Applying For Financial Aid

The Financial Aid Office is located on the main level of the P.E.O. Memorial Building. The office hours are 8:00 AM to 5:00 PM, Monday through Friday. If you have any questions please contact us at 319.385.6242 or 800.582.2383 ext. 6242. How to apply for FASFA>>

IW SCHOOL CODE: 001871

General Eligibility Requirements

Your FAFSA must be completed prior to registering for classes. 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.

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.

Steps To Apply for Financial Assistance

Step 1.

Apply for admission to Iowa Wesleyan University. You must be accepted 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 State aid. The IW Financial Aid office has a rolling admissions process which means financial aid can be accepted up to the start of the current semester. We do however suggest filing your FAFSA by July 1 each year.

Iowa Residents: Complete your FAFSA prior to July 1 to be eligible for state grants.

FAFSA Title IV Federal School Code: 001871

Step 3.

Once Financial Aid receives your FAFSA, we can begin to complete your financial aid award.

The US Department of Education will randomly select 30-40% of applications to verify. If you are selected for verification, please provide the necessary documentation to the Financial Aid Office upon request.

Step 4.

Once your financial aid award letter is complete a copy will be emailed to you. Additionally, a copy will be mailed to your home address on file. This is your official notification of the estimated financial aid you will receive at Iowa Wesleyan University.

Please note: All awards are provisional and subject to change and any awards that are declined will not be replaced by other institutional funds.

Entrance Counseling

All students who are taking out subsidized or unsubsidized loans are required to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming. This step must be completed prior to loan disbursement to IW.

To complete either entrance or exit counseling, please visit StudentLoans.gov.

Exit Counseling

Exit counseling provides important information to prepare you to repay your federal student loan(s).

If you have received a subsidized, unsubsidized, or PLUS loan under the Direct Loan Program or the FFEL Program, you must complete exit counseling each time you drop below half-time enrollment, graduate, or withdraw from the institution.

To complete either entrance or exit counseling, please visit StudentLoans.gov.

Master Promissory Note

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).

To complete the master promissory note, please visit https://studentaid.gov/mpn/

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. 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.

Scholarships

New first-year students are awarded merit scholarships based on final GPA scores. Iowa Wesleyan is test-optional, which means that students will have the opportunity to decide whether they would like to include SAT or ACT exam scores in the evaluation of their application. Please note while standardized scores are not required for acceptance, they may be required for some scholarships at IW.

Transfer students are awarded based on their total cumulative GPA from all prior institutions. All awards are renewable for 4 years.

In addition to merit scholarships, Iowa Wesleyan offers other need-based grants and scholarships that students are considered for after their admittance and the receipt of the FAFSA. IW code 001871

IW Scholarships

Merit-Based Scholarships

Iowa Wesleyan offers a range of merit scholarships to all full-time students. Scholarships range from $6,000 to $23,000. To qualify for scholarship assistance, students must first be admitted to the university.

Merit scholarships do not require a separate application. Prospective incoming students will automatically be reviewed for these awards during the acceptance process.

The Presidential Scholarship

The Presidential Scholarship is the most prestigious award offered at Iowa Wesleyan University.  Awards are determined by a selection committee that considers academic merit, demonstrated leadership ability, and community engagement as factors in the selection process.  Presidential Scholars receive a scholarship to cover full tuition which is renewable for an additional three years (six semesters) of continuous undergraduate study.

To be considered for the scholarship, students must be a first-time freshman who has a minimum GPA of 3.5 or meet two of the following three criteria: 3.3+ GPA, top 20% graduating class, 24+/1160+ ACT/SAT.

Presidential Scholar competitors are required to complete an essay and interview on-campus from October 15 through January 15. Please contact Admissions Office for more information or go to https://www.iw.edu/iwps/.

A+ Scholarship

If you graduated from a Missouri A+ designated high school, Iowa Wesleyan offers an A+ Scholarship worth $1,500 per academic year for up to two years.

Proof of participation from your high school Guidance Department is required. If you have any questions, please call Admissions at (319) 385-8021.

Sibling Grants

Students that have a sibling concurrently enrolled at Iowa Wesleyan will receive a $500 grant for each year of simultaneous enrollment on the Mount Pleasant campus.

Legacy Awards

Legacy awards are available to the child or grandchild of an Iowa Wesleyan alums. Verification is required to receive $1,500 per year.

Music Scholarships

The Music Scholarship recognizes and rewards students who demonstrate talent and wish to participate in art and music at the collegiate level. Students who receive an academic scholarship may not always qualify for these scholarships.

