Gift Aid
Gift Aid is usually referred to as grants and scholarships, does not have to be repaid.
Federal Pell Grants are funded by the federal government. To be eligible, a student must be an undergraduate, U.S. citizen or eligible non-citizen and show financial need.
Supplemental Education Opportunity Grants (SEOG) are also funded by the government and are based on need.
Iowa Tuition Grants are available for Iowa residents who qualify based on financial need. Students must file their FAFSA by July 1 to be considered for this grant.
Academic Competitiveness Grants are available to first-year students ($750) and second-year students ($1300) who meet certain requirements. To be eligible, a student must be a U.S. citizen, a Federal Pell Grant recipient and enrolled full-time. Students also must have completed a rigorous secondary school program. First-year students must have graduated from high school after Jan. 1, 2006. Second-year students must have graduated from high school after Jan. 1, 2005, and must have a 3.0 GPA in an eligible program.
SMART Grants ($4000) are available to third- and fourth-year students in a baccalaureate degree program. To be eligible, a student must be a U.S. citizen, a Federal Pell Grant recipient and enrolled full-time in an eligible major. The student must have a cumulative 3.0 GPA on a 4.0 scale in his or her eligible program.
Student Loans
Student loans provide an opportunity to defer part of the cost of a college education by borrowing now and repaying later. However, before deciding whether to accept or pursue a loan, students should carefully read the section below which describes each loan program. We urge students to use discretion in determining the necessary amount to be borrowed. Loans must be repaid.
Federal Stafford Loans are made through participating local banks and other lenders. Recipients must be U.S. citizens or eligible non-citizens.
Subsidized Federal Stafford Loans are for those who have financial need. The federal government pays the interest while the recipient is enrolled at least half-time.
Unsubsidized Federal Stafford Loans are available for those who do not demonstrate financial need as defined by the federal government. These Unsubsidized Stafford Loans accrue interest after the first disbursement is made.
The disbursement of Stafford Loan proceeds is made in two equal payments during the loan period specified. Total Stafford Loan limits (effective for loans disbursed on or after July 1, 2007) may not exceed $3,500 for the freshman year, $4,500 for the sophomore year and $5,500 for junior and senior years. The aggregate maximum for both loan programs may not exceed $23,000 for undergraduate study. Repayment begins six months after the recipient graduates or withdraws from school.
Additional Unsubsidized Stafford Loans are available to students in need of additional educational funds. To access these funds, students must meet the following criteria:
- Students must be independent as determined by the U.S. Department of Education.
- Dependent students eligible only when parents/guardians have been denied Parent Plus loans by their lender
Federal Plus Loans are available to eligible parents of dependant students. The maximum loan per year may not exceed the budgeted cost of attendance less financial assistance. The parent may borrow from the preferred lender list provided on the loan request form or choose another participating lender. Loan proceeds will be forwarded directly to the school. The interest begins to accrue after the first disbursement.
The repayment of principal and interest will begin 60 days after the date of the last disbursement.
Federal Work-Study allows eligible students to earn the amount shown on their financial aid award letter through part-time jobs provided on the Fayette campus. Paychecks are issued monthly and are not deducted from a student’s bill. The average job requires approximately six to 10 hours per week, and the federal minimum wage is paid. Every effort is made to match a student’s abilities, experience and class schedule with appropriate positions. The work-study program is jointly funded by the federal government and Upper Iowa University. Work Study is only available to students enrolled in the Residential University on the Fayette campus.
To be eligible, students must be U.S. citizens or eligible non-citizens and receive the opportunity through financial aid awards.
