The College of Idaho assumes that parents have the first obligation to provide for the education of their son or daughter. The obligation next falls upon the student to contribute to his/her own education from personal assets and earnings, including appropriate borrowing against future earnings. The granting of any Title IV federal aid (Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Perkins Loan, Stafford Loan, Federal Work-Study, PLUS Loan) is contingent upon:
- Authorization and appropriation of funds for each program by the federal government under existing regulations
- Receipt of anticipated funding levels in each program by The College of Idaho
- Your enrollment in a degree program at The College of Idaho.
Your Financial Aid Award Letter may contain any combination of scholarships, grants, loans and/or Work-Study and are awarded based on a full year of attendance. Half of each award is released to the student’s account for the Fall semester and the other half for the combined Winter/Spring term.
You will be notified if it is necessary to revise your award (See Revised Awards) The College of Idaho scholarships, grants, waivers and work may not exceed tuition. All other non-college scholarships, loans and work may address costs above tuition. Aid is usually not available for summer study. It is your responsibility to give careful attention to the following details:
The Free Application for Federal Student Aid (FAFSA) must be filed each year in order to determine federal grants, work and loan eligibility and need-based institutional aid. The College of Idaho’s priority deadline is February 15. The C of I scholarship renewal application is required each year.
Length of Eligibility
Undergraduate grants and scholarships normally are limited to use in the first ten terms of full-time study (Fall term is counted as one term and Winter/Spring is counted as one term). Institutional aid is reduced by one half after the eighth term. If you continue undergraduate study beyond 10 full-time terms (or equivalent), you may apply only for loans and/or a Pell Grant. Students need to be aware that the completion of only 24 credit hours per academic year will require a fifth year of undergraduate study.
You will be notified if it is necessary to revise your Award Letter. Your award may be revised based on additional information you supplied on your Financial Aid Application, through the verification process, because of changes to your academic credentials and/or if you are not enrolled for a full academic year. Annual awards will be adjusted if a student is not enrolled for both semesters.
A tentative grant, scholarship or loan means that the Office of Student Financial Aid Services has determined that you should be eligible for the amount indicated, but that official verification has not been received. It is your responsibility to forward the appropriate paperwork to the Office of Student Financial Aid Services. A tentative grant, scholarship or loan cannot be credited to your student account.
Some College of Idaho scholarships are renewable based on specified criteria. These scholarships require fulfillment of the renewal criteria and/or the submission of a renewal application by the specified deadline. It is your responsibility to know and fulfill all requirements.
You must report any financial assistance that you anticipate receiving from sources other than The College of Idaho to the Office of Student Financial Aid Services. This includes scholarships, grants, loans or other monetary assistance received from churches, service organizations, VA benefits, etc. Such awards may affect your financial aid award package. Outside scholarship funds do not appear as a credit on the student account until the funds have been received from the donor.
An overaward occurs when your aid exceeds your need or cost of attendance (Cost of education consists of tuition, fees, room and board, books and supplies, transportation and miscellaneous personal expenses). Federal regulations require the Office of Student Financial Aid Services to reduce your aid package when an overaward exists. Most often, overawards occur when the Financial Aid Office learns of outside resources available to you after your aid has been awarded. You are responsible to pay back any monies refunded to you if an overaward occurs after you have received your refund. An overaward may also occur if you make changes to your FAFSA information.
Scholarships as Taxable Income
Per IRS guidelines, grant and scholarship awards in excess of tuition, fees, and books and supplies (excluding room and board) are considered taxable income and must be reported as income on your Federal Tax Return. (Consult your tax specialist) IRS Publication 520 Scholarships and Fellowships.
Changes in Family Circumstances (Special Circumstances)
If your family’s income is significantly reduced, you are encouraged to report in writing any changes in your family financial situation. Examples of changes might include death of a parent, permanent and total disability of a parent; unemployment or retirement, loss of untaxed income. Once your request has been received, the Office of Student Financial Aid Services will review your request to see if additional funding might be available for you. You may be required to provide additional information to the Office of Student Financial Aid Services.
