Providing affordable student housing since 1932

Scholarships

Scholarship Opportunities

Contact Info

VP of Finances vp.finance@icc.coop
Finance Committee fincom@icc.coop

Purpose

The purpose of our Scholarship Fund is to provide scholarships for members who need financial aid to continue school. Funding comes from two sources: The Operating Budget and the Scholarship Endowment Fund. Through Board designation and Donors we have an endowment fund. Each fiscal year, 5% of the value of the Scholarship Endowment will be withdrawn to assist funding scholarship disbursements.

Scholarships

Scholarships are disbursed monthly in the form of a “rent credit” while the member is living in the ICC. Scholarships reduces the amount the recipient has to pay each month to the ICC for room and board. All financial aid takes the form of scholarships; we do not provide loans.

Covid-19 Scholarship Form

In response to the COVID-19 pandemic, ICC leaders formed a COVID-19 fundraising group to brainstorm ways to solve our debt problems due to unforeseen circumstances.  This pandemic resulted in millions of jobs lost and many others being furloughed resulting in a struggling economy. On May 5th, 2020, ICC leaders launched a Gofundme campaign on Giving Tuesday.  We plan to use all of the donation money to offset member debt for those who were unable to pay for their charges in April 2020 as a direct result of COVID-19. With the creation of this scholarship, funds will be administered by the Finance Committee to go towards offsetting member debt. The Finance Committee will review the scholarship applications and decide on an appropriate amount to award members, with a maximum of 1 month’ of total ICC Charges. All applications are evaluated blindly.

UPDATE AS OF SEPTEMBER 9TH, 2020: CoCo has approved the expansion of the COVID-19 scholarship to include members who test positive and get sent to alternative housing (ie, Northwood, motel), and those whose income is directly negatively affected by a housemate or housemate(s) suspected or known contraction of COVID-19. The Finance Committee could cover but is not limited to: up to 14 days of reduced charges reflecting loss of income, or Northwood Apartments expenses.  All applicants MUST provide proof of testing positive/suspicions of a housemate testing positive and receipts/invoices/pay stubs in your application.

Please note: The Finance Committee wants to assess applications as soon as possible. Providing insufficient documentation may result in insufficient aid. You MUST upload ALL relevant documentation reflecting your claims. For example, if you make any claims of loss of income, you MUST submit documentation from before AND after your income was affected. For example, if your house is in code red, you MUST provide PDF’s of your correspondence with the ICC President and/or General Manager regarding this topic.

Application Window: rolling basis

Disbursement: once application is approved

Amount: varies per member

Application Form: here

Martin Luther King Scholarship

Eligibility: only students are eligible to receive the MLK scholarship – for the Fall/Winter application, students must be enrolled in both Fall and Winter terms or be graduating in December to eligible, and for the Spring/Summer application, students must be either enrolled in both Fall and Winter terms of 2020-2021 and Fall 2021 or either the Spring or Summer 2021 terms.

Purpose: monthly assistance to continue pursuing educational goals

Application Window: rolling basis

Disbursement: once application is reviewed by the Finance Committee

Amount: average of $50-300

Application Form:Find the Spring/Summer form here. Find the Fall/Winter form here. Please note: these are separate scholarships. If you apply for the Spring/Summer scholarship, this DOES NOT count as an application for the Fall/Winter, and vice versa.

Bridge Scholarship

Eligibility: must be a member of the ICC and demonstrates a loss of income so as to interfere with their ability to pay charges, or demonstrates a change in ability to generate personal income, or demonstrates unexpected additional expenses that would interfere with their ability to pay charges

Purpose: member experiencing a one-time unforeseen financial difficulty

Application Window: rolling basis

Disbursement: once application is approved

Amount: average $500-600

Application Form: TBA

Standing Rule 8.11.2. Bridge Scholarship funds are a designated portion of the annual ICC Scholarships Fund and are not to exceed 10% of the total annual scholarship appropriation. All Bridge Scholarships shall be a temporary, one-time grant within the current ICC fiscal year. Individual Bridge Scholarship awards may not exceed the amount of the current debt owed by a member to the ICC. The ICC Finance Committee will determine the percentage of total scholarship funds available for the Bridge Scholarships.

Payment Plan

The ICC Payment Plan is available for members with debts and members who plan to incur debts exceeding 50% of the amount of one month of Fall/Winter central campus ICC charges for one or more months with the understanding that they will be able to pay back their debt before the end of their contract period. All payment plans must be paid in full by the end of the contract period.

This plan must be submitted no later than the 6th of the month when the member holds debt to avoid late fees or the 15th of the month to avoid eviction proceedings. Below are the relevant standing rules:

15.8.4 PAYMENT PLAN RESTRICTION: Plans must reduce debts by 50% within four weeks and reduce a member’s debt to $0 within eight weeks, including all intervening charges during that house chargeperiod. These rules may be modified with the approval of the finance committee.

