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Student Financial Aid The Office of Student Financial Aid staff helps families
afford Iowa State University. Grants, scholarships, loans, and part-time
employment opportunities are available in various combinations to
pay the difference between the amount the student and his or her
parents can reasonably be expected to provide and the cost of attending
Iowa State University. Eligibility for many forms of financial aid is determined by the Free Application for Federal Student Aid (FAFSA). These applications are available from high schools or online at www.fafsa.ed.gov by November of each year. Students should submit the FAFSA by mid-February prior to the fall term of enrollment, in order to receive priority consideration. A new application must be completed each academic year. Applications must be received no later than March 1. Applications received after March 1 will be awarded as funds are available. New students enrolling spring semester or summer session should complete the current year's aid application to apply for any available financial aid. To be eligible for financial aid, a student must be a U.S. citizen or permanent resident, enrolled on at least a half-time basis, and making satisfactory academic progress toward a degree. If signed copies of the student's and parents' income tax returns are requested, they should be sent directly to the Office of Student Financial Aid. Students may use their financial aid for study in other countries if they have clearance for the transfer of credit to their degree programs and have made financial aid arrangements prior to departure. For further information, contact the Study Abroad Center, 256 Memorial Union, or the Office of Student Financial Aid, 210 Beardshear Hall. Financial aid programs generally consist of three types: gift aid (scholarships and grants), loans, and part-time employment. Laws, regulations, and policies governing these programs are subject to change. I. Gift Aid 2. Entering freshmen can obtain information on the Web at www.iastate.edu/~fin_aid_info/. 3. College and Departmental Scholarships. Students are encouraged to contact the scholarship chair in their department or college. Scholarships based on academic achievement and/or financial need are available in most areas of study, but students may need to complete separate applications to be considered. 4. Military Officer Education (ROTC) Scholarships: Navy. The Naval Science Department offers several
scholarship programs to qualified students. The scholarships cover
payment of tuition, fees, books, and a monthly stipend. Information
is available from the Naval Science Department, 3 Armory, or by
calling Air Force. The Air Force offers Air Force ROTC scholarships for periods of 2, 3, or 4 years, with up to 1 additional year for qualified applicants in selected majors. The scholarships provide payment of tuition and fees. In addition, scholarship cadets receive between $250-$400 monthly subsistence allowance and $510 per year book allowance. Express scholarships are also available to students qualified in certain technical academic majors. Details on scholarship qualification, application procedures, and eligibility are available from the Department of Air Force Aerospace Studies, 515-294-1716. 5. Other Scholarship Sources: Students are encouraged to pursue funds from agencies and private organizations on campus and in their hometowns. An excellent resource is the Financial Aid Web site: www.iastate.edu/~fin_aid_info. B. Grants 2. Federal Supplemental Educational Opportunity Grant. An eligible undergraduate student may be awarded a grant of $100 to $4,000 on the basis of financial need. A student must complete the FAFSA in order to be considered. 3. Iowa Grant. Iowa residents demonstrating financial need may be eligible for a $1,000 Iowa Grant. Students must complete the FAFSA to be considered. 4. Officer Education (ROTC) Financial Assistance Grants. All students enrolled in Advanced ROTC (third and fourth years) in the Army, Navy, and Air Force programs are provided a monthly stipend. For further information, contact the appropriate ROTC department in the Armory. 5. Tuition Assistance Grant for Undergraduate Foreign Students. Undergraduate foreign students who are faced with financial hardship resulting from unforeseen circumstances may apply for this grant. The maximum award is $700 per academic year. Apply to the Office of International Education Services, 252 Memorial Union. 6. International Student Financial Aid. International students may contribute a small voluntary fee to this fund. These monies will be used to assist international students who have unforeseen financial emergencies. For further information, contact the Office of International Education Services, 252 Memorial Union. II. Loans B. University Long-Term Loans (ULTL). Private donors contribute the funds for these loans, which are awarded on the basis of need to undergraduate and graduate students. The interest rate of 5 percent begins with repayment of principal 6 months after ceasing at least half-time enrollment. Deferment provisions are available in some instances. A student must complete the FAFSA in order to be considered. C. Federal Health Professions Loans and Scholarships. These programs are limited to those students accepted for enrollment in the College of Veterinary Medicine. The loan funds have a 5 percent interest rate. Deferment and cancellation provisions are available in some instances. The FAFSA is required, and parental information must be provided, regardless of age or dependency of the student. D. University Emergency Loans. The Emergency Loan Program is intended to meet students' unplanned and unexpected education-related expenses. (These loans are not available to students who are enrolled only in off-campus courses.) Applicants must demonstrate that they have a verifiable means by which to repay their loans by the due date. Interest on emergency loans will begin on the date the loan is processed in the Treasurer's Office and is computed at the simple monthly rate of .75 percent of the unpaid balance (an annual percentage rate of 9 percent). Emergency loan applications can be obtained at the Office of Student Financial Aid, Room 0210, Beardshear Hall. Students should allow 48 hours for processing the emergency loan application. E. William D. Ford Federal Direct Loans. Several types of Federal Direct loans are available to students. 