Minimum Qualifications: Applicants must participate in at least one performance group or enroll in at least six hours of fine arts discipline in the first two college semesters.

Goodell Music Scholarship

The Goodell Music Scholarship is designated for students majoring in music. Candidates will audition with a piece of his or her choosing. The piece should represent the best of the auditioning student’s talents. The music faculty encourages versatility as well as skillful, musical performance.

Award Amount: Up to $4,000 per year.

The IW All-State Music Scholarship

The IW All-State Music Scholarship celebrates incoming first-year freshman students who have auditioned or participated in an All-State Music competition within their senior year of high school.

Award Amount: $1500

Music Performance Award

The Music Performance Award is designated for talented non-music majors. Candidates will audition with a piece of his or her choosing. The piece should represent the best of the auditioning student’s talents. The music faculty encourages versatility as well as skillful, musical performance.

Award Amount: Up to $2,000 per year

Phi Theta Kappa Transfer Scholarship

The Iowa Wesleyan Phi Theta Kappa Transfer Scholarship is available to active members of Phi Theta Kappa. Please contact the Office of Financial Aid at [email protected] for more information. The Iowa Wesleyan Phi Theta Kappa scholarship awards $2,000 annually to eligible students and can be combined with the academic merit scholarship.

Segal AmeriCorps Education Award

Iowa Wesleyan University will provide a 25% match of the AmeriCorps education award each year for four years. The match will only apply to full-time degree-seeking undergraduate students who are receiving the AmeriCorps award.

International Students

Iowa Wesleyan University awards significant academic scholarships to international students
through its International Student Scholars Scholarship Program. Students may apply for a scholarship by
submitting an application here: Steps to Apply for International Students

IW Athletic Scholarship

Iowa Wesleyan offers scholarship opportunities to students who are playing a sport. If you’re looking to join a sports program, please contact the coach.

Outside Scholarships

Chairish Scholarship Program

  • Minimum 3.0/4.0 cumulative GPA.
  • Must be at least 18 years old as of the date of application.
  • Must be a permanent legal U.S. resident physically residing in the fifty United States of America or the District of Columbia.
  • Open to graduating high school seniors, college undergraduates, and graduate students.
  • Must be enrolled or planning to enroll at an accredited two-year, four-year, or technical/vocational college or university in the United States.
  • This scholarship is open to students from all underrepresented or disadvantaged backgrounds. Examples of ideal applicants include, but are not limited to, students from racial minorities typically underrepresented in higher education, first generation college students, women pursuing a degree in a STEM or typically male-dominated industries, students with disabilities, and or similar situations.
  • Essay Requirement: Applicants must submit a 500 word essay designing their ideal future and what the student plans to do in order to achieve that dream.

https://www.chairish.com/pages/scholarship?utm_source=SIFM_P2&utm_medium=SIFM_email&utm_campaign=SIFM

Dream Scholarship Program

  • The Thurgood Marshall College Fund (TMCF) and Sallie Mae Fund are proud to offer financial assistance to outstanding students attending an accredited post-secondary institution or continuous education program.
  • Two hundred and fifty (250) students completing a two-year, four-year, or trade/vocational certificate/certification program will be selected to receive a gap scholarship up to $2,500 for the 2021 – 2022 academic school year.
  • Selected students must be in good academic standing but at risk of not returning to or graduating/completing due to an outstanding financial need and/or emergency situation that leads to a financial aid crisis.
  • Eligibility requirements:
    • Enrolled at an accredited post-secondary institution or continuous education program
    • Two-year Schools
    • Four-year Schools
    • Vocational/Technical certificate/certification program
    • Enrolled in your final year of study
    • Degree or program ends Fall 2021 semester
    • Current cumulative grade point average of 2.75 or higher
    • Be a U.S. Citizen or legal permanent resident with a valid permanent resident card or passport stamped I-551
    • Be a diverse candidate
    • Diverse shall include, but not limited to:
      • Gender
      • Disability
      • Race
      • Ethnicity
    • Belonging to an underserved community
    • Able to demonstrate leadership abilities.
    • Demonstrate good moral character in all aspects of your life, including personal, professional, and educational in your community, and online presence.
  • All Applicants Must:
    • Upload a professional image
  • Application Deadline
    • This application closes on December 31, 2021 (12 noon EST).
  • Funding is available until the funds are exhausted or until the end of the fall term 2021, whichever comes first.
  • https://www.salliemae.com/landing/completing-the-dream/