15.8.5 THE ICC ACTS FOR MEMBERS IN PROTECTING THEM FROM ACCUMULATION OF EXCESSIVE DEBT. If the member does not pay by the 15th and the house does not file a payment plan, the ICC shall begin eviction procedures. If the eviction has proceeded to legal action, any costs shall be assessed to the member. The house member can stop this procedure by having a payment plan approved by the house or finance committee or by providing proof that the house will discuss the payment plan before the end of the month. (23/06) (23/07)

15.8.6 MISSED PAYMENTS: If a member misses a payment by more than three business days they shall be fined $20 and the ICC shall begin eviction procedures. (23/06)

By filling out the following form, I understand that if I miss a payment, I will be fined $20 and eviction proceedings will be started against me. I also understand that I will be charged for any costs arising out of the eviction process, including attorney fees, office fees and court costs.

To stop the eviction process at this point, the outstanding balance due must be paid in full.

All decisions will be made by the Finance Committee. All recipients will be notified by email shortly thereafter. All questions may be directed to the VP for Finance.

You can fill out the Google Form here.

Eligibility for ICC financial aid is based solely on the applicant’s “Demonstrated Financial Need” (DFN) and their status as a student. Anyone who is a student may apply, regardless of whether or not the person is a member of the ICC. For ICC financial aid purposes, a student is defined as a person who is:
1) Enrolled in an institution of higher learning, as defined by that institution, and
2) Enrolled for both fall and winter terms or graduating at the end of the fall term.

Scholarships are disbursed monthly in the form of a “rent credit” while the member is living in the ICC. An ICC Scholarship reduces the amount the recipient has to pay each month to the ICC for room and board. All ICC financial aid takes the form of scholarships; we do not provide loans.

A prospective member who is granted a scholarship award is guaranteed to receive that scholarship if they choose to live in ICC housing, but will not begin to receive disbursements until the day they move in. Prospective members are encouraged to apply for scholarships and will receive a decision within 14 days of applying.

The maximum grant is $2,400. Recently about half of applicants have qualified for the maximum grant. The size of an applicant’s grant is based largely on their “Demonstrated Financial Need” (DFN). An applicant’s DFN is calculated using a mathematical formula that assigns weights to the various pieces of personal financial information requested in the application. The DFN figure usually determines the amount of aid the applicant will receive in accordance with the MLK Scholarship Award Guidelines table below. Applications are, however, considered on an individual basis; the ICC may deviate up or down from the Guidelines based on the applicant’s extenuating circumstances, doubts about the truthfulness of any information in the application, availability of funds, or any other reason.

Demonstrated Financial Need
(over eight months)*
Total Scholarship Award
(over eight months)*
Less than ~$1,000 Not eligible
~$1,000 to $1,000 $400
$1,001 to $3,000 $1,000
$3,001 to $5,000 $1,600
$5,001 or more $2,400

DFN

(Expenses) – (Resources) = DFN.

“Expenses” are books, tuition, fees, medical costs, living expenses, etc. They are entered in the formula as positive numbers. Claimed expenses may be reduced in the calculation when they are not directly related to attaining a degree or are greater than reasonably necessary. An example of an expense which might be reduced is a $3,000 laptop for taking notes in class.

“Resources” are grants, loans, savings, parental contributions, income from working, etc. They are entered in the formula as positive numbers. Loans and income from working are adjusted downwards for the purpose of the DFN calculation to reflect the drawbacks associated with these types of income.

Labor Income

The “adjusted” labor income resource is: ((hourly wage) – $9/hr)*(hours per week)*(weeks in the contract period). For example, an applicant who worked 15 hours per week at $11/hr would make approximately $5,280 over two semesters. But their “adjusted” labor income resource for the DFN calculation would be ($11/hr – $9/hr)*(15 hours)*(32 weeks) = $960. If you work for less than $9/hr, your DFN labor income resource is $0. It cannot be negative.

Loans

Loan resources are adjusted downward based on the interest rate. An “adjusted” loan resource is calculated by multiplying the value of the loan by (1-(interest rate)). For example, the “adjusted” loan resource for a $10,000 loan with an interest rate of 6% would be:

($10,000)*(1 – 0.06) = $9,400.

If your parents are taking on debt to finance your education (for example, through the federal PLUS program) report these loans and their interest rates in the “parent loans” portion of the application. The value of these loans will be adjusted downwards in the calculation as if you took them out yourself. If your parents are loaning you their own money with the expectation that you will repay them, report this in the “parental contribution” portion of the application. This is not considered a loan for DFN purposes and will not be adjusted.

Applications for aid are accepted and reviewed on a rolling basis. We stop awarding financial aid when our aid funds for the year run out. Therefore, the earlier you apply, the more likely you are to receive a grant.

Current and prospective members are encouraged to apply for aid before they sign an occupancy contract. Applying for aid does not obligate you to live in the ICC. If you receive an award and then decide to live elsewhere, please inform us of that decision so we can make the funds reserved for you available to other applicants. It’s also a good idea to place a “hold” for the house you’re interested in around the time you apply for aid. A “hold” does not obligate you to live in the ICC. It just reserves a space for you in your preferred house for two weeks.

The application is available online or you can pick up a paper application at the ICC office. The office is located at 337 E William St. Ann Arbor, MI 48104. Completed scholarship applications and all supporting materials can be dropped off at the office.