Rock Valley College

Things You Should Know About Financial Aid

This page includes important things you need to know about Financial Aid, including some helpful resources.


Satisfactory Academic Progress Policy

The Satisfactory Academic Progress Policy (SAP) explains in detail the academic standards all financial aid recipients must maintain in order to receive future aid, as well as the applicants rights and responsibilities.


Cost of Attendance

Our Cost of Attendance document breaks down the cost of attendance for independent and dependent students who attend Rock Valley College.


Tax Transcript Request Procedures

For the 2022-2023 FAFSA:

The Department of Education now requires that students (and parents) use the IRS Data Retrieval Tool to transfer tax data to the FAFSA, or provide the school with a copy of the IRS Tax Return Transcript.

View instructions on how to use the IRS Data Retrieval Tool (PDF). If you are unable to use the IRS Data Retrieval Tool you can request a copy of your IRS Tax Return Transcript (PDF).


Return of Title IV Policy for Financial Aid Recipients

  • Federal  law speicifies how Rock Valley College must determine the amount of Title IV program assistance earned via a Return to Title IV calculation when a student withdraws from their classes. 

Financial Aid Web Resources

Department of Education Websites

These sites will help with information on applying and financial aid in general:
  • FAFSA: The website you use to apply for FAFSA (federal financial aid). FREE to apply.
  • FSA ID: This website will help you if you have problems with your FSA ID (the FSA ID is required to sign your FAFSA).
  • Federal Student Aid: Detailed information about all types of financial aid.

Scholarship Websites

Preparing & Paying for College

Department of Education Websites for Student Loans

  • Student Loans.gov: Where you complete your online counseling, MPN, keep track of your loan information, and sign up for repayment.
  • NSLDS: Helps keep track of all of your federal student loans

Free Tools and Apps for College and Finances

  • Mint: Free website and app that helps you budget and organize your accounts and spending.
  • NerdScholar: Compare schools, free scholarship search, FAFSA help, career help, budget and finance help, student loan help.

Estimated PELL/MAP/SEOG/Scholarship Disbursement Dates

NOTE: The dates below are estimated disbursement dates and do not reflect the actual dates you will receive your Financial Aid Refund or refund checks. Once Grants have been applied to your account, it may take up to two weeks for refund checks to be mailed.

PELL/MAP/SEOG Grant

Fall 2022: Week of September 26
Spring 2023: Week of February 27
Summber 2023: Week of July 10
 

Scholarship

Fall 2022: Week of September 26
Spring 2023: Week of February 27
Summber 2023: Week of July 10
Wondering how much Financial Aid you will be receiving and how to track your refund? Use your online services under "View account and make payments" and follow these simple steps.

NOTE: Students who are registered in late starting classes and who are eligible for a PELL/MAP refund will not have funds disbursed for these classes until after the class has begun.

Notice of Exceptions

If you are taking below 100 level classes (MTH 098), you MUST also be enrolled in and attending an above 100 level class for financial aid to cover the below 100 level class.

Financial aid does not pay for CNA (NAD 101), Phlebotomy, or the CDL (Truck driving) classes.


Acronyms You Should Know

Below is a list of acronyms to familiarize yourself with specific to Financial Aid and some of the paperwork you will fill out during the Financial Aid process.

AGI: Adjusted Gross Income
COA: Cost of Attendance
CPS: Central Processing Site (Processes the FAFSA's)
CWS: College Work Study (aka fws - federal funded work study)
DL: Direct Loan
DOE: Department of Education
EFC: Estimated Family Contribution results of FAFSA
FA: Financial Aid
FAFSA: Free Application for Federal Student Aid
FWS: Federal Work Study
ING: Illinois National Guard
ISAC: Illinois Student Assistance Commission
ISIR: Institutional Student Information Record
IVG: Illinois Veteran Grant
MAP: Monetary Award Program
NSLDS: National Student Loan Database
R2T4: Return of Title IV Aid
RVC CWS: RVC funded work study
SAP: Standards of Academic Progress
VA: Veterans Administration