1. The Federal Direct Subsidized Stafford Loan and the Federal Direct Unsubsidized Stafford Loan are low-interest loans made by the government to help pay for education after high school. Subsidized Direct Stafford loans will have all interest charges paid by the federal government while the student is enrolled in school on at least a half-time basis. The interest on the unsubsidized Direct Stafford loan will be the responsibility of the student and can be paid while the student is in school or added to the outstanding loan balance for payment after graduation. Students must complete a FAFSA form to be considered for either loan. Students are eligible to borrow up to the amount of their financial need in the subsidized loan. The student may then choose to borrow any remaining amount, up to the federal maximum, in an unsubsidized Direct Stafford loan. Freshman students may borrow a combined total through either program of up to $2,625 per year. Sophomore students may borrow up to $3,500 per year, and junior and senior students may be eligible for up to $5,500 per year, with a $23,000 undergraduate maximum for all years combined. Graduate students may be eligible for up to $8,500 per year, with a $65,500 maximum, including all undergraduate loans. For new borrowers, the interest rate is a variable rate which is tied to the 91-day treasury bill plus 1.7 percent. The interest rate is adjusted annually and is capped at 8.25 percent. Repayment does not begin until six months after graduation. Students are strongly advised to counsel with a financial aid adviser as increased loan indebtedness occurs. 2. Federal Direct Unsubsidized Stafford Loan for Independent Students. To be eligible, a student must be either an independent undergraduate student or a graduate/ professional student. Completion of a FAFSA form is required. Eligible freshman and sophomore students may borrow up to $4,000 per year. Eligible juniors and seniors may borrow up to $5,000 per year, with a cumulative undergraduate maximum of $23,000. Graduate/professional students may be eligible to borrow up to $10,000 per year, with a cumulative total of $73,000. Eligible independent students who borrow through both the subsidized and the unsubsidized Federal Direct Stafford Loan programs and are freshmen can borrow up to a total of $6,625 per year. Independent sophomores can borrow up to $7,500 per year, and independent juniors or seniors, $10,500 per year. Cumulative borrowing for undergraduate years could reach a total of $46,000. Eligible graduate students can borrow up to $18,500 per year between the subsidized and the unsubsidized programs. Total indebtedness for a graduate student borrowing through both programs may not exceed $138,500. This amount includes undergraduate debt in these two programs. All students are strongly advised to discuss their loan indebtedness with a financial aid adviser before combining several types of loans. 3. Federal Direct PLUS Loan. The interest rate for Federal Direct Parent Loans for Undergraduate Students (PLUS) is tied to the 91-day treasury bill rate plus 3.1 percent, with maximum interest being 9 percent. Through the Federal Direct PLUS program, parents may borrow the entire cost of education, less the amount of any financial aid the student is receiving. There is no limit on loan indebtedness, although a credit analysis will be conducted before funds can be disbursed. F. Alternative Loans. Private financial institutions provide these loan funds, which are approved on the basis of a credit analysis. Amounts, interest rates, and repayment terms will vary, depending upon the financial institution selected. Interest will begin to accumulate immediately, although forbearance of the interest and principal can be made until after graduation. Some programs will require the student to obtain a creditworthy cosigner. A FAFSA form is not required to apply for this loan. III. Part-time Employment A. Federal Cooperative Education Program. This program combines classroom learning with paid work experience designed to develop students into the federal government's future professionals and managers. The federal government seeks highly motivated, flexible, and creative students to fill co-op assignments across the country in laboratories, offices, forests, parks, hospitals, and in ocean and space programs in a wide variety of occupational fields. There are two different types of work schedules: alternate periods of work and study (full-time student one semester and full-time worker the next) or part-time (parallel periods of work and study). Students interested in the Federal Cooperative Education Program can contact the director of ISU Career Planning and Placement Services by calling 515-294-9490. B. Internship Programs. Most college departments offer internship programs to enhance the student's education and career preparation by integrating classroom theory with on-the-job performance. These programs enable students to test career and professional goals; develop confidence, maturity, and work-related skills; and establish professional contacts and interests. Contact the respective department for specific program information. C. Work-Study Programs. Both federal and state funds subsidize need-based programs that permit students to be employed on campus or off campus in nonprofit agencies. A portion of the student's total earnings is paid by federal, state, or institutional funds, and the remainder is paid by the employing department. Students apply for Work-Study by completing a FAFSA by the priority deadline, and indicating that they wish to work. Part-time job listings are available at the following URL: www.iastate.edu/~fin_aid_info/Employment. D. University Student Employment. University employment is available to all students who are U.S. citizens or to those international students who have obtained a work permit. Wages are paid 100 percent by the employing department. Many students who live in university residence halls apply for work in the residence hall food service to help meet the cost of room and board. Students interested in food service employment may apply directly to the assistant director of residence in charge of food service, Residence Department, Friley Hall, Iowa State University, Ames, Iowa 50012. Part-time job listings are available at the following URL: www.iastate.edu/~fin_aid_info/Employment. E. Off-Campus Employment. The off-campus employment program seeks part-time employment opportunities for students who would like to work while they are in school. Restaurants, hotels, service stations, and retail stores are examples of local employers that list positions with the Student Employment Center. These jobs are available to any ISU student, graduate or undergraduate, regardless of financial need. Job listings can be found at www.iastate.edu/~fin_aid_info/Employment IV. Other Financial Aid
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