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 from $650 to $6,195 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 and State Grants
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 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 State Loans
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)
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 are not possible for private loans. There may be circumstances when the higher loan amounts of private loans might be beneficial.
Cohort Default Rate
Default is when no payments have been made on the loan in 270 days.
Direct Stafford 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 Stafford loans:
- Subsidized Stafford loan – A loan for which the government pays the interest while you are in school, during grace periods, and during any deferment periods.
- Unsubsidized Stafford 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 Stafford Loans
Subsidized -Federal Subsidized Stafford Loans are need-based loans that must be repaid. 5.05% fixed interest rate, 1.066% origination fee, federal government pays interest while enrolled at least half time, 6 month grace period
Unsubsidized – Federal Unsubsidized Stafford Loans are non-need-based loans that must be repaid. 5.05% fixed interest rate, 1.066% origination fee, interest is charged from the time you receive the funds, 6 month grace period and 6.60% for graduate and professional students.
Annual Stafford Loan limits
|Year in School||Credit Hours||Dependent|
|Independent or dependent w/PLUS denial|
|Freshman||0-23.9||$3,500 + 2,000||$3,500 + $6,000|
|Sophomore||24-55.9||$4,500+ 2,000||$4,500 + $6,000|
|Junior||56-87.9||$5,500+ 2,000||$5,500 + $7,000|
|Senior||88-124||$5,500+ 2,000||$5,500 + $7,000|
Aggregate Subsidized Loan Limit -$23,000
- Dependent—$31,000 Independent (up to $23,000may be subsidized)
- Independent students and dependent students whose parents cannot borrow PLUS = $57,500 (up to $23,000 may be subsidized)
- Subsidized = $65,500 (includes undergraduate borrowing)
- Unsubsidized = $138,500 (included undergraduate borrowing)
The Federal Stafford 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.studentloans.gov
Alternative Student Aid and 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 credit-worthiness 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.
Private Alternative Loans may be available after all federal, state and institutional aid has been exhausted. Alternative Educational Loans are available through some lenders. These generally have a higher interest rates and require a co-signer with good credit history. Loan counseling is required.
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 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.
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 – $6095 maximum
- SEOG – $4,000 (Award amounts are dependent on federal funding with a typical Iowa Wesleyan award maximum being $500)
- TEACH Grant – $3,736
- Stafford 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 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.
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.
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.
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.
Work-Study is need-based employment funded by the Federal Work-Study program. Awards are based on a financial need calculation using the FAFSA. Students must maintain full-time enrollment to be eligible for work-study. Work-study awards are generally $1200-$2000 per year with the average student working 6-8 hours per week. The work-study award is not a guarantee of employment.
Students receive a listing of work study positions. It is the responsibility of the student to set up a meeting with the supervisor for a job interview. The supervisor will contact the Financial Aid Office with an offer to hire. The Financial Aid Office will send an authorization form to the supervisor once all requirements for employment are completed. Students must provide identification that will allow them to successfully complete the Form I-9 and complete tax withholding paperwork with the HR office before authorization is completed.
Students are to keep track of their times on a Monthly Auto-calculated Excel time sheet. These time sheets are located on the L: drive under the Human Resources folders in the Student Time-sheet folder. There will be a new time sheet saved in this location for each month. It is the responsibility of the Work Study Supervisor to see that their student workers receive the time sheet for the appropriate pay period month.
Student’s time-sheets are due to HR no later than the 5th of the month following their monthly pay period. Anytime card submitted after this due date will be delayed and processed with the next payroll.
Under no circumstances may a student work during their scheduled class time.
- Students who receive Federal Work-Study will be the first ones to have the opportunity to apply for a student employment position.
- Students that have not been awarded Federal Student Work-Study and wish to obtain employment on IW campus can elect to be put on a wait-list and be able to apply for campus employment after the deadline has passed for work study students to obtain positions.
- International Students must abide by federal regulations and special visa restrictions for the employment of international students. These regulations clearly state that international students must not displace a US citizen or lawful permanent resident. International students will be given the opportunity to apply for campus employment after the deadline has passed for domestic students to obtain campus employment.
Financial Aid Office
Phone: 319-385-6242 or 800-582-2383