Financial Aid

Academic Standards of Progress for Recipients of Financial Aid

Satisfactory Academic Progress Policy

To comply with U.S. Department of Education and State of Illinois regulations, Rock Valley College (RVC) has established a policy to evaluate whether students receiving federal or state financial aid are making satisfactory academic progress (SAP) toward completing their degrees. This policy outlines the criteria used to determine continued eligibility for financial aid.

Students who do not attend classes, withdraw from courses, receive deferred grades, or earn unsatisfactory grades may jeopardize their academic progress and risk losing financial aid eligibility. Minimum standards are subject to change in response to updates from the U.S. Department of Education and the State of Illinois.

Minimum Standards

• Minimum cumulative grade point average (GPA) of 2.0
• Completion rate of at least 67 percent
• Program completion within 150 percent of the published program length

Federal & State Aid

Federal and State Aid

Grants

Grants are need-based aid that does not require repayment. Students may receive federal and state grants at only one institution per semester.

• Federal Pell Grant (PELL)
• Federal Supplemental Educational Opportunity Grant (SEOG)
• Illinois Monetary Award Program Grant (MAP)

Loans

Loans are financial aid that must be repaid with interest. Students must be enrolled at least half-time. RVC does not automatically package loans. Students who wish to obtain a federal loan may submit a request through MyRVC or contact the Financial Aid Office.

• Federal Direct Subsidized Loans begin accruing interest after a student graduates or becomes enrolled less than half-time (fewer than 6 credit hours).
• Federal Direct Unsubsidized Loans are awarded to students who do not demonstrate financial need. Interest begins to accrue at the time of disbursement.
• Federal Direct Parent Loans (PLUS) are loans made to parents of dependent students to help cover higher education costs not covered by other financial aid.

Federal Work-Study

Federal Work-Study provides part-time employment opportunities. Students may obtain an on-campus job and earn a weekly paycheck.

Title IV Disbursement

RVC financial aid is distributed according to a specific schedule. With the exception of student loans, the initial disbursement typically occurs approximately six weeks after the term begins, followed by weekly disbursements as needed. Students with a calculated financial aid credit balance may use those funds in the bookstore to obtain books prior to the start of the semester.

For student loans, first-time borrowers receive disbursements approximately 30 days after the term begins. Non-first-time borrowers may receive their first disbursement as early as the Monday prior to the start of classes. Students with a single-semester loan will receive funds in two equal disbursements.

Disbursement dates may change without notice. Students are encouraged to monitor the RVC website for important deadlines related to payment, financial aid, and registration. If a student’s financial aid exceeds institutional charges, any resulting credit balance will be disbursed within 14 calendar days using the student’s selected refund method (direct deposit or refund check).

Rock Valley College follows federal and state financial aid regulations that affect disbursement timing. Key factors include:

1. Packaging and awarding, which requires completion of the FAFSA and submission of all required documentation.
2. Enrollment status, as aid is based on courses that apply toward the student’s academic program. Changes in enrollment may affect disbursement.
3. Course retakes, as financial aid covers a repeated course only once after successful completion.
4. First-time borrowers, whose first loan disbursement occurs after completion of the initial 30 days of the academic program.

Title IV Credit Balance Policy

RVC disburses student credit balances in accordance with U.S. Department of Education Title IV regulations. A Title IV credit balance occurs when federal financial aid disbursed to a student’s account exceeds allowable institutional charges.

Allowable charges include tuition and fees. A Title IV credit balance may be applied to a remaining balance from a prior award year, not to exceed $200, with the student’s written authorization.

RVC pays excess Title IV funds directly to the student, or to the parent in the case of a PLUS loan, no later than 14 days after:

• The date the credit balance appears on the student account, if after the first day of the term; or
• The first day of classes for the payment period, if the credit balance appears before the first day of courses.

Note: If a Return to Title IV (R2T4) calculation is required, the 14-day timeframe begins on the date the R2T4 calculation is completed.

Written authorization from the student, or from the parent in the case of a PLUS loan, is required to hold a credit balance across terms within the same award year or to apply current-year aid to prior-year allowable charges (up to $200).

Return of Title IV Funds Policy

By applying for financial aid, the student agrees that Title IV funds will be used solely for educational purposes. If a student withdraws before completing the period for which aid was awarded, a portion of the funds received may be required to be returned.

Withdrawals are considered official when submitted by the student to Records and Registration. Faculty-initiated withdrawals due to nonattendance may occur at midterm and are processed accordingly.

This policy applies to students who officially or unofficially withdraw, fail to return from a leave of absence, are dismissed from enrollment at RVC, or receive all Fs due to nonattendance. This policy is separate from the Title IV credit balance policy.

Title IV funds are awarded under the assumption that students will attend for the entire payment period. When a student withdraws, the amount of aid earned is calculated using a prorated formula established by the U.S. Department of Education.

If a student received less aid than earned, the student may be eligible for a post-withdrawal disbursement. If loan funds are included, the student must provide authorization before disbursement and may decline all or part of the loan to avoid additional debt.

If a student received more aid than earned, the excess funds must be returned to the federal government. RVC will return unearned funds and bill the student for any remaining balance due.

RVC has 45 calendar days from the date the withdrawal is determined to return unearned funds and 30 days to offer a post-withdrawal disbursement of loan funds.

In accordance with federal regulations, Title IV funds are returned in the following order:

1. Federal Direct Unsubsidized Loan
2. Federal Direct Subsidized Loan
3. Federal Direct PLUS Loan
4. Federal Pell Grant
5. Iraq and Afghanistan Service Grant
6. Federal Supplemental Educational Opportunity Grant

Repeated withdrawals may affect a student’s eligibility for federal financial aid in future terms.

Scholarships and Veteran Benefits

Scholarships

Scholarships are financial assistance awards that help offset tuition costs and are awarded twice a year based on donor-specified criteria. Scholarships are available for most areas of study at Rock Valley College, with awards carrying a wide range of eligibility requirements related to GPA, enrollment status, demonstrated financial need, and other factors.

To learn more about the RVC Foundation scholarship program, visit the RVC Foundation Scholarships page.

Veteran Educational Benefits

Eligibility is based on military service and is determined by the U.S. Department of Veterans Affairs or the Illinois Student Assistance Commission (ISAC). Students interested in using military education benefits, federal and/or state, should contact the Veterans Services Office at (815) 921-4163.

For more information or to review eligible military programs, visit the RVC Veterans page.

Rock Valley College offers priority registration to all students using military education benefits, including service members, veterans, spouses, and dependents.

As of August 1, 2019, per 38 U.S.C. § 3679(e), Rock Valley College will not take the actions listed below against any student using Post–9/11 GI Bill® (Chapter 33), Veteran Readiness and Employment (Chapter 31), or Chapter 35 Dependents’ Educational Assistance (DEA) benefits while payment is pending:

• Prevent enrollment
• Assess a late payment penalty fee
• Require the student to secure alternative or additional funding
• Deny access to institutional resources available to other students who have satisfied their tuition and fee obligations

To qualify for these provisions, students are required to:

• Provide a Certificate of Eligibility
• Submit a request to be certified
• Provide any additional information required for certification