Financial Aid Policies
The award notification process for 2014-2015
All incoming freshman, transfer, graduate and readmitted students will be mailed paper packages to their preferred addresses as their awards are ready. Continuing North Central College students will NOT receive paper packages via postal mail. In an effort to "go green," and get your awards to you as quickly as possible, the Financial Aid Office will be delivering award notifications electronically via Merlin. Once your award is ready, you will be sent an email to your North Central College email account with directions on reviewing and accepting your awards on Merlin.
Federal Student Financial Aid Penalties for Drug Law Violations
A student with a drug conviction may be ineligible for federal student aid (grants, loans, work-study). Students convicted of a state or federal offense of selling or possessing illegal drugs that occurred while they were receiving federal student aid should still complete and submit the FAFSA with attention to question #23. For more information please contact Marty Rossman, dean of financial aid, at 630-637-5600 or firstname.lastname@example.org.
Financial Aid Distribution
Each term, the College’s Business Office will email you a notification that your "Online Statement" is available in Merlin. This bill will detail charges and the distribution of your aid. If you’ve returned your Award Letter, one-third of your financial aid award (representing the first of three academic terms), with the exception of Federal Work Study, will appear as a credit on this statement. Outside scholarships will not credit until funds have been received. If you’re awarded a federal loan, we must have a signed Master Promissory Note on file before your account will be credited. If you’re a first-time borrower of a federal Direct loan, you must complete the entrance counseling session before funds can be disbursed.
Credit Hour Requirements
Most financial aid awards are based on full-time enrollment for the entire academic year (a minimum of 8 credit hours each term) unless otherwise noted on the Award Letter or in Merlin. Financial aid awards based on full-time enrollment must be revised or canceled if a student enrolls in less than the minimum 8 credit hours. You’re encouraged to make an appointment with a financial aid counselor BEFORE dropping below full time. A student's enrollment status is verified before any aid si disbursed. This enrollment status must be the same on the day the loan funds are disbursed. Veterans benefits vary with the number of credit hours carried by the veteran; a reduction in a student's course load during the term may result in a reduction of benefits for that term. If you’re eligible for the Illinois Student Assistance Commission Monetary Award Program (ISAC MAP), please contact our office before changing your enrollment.
Amount of Financial Assistance From Year to Year
Merit scholarships remain the same if you maintain the necessary cumulative GPA. Departmental scholarships (music, art, etc.) depend on your participation and departmental funding. Need-based (North Central College Grant, Federal Supplemental Grant, Pell Grant, ISAC MAP) assistance depends on your need and federal and state funding. You can expect to receive the same level of funding if federal and state funding and eligibility criteria do not change and your expected family contribution remains the same or similar. Expected family contribution could change if the following occurs: parent income and assets increased or decreased from prior year, student income and assets increased or decreased from prior year, or size of family and number of students in college has changed from prior year.
Expected Family Contribution (EFC)
The EFC is based on the results of the FAFSA. The calculation uses the parent income and assets (if required), student income and assets, number of students in college and family size.
Difference Between Subsidized and Unsubsidized Direct Loans
Subsidized is need-based. You must show financial need as determined by the federal formula to be eligible. The federal government pays the interest while you’re in school and during any authorized grace period. Unsubsidized is not need-based. You’re responsible for the interest on the loan, which begins accruing at the time of disbursement. However, you may choose to defer the interest until you begin repayment. The interest is then capitalized and added to the principal amount.
Student Loan Repayment
You’re not responsible for the principal amount of your federal loans while you’re at least a half-time student. Once your enrollment drops below half time, you begin your one-time, 6 month grace period. Loan repayment begins 6 months after withdrawal, graduation or less than half time enrollment. Interest on any subsidized student loan disbursed after July 1, 2012 begins to accrue immediatly, though the loan will not yet be in repayment. The Federal Perkins Loan grace period is 9 month. Contact the U.S. Department of Education for repayment and consolidation options.
Financial Aid Standards of Satisfactory Academic Progress
Please review our satisfactory progress guidelines for undergrads, teacher certs and second degree students or for graduate students.
Withdrawal from North Central College
Financial Aid information for a student withdrawing from the College.