Get started setting up your financial aid by following these steps and submitting the forms that apply to you.

Your future is the most important investment you will make. The Financial Aid staff is here to assist you throughout the process.

Make sure you have your FAFSA completed prior to course registration. Even if you intend to pay out of pocket through one of IW Online’s payment plans, have Military benefits, or have corporate tuition assistance, you may be eligible for additional benefits through financial aid.

The Financial Aid Office is located in the lower level of the Chapel. The office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday. If you have any questions please contact us at 319.385.6242 or 800.582.2383 ext. 6242.

IW SCHOOL CODE: 001871

Note: Financial aid is the same for athletes and non-athletes. As an NCAA Division III university, students are not provided with scholarships for athletic participation

GENERAL ELIGIBILITY REQUIREMENTS

To receive financial aid from federal and state programs the student must:

  1. Be a U.S. citizen or eligible non-citizen.
  2. Be registered with Selective Service if male, at least 18 years of age and born after December 31, 1959, and not currently a member of the active armed forces. (Register online at www.sss.gov).
  3. Demonstrate financial need if applying for need-based aid.
  4. Be working toward a degree or certificate at Iowa Wesleyan University.
  5. Make satisfactory academic progress as defined by IW’s Satisfactory Academic Progress Policy
  6. Not be in default on any loan or owe a refund on any grant made under Title IV of the Higher Education Act of 1965, as amended, at any institution.

Step 1.

Apply for admission to Iowa Wesleyan University. You must be accepted in order to receive a financial aid award.

Step 2.

File for a Free Application for Federal Student Aid (FAFSA) beginning October 1. If you are not planning to file a FAFSA, notify the Financial Aid Office. Not filing a FAFSA will make you ineligible for Federal and/or State aid, Stafford and Perkins Loans.

FAFSA Title IV Federal School code: 001871

Step 3.

Provide necessary documentation to the Financial Aid office if requested. Thirty to forty percent of students are randomly selected by the Federal Government for verification.

Step 4.

A Financial Aid award letter will be sent. This is your official notification of the financial aid you will receive through the Financial Aid Office at Iowa Wesleyan University. These awards are provisional and may change. Awards that are declined will not be replaced by other institutional funds.

Student Loan Exit Counseling

Federal regulations require that students who benefited from a federal student loan must complete student loan exit counseling when they graduate or drop below ½ time status.  To complete this requirement go to www.nslds.ed.gov. The Financial Aid Office will receive electronic notification when this requirement has been met.

How and When Financial Aid is Disbursed

All scholarships, grants, and loans awarded by the Financial Aid Office are deducted from your bill by the semester. Aid is disbursed to accounts following the add/drop period at the beginning of each semester/session. If you qualify for Federal Work Study, those earnings will be paid to you by check from the Business Office on the 15th of the month.

One-half of your academic year award is credited to your account at the beginning of each semester after add/drop. Outside scholarships/loans are not credited until the funds are received from the donor/lender. Unless a donor specifies otherwise, outside scholarships/loans are applied one-half in the fall semester and one-half in the spring semester. Financial aid is awarded for the academic year or portion a student anticipates being enrolled.

If your student account is credited with more funds than you owe Iowa Wesleyan, you will receive a check for the amount of your credit balance. If your student account shows a credit balance and indicates Student Refund then a check will be issued to you that following Wednesday.If a Federal Direct PLUS Loan creates the credit, the excess funds will be returned to the parent borrower, unless the parent indicates otherwise in writing to the Business Office. If the student or parent chooses to leave this credit on the account, authorization must be given in writing to the Business Office.