Find scholarships for college

Dr. Suhyun An Scholarship

https://www.drsuhyunanscholarship.com/

  • High school Senior currently accepted at an accredited college or university
  • Currently enrolled at an accredited college or university
  • Minimum GPA 3.0 weighted
  • Medical field degree
  • 500-800 word essay discussing why you are pursuing an education and career in the medical field, and what motivates you to study medicine.
  • 2 academic or professional references

Empaxis Scholarship for Women in Business

https://www.empaxis.com/scholarship/

  • 500-1,000 word essay answering 3 questions
    • Why is it important to have a diverse group of leaders in business?
    • What values must a good leader have? If you have ever demonstrated such attributes please share.
    • What are your professional goals in business, and what inspire you to make these goals?
  • No minimum SAT/ACT or GPA
  • Must reside in and study in the US, citizenship status is NOT a factor
  • Must be an incoming or current full-time college student

Looking Beyond College

https://www.mdgadvertising.com/scholarship/

  • Open to students enrolled in a degree-granting college in the US
  • Competition is open to students who are US citizens and residents
  • 700-1,000 word essay
  • Submission will be judged based on creativity, uniqueness, and writing skills

Michael Moody Fitness Scholarship

http://www.michaelmoodyfitness.com/student-scholarship-chicago/

  • Must be US citizen of legal resident living or claiming residency in one of the 50 States, Washington D.C., or Puerto Rico
  • Be a current high school senior, undergraduate, or graduate student who plans to enroll full-time in an accredited two or four year college or university in the US for the entire academic year
  • Demonstrate ambition and self-drive as evidenced by outstanding achievement in school and participation and leadership in school activities and work experience
  • Demonstrate interest in pursuing a career and enrolled in the following majors: Athletic Training, Psychology, Biology, Kinesiology, Nursing, General Medicine, Dentistry, Behavioral Science, Personal Training, Physical Education, Teaching and Coaching, Health and Physical Fitness, Exercise Science, Sports and Recreation Management, Health Science, Physical Therapist, or another health-related major.

Writing Scholarships

College Ave Student Loans Scholarship

$1,000 monthly scholarship opportunity, go to collegeave.com/scholarship to be entered. Make sure to go back every month and apply to win.

Federal and State Grants

Federal Pell Grant

Federal PELL Grants are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor’s, graduate, or professional degree. Amounts can change yearly and currently range for 2021 – 2022 is $672 to $6,495 for a full-year, full-time award. Eligibility and individual awards are determined based on your Expected Family Contribution, the cost of attendance, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

Federal Supplemental Educational Opportunity Grants (FSEOG)

Federal Supplemental Educational Opportunity Grants (FSEOG) are awarded to students who demonstrate significant financial need through their application and show a low EFC or Expected Family Contribution, are eligible for FSEOG aid. FSEOGs are awarded to students who will receive Federal Pell Grants and demonstrate the greatest need.

To be considered for any Federal Grant, you must complete your FAFSA and turn in all required paperwork from Iowa Wesleyan University Financial Aid Office.

Iowa Tuition Grants

Iowa Tuition Grants are awarded to Iowa residents enrolled at one of Iowa’s eligible private colleges and universities, both for-profit and not-for-profit. Priority is given to applicants with the greatest financial need. The statutory maximum award is set at the average Regent tuition and fee rate, although the maximum award for an academic year may be less depending on the funding available and number of projected recipients. Recipients can receive grants for up to four years of full-time, undergraduate study. Part-time students may be eligible for adjusted amounts.

To be considered for the Iowa Tuition Grant, you must complete your FAFSA application prior to July 1.

Federal and Private Student Loans

In most circumstances, it benefits the student to accept all grants and scholarships. Students may accept anywhere from zero to the maximum loan amount for which they qualify. Subsidized federal loans are especially beneficial as the interest rate does not accrue while the student is enrolled at a minimum of half-time status.

In summary, federal student loans offer some benefits when compared to private loans. There is no credit check required, the interest rate is typically lower than private loans, and the interest rate is fixed for federal loans. Subsidized federal student loans are a great option because the interest does not accumulate until the student graduates or stops attending.

Income-based payments are possible with federal loans. Under certain circumstances, loan forgiveness is possible with federal student loans. Income-based payment and loan forgiveness is not possible for private loans. There may be circumstances when the higher loan amounts of private loans might be beneficial.

