) who relocated to Minnesota from an area that is declared a presidential disaster area within 12 months of the disaster declaration, if the disaster interrupted the person's post-secondary education; or
- an independent or dependent student defined as a refugee under United States Code,title 8, section 1101(a)(42) who, upon arrival in the United States, moved to Minnesota and has continued to reside in Minnesota, or
- meets the eligibility requirements as identified by the MN Prosperity Act/MN Dream Act. See http://www.ohe.state.mn.us/mPg.cfm?pageID=2056 for more details.