Financial Aid Information
If you are having financial hardship, you should know that the ICC offers the following financial aid opportunities. Scholarship information can be found below:
Martin Luther King Scholarships
Please fill the MLK Scholarship form and drop it at ICC front desk. The Financial Committee will determine the MLK scholarships awardees. Scholarship awards are determined by need and are given on a rolling basis. If you are deemed eligible and have not yet signed a contract, you will be placed on a separate list until the time of signing. At that point, you will then be added to the list of recipients in the original position you were accepted.
The ICC provides financial assistance through Bridge Scholarships to members who are experiencing unforeseen financial difficulties. Bridge Scholarships are administered by FinCom and must be submitted in conjunction with a payment plan or a payment plan must have already been approved.
You can learn more information about the Bridge Scholarships policy here.
You can reach the Financial Committee 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|
(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.
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.
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.