Type of LoanInterest RateCredit CheckSubsidizedIncome-Based
Repayment		Income-Based
Repayment
Federal Student Loans*Lower or FixedNoSometimesYesSometimes*
Private Student Loans*Higher and VariableYesNoNoNo

Federal Student Loans*: Title IV (available through the Government)
Federal Student Loans Forgiven*: Through the College Cost Reduction and Access Act of 2007
Private Student Loans*: (Available through banks credit unions and other financial institutions)

Federal Direct Loan

Federal Direct Loans are student loans that must be repaid and are available to both undergraduate and graduate students. First-year undergraduates are eligible for loans up to $6,000. Amounts increase for subsequent years of study, with higher amounts for graduate students. The interest rates may vary based on when the loan is borrowed.

There are two types of Direct loans:

  • Direct subsidized loan – A loan for which the government pays the interest while you are in school, during grace periods, and during any deferment periods.
  • Direct unsubsidized loan – A loan for which you are responsible for paying all the interest that accrues from the date of the first disbursement until the loan is paid in full.

You must be enrolled in at least 6 credits to receive Direct Loans

Subsidized – Federal Subsidized Direct Loans are need-based loans that must be repaid. 3.73% fixed interest rate, 1.057% origination fee, no interest while enrolled at least half time, 6 month grace period before repayment.

Unsubsidized – Federal Unsubsidized Direct Loans are non-need-based loans that must be repaid. 3.73% fixed interest rate for undergraduate students and 5.28% fixed interest rate for graduate and professional students, 1.057% origination fee, interest is charged from the time you receive the funds, 6 month grace period before repayment.

 

Annual Direct Loan limits

Year in SchoolCredit HoursDependent
Subsidized+Unsubsidized		Independent or dependent w/PLUS denial
Subsidized+Unsubsidized
Freshman0-23.9$3,500 + 2,000$3,500 + $6,000
Sophomore24-55.9$4,500+ 2,000$4,500 + $6,000
Junior56-87.9$5,500+ 2,000$5,500 + $7,000
Senior88-124$5,500+ 2,000$5,500 + $7,000

Aggregate Subsidized Loan Limit -$23,000

Undergraduate

  • Dependent—$31,000 Independent (up to $23,000 may be subsidized)
  • Independent students and dependent students whose parents cannot borrow PLUS = $57,500 (up to $23,000 may be subsidized)

Graduate

  • Graduate students are not eligible for subsidized loans
  • Unsubsidized = $138,500 (included undergraduate borrowing)

Direct PLUS Loans

The Federal Parent PLUS Loan (Parent Loan for Undergraduate Students) is a parent loan. The borrower in this program is the parent of a dependent undergraduate student. Repayment begins 60 days after the second disbursement of the loan and continues while the student is enrolled. The maximum repayment period is 10 years.

If a parent is denied a Parent Plus Loan, you may be able to borrow additional funds through the Direct Unsubsidized Student Loan program.  You will need to contact the financial aid office to determine the correct steps to take to make this request. Freshmen and Sophomore students may borrow up to an additional $4,000. Juniors and Senior students may borrow up to $5,000. The school will determine the amount based on how much room is left in the student’s budget (COA minus other aid including loans).

For more information or to apply for the Parent PLUS loan, please visit www.studentaid.gov

Grad PLUS Loan (Federal Student Loan for Graduate Students) is a student loan. The borrower in this program is a student enrolled in a graduate or professional studies program. Repayment begins six months after the student graduates or drops below half-time enrollment. The repayment period is between 10-25 years.

For more information or to apply for the Grad PLUS Loan, please visit www.studentaid.gov

Private Student Loans

Private educational loans are credit-based consumer loans that can be used to pay any post-secondary education-related expenses, including tuition, fees, room and board, books, and transportation. Always consider your lowest-cost options first, including grants, scholarships, and federal student loans. After exhausting loan opportunities available from the federal aid programs, some students may consider private loan programs as an additional source of funding. Iowa Wesleyan University maintains a list of suggested private loan lenders that we believe offer strong customer service, competitive loan terms, and easy loan processing. Eligibility for private loans is based on creditworthiness and ability to repay, not on financial need. While private loans are borrowed by the student, most private loans require a co-signer and offer deferment of principal payments while the student is enrolled.

Students may borrow from any lender they choose and are not required to use a lender on Iowa Wesleyan’s preferred lender list. Iowa Wesleyan University will process loans from any eligible lender you select. Loans will be disbursed in two equal payments at the beginning of the fall and spring terms or summer terms if applicable.

