Contact Information

Financial Aid Office
finaid@inverhills.edu
Phone: 651-450-3495
Location: CC - 257

IHCC School Code: 006935

GradReady

Hours

Mon - Thu: 8:30am to 6pm
Fri: 8:30am to 4pm

Types of Aid

Federal Title IV programs
Minnesota state programs
Inver Hills scholarships
Federal direct loans
Student jobs on campus

Federal Title IV programs

Federal PELL Grant (PELL)
Federal Supplemental Education Opportunity Grant (FSEOG )
Federal Work Study (FWS)
Federal Direct Subsidized Stafford Loan (STAF)
Federal Direct Unsubsidized Stafford Loan (UNSUB)
Federal Direct Parent Loan for Students (PLUS)

For more information about these programs, see the Guide to Federal Student Aid.

Minnesota state programs

Minnesota State Grant (MNSG)
Minnesota State Work Study (SWS)
Post-Secondary Child Care Grant (MNCCG)
Minnesota Student Educational Loan Fund (SELF)
Minnesota GI Bill
Minnesota Dream Act

For more information about these programs, visit the Minnesota Office of Higher Education.

Inver Hills scholarships

Inver Hills Community College Foundation provides private scholarships for Inver Hills students. Scholarships are sponsored by friends of the college, including staff, faculty, corporations, community, organizations and individuals. Please visit Inver Hills scholarships for more information.

Federal direct loans

Eligibility for loans: In order to apply for loans, you must have received your financial aid award notification letter from Inver Hills for the appropriate term. Your award notification indicates your eligibility for federal student loans. You will view your award notification letter by logging into e-Services.

  • You must complete Student Loan Entrance Counseling and Master Promissory Note (MPN) before any loan application will be processed.
  • Your Pell Grant eligibility must be determined.
  • You must be registered for and complete a minimum of 6 credit hours (half-time) during each term of the loan period. You must also be registered for at least 6 credits at the time your loan is certified and disbursed by IHCC.
  • Your loan may require proration (a reduction in what you are eligible to borrow) if your final period of enrollment at IHCC is just one semester.
  • You must declare a major and be enrolled in an eligible certificate or degree program at IHCC.
  • You must maintain satisfactory academic progress.
  • It is very important that you contact the appropriate offices (such as Counseling/Advising, Financial Aid Office, Enrollment and Business Offices) if you decide to completely withdraw prior to completing your program of study at IHCC to understand how withdrawing will affect your loan eligibility and repayment.
  • You must complete Student Loan Exit Counseling prior to leaving Inver Hills.


Application:
Under the Direct Loan program students will apply for and receive their loan funds directly from the U.S. Department of Education rather than through a private lender. All students borrowing a Direct Loan must complete a Master Promissory Note (MPN) and Student Loan Entrance Counseling. More information on the federal Direct Loan program is available at FSA's Direct Loan, including information about how parents can apply for a direct loan on behalf of their dependent student (Federal Direct Parent Loans for Students - PLUS).

Direct loans are of two types, subsidized or unsubsidized. With subsidized loans, the Federal government pays the interest while you are in school. Unsubsidized loans accrue interest throughout the life of the loan. The interest accumulates and is later added to the principal balance of the loan.

Interest rates for the 2013-2014 academic year are 3.86% (fixed rate; subsidized loan for undergrad borrowers) and 3.86% (fixed rate, unsubsidized loan for undergrad and for both subsidized and 5.41% unsubsidized loans for graduate borrowers).

Loan disbursements: The Loan Period for the 2013-14 academic year is the 1st day of Fall Semester - the last day of Spring Semester for a Full-Year Loan. No loan proceeds are disbursed prior to the 13th day of the term. If your loan period is for Fall and Spring terms, two disbursements will be issued (one for each term) and each will be for one-half of your total loan. If your loan period is just for one term, you will receive your loan funds at the beginning of that term.

Maximum Loan Limits: The annual loan limits for the academic year are listed in the table below:

Federal Direct Annual Loan Limits
Grade
Level
Subsidized Stafford:
Dependent and
Independent
Students
Unsubsidized Stafford:
Dependent Student
Unsubsidized Stafford:
Independent Student
Grade 1 $3,500 $5,500* $9,500*
Grade 2 $4,500 $6,500* $10,500*
* less total Subsidized Stafford for same enrollment period


Repayment:
A federal loan is a loan, not a grant. You must repay the funds you borrow, any fees associated with the loan, and any interest that accrues on the loan. All fees are deducted from your loan prior to disbursement. However, you remain responsible for repaying the entire loan amount. You have a choice of repayment plans and the monthly payment will depend on the size of your debt and the length of your repayment period. FSA's Direct Loan Payment plans explains available repayment options as well as provides a loan repayment calculator. You can also visit your Federal Student Loan History. Your Federal Direct Stafford loan will not automatically be discharged in bankruptcy. On average, students at IHCC borrow $8,866 in federal student loans.

Deferment:
With subsidized direct loans, principal payments are deferred during the in-school period and the government pays all interest. Unsubsidized direct loans can be deferred while in school, but interest accrues to the borrower and must either be paid or capitalized (added to principal balance of loan).

Grace Period:
With direct loans, there is a six month grace period before the 1st payment must be made on a Direct Loan. The Grace Period begins the day after the borrower ceases half-time enrollment.

Student jobs on campus

The first step in getting a job on campus is to have received an award letter that lists your student employment eligibility. Students not awarded workstudy may still be eligible. Check eligibility with the Financial Aid office. The amount listed on the award letter is the maximum that you may earn for the academic year. Due to having a limited amount of student employment funds, they are awarded on a first-come, first-served basis. A student employment award is not a guarantee of employment.

All available jobs on campus can be viewed online. You will need to contact the supervisor via email to start the application process. Once the supervisors have received your job application, they can contact you to set up an interview.

If hired, you and the supervisor must complete the required portions of the Student Employment Authorization. You will need to bring your social security card and driver's license (or other acceptable documentation as listed in Section C of the Authorization) to the Financial Aid Office to do your W-4 and I-9. You will also be required to do the Security Awareness Training via D2L. This must be done before actually performing any work at that job.

For more information about working on campus, contact Lynn Mens, Work Study Coordinator, at 651-450-3351 or send an email to lmens@inverhills.edu