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Financial Aid
The major financial aid programs are the Pell Grant Program, the New York State Tuition Assistance Program, and the Stafford Loan Program (formerly the Guaranteed Student Loan Program). All students requesting financial aid must file a free application for Federal Student Aid (FAFSA) for federal and state programs. All financial aid is based on need as determined by the federal financial form data. Only matriculated students are eligible to receive financial aid, and all recipients must meet the guidelines of need for each program.
Applications for financial aid are available in the Administration Office. All programs must be applied for annually, and continued eligibility must be maintained by meeting minimum academic standards as established by IDC. Students are responsible for being aware of filing deadlines as published on applications. Students who are in default of Guaranteed Student Loans are usually not eligible for financial aid.
All financial aid applicants should refer to the current year Financial Aid Student Guide published by the U.S. Department of Education, which is available in the Administration Office for the latest program requirements.
PELL GRANTS
Pell Grants are federal programs for matriculating students who meet the financial need guidelines of the program. U.S. citizenship or permanent residence status is required. All students applying for a Pell Grant must submit a "Free Application for Federal Student Aid" to the Federal Processor and IDC must receive a complete and valid document by the last date of the enrollment period. Any report received after the last date of the enrollment period will not be considered a valid document. (In approximately 2 weeks you should receive notification (SAR- Student Aid Report) of a possible award. We urge you to submit an application through the Internet at http://www.fafsa.ed.gov, or the financial aid office may process your application electronically to the Department of Education processor. Awards are based upon a EFC (Estimated Family Contribution) and can range up to $5550 per year for full time study. (An EFC of 0000 will result in the maximum award). The maximum EFC in order to be eligible for a Pell Grant is 5273 for full time study.
In order for a Pell Grant to be processed you must submit the following documentation along with your Student Aid Report. (All Student Aid Reports which are processed through the IDC financial aid office are verified for correct information.) This documentation must be submitted before any award can be disbursed.
1. A completed Verification Worksheet for 2010-11
2. A signed copy of your 2009 Income Tax Form – including W-2 forms
3. Documentation of untaxed income (if applicable)
4. If you were born after January 1, 1987- a signed copy of your parents' 2009 income tax forms – including W-2 forms
5. Proof of any other income reported on the Pell Grant application.
6. Proof of permanent residency, if you are a non-citizen (if requested)
7. Any other documentation requested by the Financial Aid Office.
Pell Grants will not be processed until all the required documentation is submitted and is correct. Student Aid Reports should be submitted during the academic year. Awards will also be based upon your enrollment status on the date that you submit your valid SAR and all the necessary documentation.
TUITION ASSISTANCE PROGRAM
TAP awards are issued to New York State residents and are for full time study only. Students must apply for awards on a yearly basis. Awards are based upon family net taxable income. The maximum net taxable income to qualify for an award is now $80,000 with minimum awards at $500.00 per award year Students who submit proof of a TAP award are given an immediate tuition credit in the amount of the award. Awards are also based upon various schedules for both dependent and independent student and the year the student first received a TAP award. For dependent students receiving TAP for the first time after 1994-95, and the 1999-2000 school years, the maximum award can be no greater than tuition or $4125.00 whichever is less. For students receiving TAP for the first time the maximum award is tuition or $3925.00 per year, whichever is less. For independent student who were first time recipients in the 1994-95, this amount is $3025.00 or tuition, whichever is less. All student awards will be reduced by $100.00 after 4 payments. Students are able to access the New York State Higher Education Services Corporation on the Internet at http://www.hesc.com to check on application status and other pertinent information of New York State Programs.
All students who will receive TAP for the first time in the 2006-07 academic year or later MUST have a High School Diploma or GED from a school within the United States.
The Financial Aid Office may also request additional documentation from students before an award can be processed or tuition credit be issued. Examples of additional documentation can be proof of NY State residency for one year prior to the beginning of an award year; proof of US permanent residency; proof of financial independent status for students under 23 years old. Please refer to the specific TAP notice for important particulars.