The Financial Aid Office is utilizing FASTChoice, a loan comparison tool offered by Great Lakes Higher Education Corporation which allows students to compare up to three different loans side-by-side. By clicking on the following link, you will be directed away from the Iowa Wesleyan University website. We encourage you to bookmark this page for future reference. Enter FASTChoice now to view private loan products that are a part of Iowa Wesleyan University’s preferred lender list.

Cohort Default Rate

Cohort Default Rate

Fiscal YearNumeratorDenominatorDefault RateNational Average
20162921313.610.1
2015182586.910.8
2014272729.911.5

Default is when no payments have been made on the loan in 270 days.

Alternative Student Aid

Federal College Work-Study

Federal College Work-Study is a need-based program which provides eligible students part-time campus jobs. Eligibility is determined by financial need and priority is given to those students who file FAFSA by April 1. Funding is limited and your eligible maximum earned amount will be indicated on your award letter. This award could change if your enrollment status or living arrangements change. Listings and descriptions of available jobs are located online under student employment.

Campus Work Position are limited positions that are available to students who are not work-study eligible. Listings and descriptions of available jobs are located online under student employment.

The Segal AmeriCorps Education Award

The Segal AmeriCorps Education Award is a post-service benefit earned by individuals who complete an approved term of national service in AmeriCorps programs.  The award is named after Eli Segal, a pioneer of national service and the first CEO of the Corporation for National and Community Service (CNCS).

The award may be used to pay educational expenses at eligible post-secondary institutions. The dollar amount of the education award is equal to the maximum amount of the U.S. Department of Education Pell Grant and may change year to year.

Iowa Wesleyan University will provide a 25% match of the award each year for four years. The match will only apply to full-time degree seeking undergraduate students who are receiving the AmeriCorps award.

Additional Information

Preferred Lender List Disclosures

In an effort to provide better counseling services to our students, Iowa Wesleyan University has entered into a preferred lender arrangement (PLA). Federal and state law mandates that we must provide the following disclosures in association with this process:

Affiliation: Lenders chosen for this list are not affiliated with one another.

Federal Financial Aid Options: Federal and state law also mandates that Iowa Wesleyan disclose the maximum amounts of Federal Grant and Loan assistance that are available. Maximum eligibility for Federal financial aid is based on the results of the FAFSA and is outlined on the student’s award. Federal financial aid has better terms and conditions than private student loans and we strongly encourage students to utilize those resources first. The following is a list of maximum awards in each program:

  • Pell Grant – $6,495 maximum
  • SEOG – $4,000 (Award amounts are dependent on federal funding with a typical Iowa Wesleyan award maximum being $500)
  • TEACH Grant – $3,772
  • Direct Loan – $5,500 (first year class); $6,500 (second year class); $7,500 (third and fourth year class and above); Independent students can receive an additional $4,000 (first and second year class) or $5,000 (third year class and above) Lifetime aggregate for Stafford loan = $31,000 for dependent students and $57,500 for independent students.
  • PLUS Loan – a credit-based loan for parent and graduate borrowers with a maximum determined by the difference between cost of attendance and the student’s financial aid award

State Financial Aid Options: Click on State Scholarships and Grants for information on financing options that are available in the state of Iowa.

Favorable Terms and Conditions of Title IV Loans:

If it is necessary to finance your education with loans, a Federal Direct Stafford loan should be your first choice. Stafford loans are fixed-rate student loans guaranteed by the government. They can be used to pay for educationally related expenses. Stafford loans have a number of benefits all designed to help make paying for college more affordable. Subsidized Federal Direct loans have a fixed rate of 5.05% for the 2018-2019 academic year. Unsubsidized Federal Direct Loans have a fixed rate of 5.05%. The interest rate will remain fixed for the life of the loan until repayment is complete.

Another benefit of Stafford loans is that the repayment plans are designed to provide flexibility for any budget. Once you complete school and enter repayment, you will have the option to pick from a number of helpful plans:

  • Standard Repayment – A fixed amount each month based on your principal and interest.
  • Graduated Repayment – Lower payments at the beginning of repayment then, over time, payments increase.
  • Income Based Repayment – Monthly payments are based on yearly income and loan amount.
  • Extended Repayment – For loans totaling more than $30,000, this plan offers a choice of fixed or graduated payments over a period of up to 25 years.

Feedback

If you have additional questions regarding private loans, please contact the Financial Aid Office at Iowa Wesleyan University. Preferred Lender Arrangements are required to be reviewed annually to ensure competitive products interest of the student borrower is being offered. Please provide us with feedback regarding any positive and/or negative aspects that may have been experienced when working with a particular lender. Feedback can be sent to [email protected] or please call 319-385-6242.

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