Information About Summer 2008 Financial Aid

For financial aid purposes, the 2008 Summer Session is considered the final term of the 2007-2008 award year. Therefore, to apply for 2008 Summer financial aid, you must have the 2007-2008 Free Application for Federal Student Aid (FAFSA) and required documents on file in the Office of Student Financial Aid. You must also complete a one-page summer application. available at the Office of Student Financial Aid, Room 208 Calvin Hall, or you may print a Summer Application (PDF document). Do not submit the summer application to the Office of Student Financial Aid until you have registered for ALL summer classes.

If you have already submitted the 2007-2008 FAFSA and other required documents to be awarded 2007-2008 academic year aid, do not resubmit these documents. If this is the first time you are applying for 2007-2008 financial aid, the Federal processor must receive your 2007-2008 FAFSA by May 1, 2008. If your FAFSA is received by the federal processor after that date, it may not be processed in time to award summer aid.

Financial aid received during the 2007-2008 academic year may affect your eligibility for 2008 summer aid.

If you are enrolled in a health professions program with a 12-month academic year, you will not need to submit a separate summer application. Contact a financial aid counselor if you have questions about the application process for your program.

You must be admitted to a degree program at the University of Iowa before your financial aid application will be reviewed.

Half-Time Enrollment

To be considered for all financial aid (except the Federal Pell Grant), you must be enrolled at least half-time. The half-time enrollment requirement of three semester hours is the same for undergraduate and graduate students.

For the purpose of meeting the half-time enrollment requirement for financial aid, semester hours for all classes except the three-week session (May 19 - June 6) will be combined. The three-week session will remain separate. For financial aid purposes, the non-three-week summer sessions represent a combination of one or more of the following summer session options: eight-week session (June 10 - August 1), six-week session (June 24 - August 1), off-cycle classes, or any Guided Independent Study (GIS) courses that start in the summer.

Students must register for at least three semester hours in either the three-week session or the non-three-week summer sessions in order to meet the half-time enrollment requirement for financial aid. The semester hours from the three-week session cannot be added with hours from the non-three-week summer sessions to meet the half-time enrollment requirement.

Summer Cost of Attendance

Summer cost of attendance is based on the number of hours you are enrolled in each session at the time your application is submitted. Financial aid is calculated and disbursed separately for enrollment in the three-week session and the non-three-week summer sessions. If your enrollment changes after you have been awarded, you need to submit a revised summer application prior to aid being disbursed or receiving any Work-Study payment.

Financial Aid Options

• Federal Pell Grant

  As an undergraduate with no prior bachelor's degree, you may qualify if you have not already received your maximum annual Federal Pell Grant allocation during the Fall 2007 and Spring 2008 semesters. Eligible undergraduate students will automatically be considered for the Federal Pell Grant.

• Work-Study Program

  Work-Study is a federally funded program that provides employment opportunities for students. To qualify, you must demonstrate financial need and be registered for either the 2008 Spring or 2008 Fall Semester in addition to the 2008 Summer Session.

• Federal Direct Loan Programs

  Direct Stafford Loan

  The Federal Direct Stafford Loan is a need-based loan. The Federal government pays the interest on this loan while you are enrolled at least half-time. Federal Direct Stafford Loans are available if you have remaining financial need and have not already received your annual maximum during the Fall 2007 and Spring 2008 semesters.

  Direct Unsubsidized Stafford Loan

  The Federal Direct Unsubsidized Stafford Loan is not based on financial need. This loan accrues interest while you are enrolled in school. Federal Direct Unsubsidized Stafford Loans are available if your cost of attendance has not been met by other summer financial aid and you have not already received your annual maximum during the Fall 2007 and Spring 2008 semesters.

  Direct Graduate PLUS Loan

  The Federal Direct Graduate PLUS Loan is not based on financial need. Interest accrues while you are enrolled in school and is available to meet your remaining cost of attendance. While this loan goes into repayment immediately once it is fully disbursed, you are granted an automatic deferment while you are enrolled at least half-time.

  Direct Parent PLUS Loan

  The Federal Direct PLUS Loan is not based on financial need. This loan accrues interest while you are enrolled in school and repayment begins immediately. This loan is offered to your parent if you are a dependent student whose cost of attendance has not been met by other summer financial aid. If your parent wishes to borrow this loan, they must complete Section F on the back of the summer award notification.

Direct Loan Promissory Notes

Many students already have a Master Promissory Note (MPN) on file. If you are unsure whether you have a MPN on file, you can check on ISIS.

