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 Each fiscal year, 5% of the value of the Scholarship Endowment will be withdrawn to assist funding scholarship disbursements.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.

Martin Luther King Scholarship

Eligibility: only students are eligible to receive the MLK scholarship – students must be enrolled in both Fall and Winter terms or be graduating in December to eligible

Purpose: monthly assistance to continue pursuing educational goals

Application Window: rolling basis

Disbursement: once occupancy begins

Amount: average of $50-300

Application Form: here

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

Eligibility: all members

Purpose: monthly assistance to continue pursuing educational goals

Application Window: rolling basis

Disbursement:

Amount:

Application Form: 

Standing Rule 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 charge period. These rules may be modified with the approval of the Finance Committee.

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.