In order to continue receiving TAP you must have a minimum of a “C” average after completing your second academic year (which also includes any previous schools which you may have attended). Students with extenuating circumstances may apply for a waiver of this requirement. You may receive up to 6 TAP awards as an Associate Degree candidate. This maximum is a cumulative amount and includes any previous TAP payments you may have received at previously attended schools; thus if you received 2 TAP payments at a previous school, you will be eligible to receive only 4 semesters eligibility at IDC.
WILLIAM D. FORD DIRECT LOAN PROGRAM
Direct Loans can be obtained through the U.S. Department of Education. All loan applicants must have filed a Master Promissory Note and completed entrance counseling at www.studentloans.gov. Loans are based on need and consider a family contribution as defined by the U.S. Department of Education. All students who are applying for a Direct Loan must first apply for and receive notifications from the Pell Grant and TAP programs. A determination of need is then based upon the total budget for attendance at IDC for the year less any financial aid. If there is still an unmet need, then a loan request with an amount requested (not to exceed the allowable limits) can be processed. In applying for a loan, the student MUST keep in mind that LOANS MUST BE PAID BACK WITH INTEREST! Loan recipients must begin repayment 6 months after graduation or if not attending school at least on a half time basis.
The maximum loan amount is $3500 per year for first time dependent students and $4500 per year for second year students. Loans are usually disbursed in four – payments, twice each semester. First time students will not receive loan proceeds until a minimum of 30 days after the beginning date of the semester. Dependant students may also apply for unsubsidized loans of up to $2000 in additional loans. Independent students may also apply for unsubsidized loans for an additional $6000.00 per year maximum. All financial aid received cannot exceed the cost of attendance.
Extreme prudence should be exercised when applying for a loan. We do not recommend applying for a loan unless it is absolutely necessary. Before applying for a loan, you must meet with a financial aid counselor for entrance counseling, to discuss your status and obligations of repayment. Please refer to loan consumer information booklets available in the lobby which you should read and be familiar with for all necessary information BEFORE APPLYING FOR A LOAN. You will be required to have an exit interview after you leave school to review your obligation and responsibility.
AID TO PART-TIME STUDY (APTS)
This program is similar to TAP, except that it is for students registered for 3-11 credits. IDC has very limited funds that are available for this program. Applications can be obtained in the Financial Aid Office and students who have exceptional need should apply. You must also apply for TAP for income verification purposes. Awards cannot exceed tuition costs and cannot exceed the total of other State, federal and non-governmental aid, which the Commissioner of Education determines to be duplicative of the part time award.
ACADEMIC STANDARDS
State and Federal Financial Aid Programs
Pell Grant and Aid to Part-time Students measure progress by credits attempted.
TAP awards are based on the number of payments received. In order to receive the TAP payment as numbered in the left hand column, a student must maintain the following standard of progress: (See chart below)
Pursuit is the completion of courses with grades of A, B, C, D or F. Credits completed is the completion of courses with grades of A, B, C or D.
Note: students who receive a TAP award and withdraw from all classes in the same semester are not eligible for a TAP award the next semester in which they qualify for an award.
Grading System
The following grades and symbols are used:
| A | Excellent |
| B | Very Good |
| C | Average |
| D | Minimum Passing |
| F | Failure |
| FA | Failure due to Absences |
| FX | Failure, repeated course |
| W | Withdrew |
| WP | Withdrew, Passing |
| WF | Withdrew, Failing |
W and WP are issued when a student withdraws from a course while doing satisfactory work.
WF is issued when a student withdraws from a course while doing unsatisfactory work, and a WF is included in the student’s cumulative average.
For students who are repeating courses, the following policy is effective for all courses taken after January 1, 1992. A student may retake a course previously failed and request a grade of FX. Only the second grade in that course will count in the determination of a grade point average. The transcript will show both grades; the original will be marked FX. A student may exercise this option no more than once for a given course and for no more than two courses totaling no more than six credits.
Loan Statistics
2009-2010
Total Loans: $108,878.75
Number of Loans: 23
Average Loan: $4,733.86
2008-2009
Total Loans: $45,867.88
Number of Loans: 13
Average Loan: $3,528.30