If your application is selected for review in a process called “Verification”, the school is required by federal law to compare the information on your FAFSA application with your Federal tax information and your parent’s Federal tax information or if you are married, then your Federal tax information and your spouse’s tax information. You may be asked to request a copy of your Federal Tax Transcripts from the IRS and supporting documents along with a signed Verification Worksheet (available here) to the Office of Student Financial Aid Services. Students have 30 days from the date of the request to provide this information to C of I. If there are differences between your application information and your financial documents, the school will make corrections electronically to your Student Aid Report and if needed, adjustments to your financial aid awards.
New federal verification requlations went in to effect on July 1, 2012 and changes have been made to the documents we are required to use for verification of the information you submitted on your Free Application for Federal Student Aid (FAFSA).
Verification of Inome information: Students and parents that are selected by the federal processor or by the college are now required to request a 2011 IRS Federal Tax Transcript from the IRS office. We can no longer accept a signed copy of a federal tax return for verification.
- Students and parents now have the option of using the IRS Data Retrieval tool (in most cases) when completing the FAFSA (allow up to two weeks after filing electronically for the information to be available and 4-6 weeks after filing a paper tax return). By using the data retrieval tool and NOT changing the information you download, you may eliminate the need to submit a tax transcript. If your income information was estimated on your original FAFSA, we strongly encourage you and your parents to go back out to the FAFSA web site after taxes are filed and use the IRS Data Retrieval tool to download the information to your FAFSA.
- A 2011 IRS Federal Tax transcript can be requested in the following manner: on line at www.irs.gov; by phone 1.800.908.9946 or by completing IRS form 4506T-EX available on the IRS web site.
- If you are not filing a tax return, a copy of your W-2 information must be submitted to our office to verify your income.
- If you are filing an extension, you will need to submit a copy of the IRS approved extension and copies of your W-2 or other documentation to verify income.
- If you have amended your tax return, you will need to request both an IRS Tax Return Transcript and an IRS Tax Account Transcript and submit to our office.
All awards are based on a student being in attendance as a full-time student for the academic year. Full-time status for federal and institutional purposes is 12 credits for the Fall term and 12 credits for the combined Winter/Spring term. No institutional aid is given to students enrolled for less than full-time. Federal aid is pro-rated for less than full-time enrollment. Students enrolled for only one term will receive one-half of their annual award. Changes in enrollment status must be reported to the Office of Student Financial Aid Services and may affect your award.
Cost of Education
The cost of education (attendance) is based on the following: tuition, room and board on-campus, fees, books and supplies, transportation and miscellaneous/personal expenses. Cost of attendance detail can be found online. Students who are planning on living with a parent or off-campus must notify the Office of Student Financial Aid Services. Freshman and sophomore students must file a petition with residence life to live off-campus or with parent. Some merit awards and other tuition-based, leadership awards may require living on-campus for college students.
Students wishing to participate in a study abroad program do so at their own expense. Federal aid, outside scholarships, and Alternative Loans (under certain circumstances) may be used to assist in paying for these programs. A Consortium Agreement between The College of Idaho and the college sponsoring the study abroad program may be required. Institutional aid is not available for study abroad programs. Please contact the Business Office or the Office of Student Financial Aid Services for additional information.
Student Account Refunds
If your financial aid will create a credit on your student account, a refund will be sent to your campus box. A credit balance (refund) created by a PLUS Loan on a student account will be sent to the parent unless prior arrangements have been made with the Business Office.
IMPORTANT - The College of Idaho reserves the right to review and adjust the award package if it becomes aware of new or misrepresented information. Your award is based on the information provided on your application materials. It is important that you notify the Office of Student Financial Aid Services of any changes in your enrollment, housing or status while attending The College of Idaho. A student has the right to appeal, in writing, in the event of a revision, non-renewal or cancellation. Documents in support of your information may be required. Since changes occur regularly in federal regulations concerning financial aid programs, the information in this brochure may change without notice.