Loan approval generally takes two-three weeks from the time the MPN is received.

Required Forms

• 2007-2008 Free Application for Federal Student Aid (FAFSA). If this is the first time you are applying for 2007-2008 financial aid, the federal processor must receive your 2007-2008 FAFSA by May 1, 2008.

• 2006 Federal Income Tax Return(s) (student and, if applicable, parent).

• 2007-2008 UI Verification Form.

• Summer Financial Aid Application

Application Process

To be considered for Federal Direct Loans or Work-Study, you must complete the Summer Financial Aid Application (also available from the Office of Student Financial Aid, 208 Calvin Hall). Return the completed application to 208 Calvin Hall. Submit all required forms as soon as possible.

General Requirements

To be considered for Federal financial aid, you must meet the following eligibility requirements:

• be a citizen or permanent resident of the United States;

• demonstrate financial need as determined through the FAFSA

• be enrolled in a degree program at The University of Iowa and registered for three hours in each summer session that you are receiving aid. Audits and cooperative education do not count for financial aid. Federal Pell Grant requires only one hour of enrollment;

• maintain academic progress as defined by the UI Reasonable Academic Progress Standards;

• be in compliance with Selective Service registration;

• not be in default on any educational loan and not owe any refund on a grant or loan at any institution.

Prior to the disbursement of your financial aid, you must:

• be registered for the required number of semester hours for the three-week session and/or the non-three-week summer sessions;

• have paid outstanding charges from all previous semesters;

• have completed entrance counseling on-line (for first-time borrowers of the Federal Direct Stafford Loan only).

If all required forms are on file with the Office of Student Financial Aid, summer award notifications and Federal Direct Loan promissory notes will be sent to your mailing address, as listed with the Registrar's Office, no later than three weeks after the submission of your Summer Financial Aid Application.

Disbursement of Federal Direct Loans and Federal Pell Grant

The Office of Student Financial Aid determines your eligibility for financial aid but the University Billing Office is responsible for the disbursement of your financial aid (except Work-Study). The University Billing Office address is:

If your aid is available for disbursement and you meet all requirements, the University Billing Office will apply your financial aid (except Work-Study) to contracted University charges only (tuition, fees, and residence hall room and board costs). Any funds remaining after the contracted charges have been paid are considered excess funds. The excess funds will be mailed to you or deposited in your bank account if you have authorized direct deposit via ISIS. To have excess funds used to pay miscellaneous charges on your University bill, go to the University Billing Office web site and click on Miscellaneous Forms and Documents.

The University Billing Office will begin releasing funds for direct deposit after the first day of each summer session. Excess funds will not be mailed until outstanding charges from all previous semesters have been paid.

All financial aid must be finalized and, in most cases, delivered to you by the end of the summer session.

University Bill

You will be billed by the University beginning in June for contracted charges (tuition and fees and residence hall room and board). Your University bill must be paid by the due date, regardless of delays, reductions, or cancellation of financial aid. Questions regarding the University bill or the impact of non-payment of University charges should be directed to the University Billing Office.

Adjusting Summer Hours

If your enrollment changes after you have been awarded, your aid may not disburse. You should complete a revised summer application. Your aid may change based on your adjusted enrollment. In addition, if you withdraw from the University, your cost of attendance and financial aid will be recalculated to reflect any tuition adjustment. Based upon this recalculation, you may have to repay a portion or all of your financial aid. This is required by law and by applicable fund donors. Further details about this policy are available from the Office of Student Financial Aid.

Disbursement of Work-Study Funds

Work-Study earnings are not credited to your University bill. You will be paid every two weeks by the UI Payroll Office for any hours submitted via the on-line time reporting system available through ISIS.

The first step is to locate a job by reviewing the available Work-Study jobs on the Jobnet web site. The password to access Work-Study jobs on the web will be printed on the back of your summer award notification.

You must obtain a Work-Study Appointment before beginning work and before any payment for hours can be authorized by University Payroll. The employment documents required by University Payroll in order to pay student wages include the Work-Study appointment, W-4 Form, Direct Deposit Form, and a Form I-9. On-campus Work-Study employment documents are available from your employing department. Off-campus Work-Study employment documents are available in the Student Employment Office, 213 Calvin Hall. To obtain the off-campus employment documents, you should go to the Student Employment Office in person and bring your University of Iowa ID card or a driver's license along with your social security card for identification purposes.

The minimum summer award is $600. The maximum award will vary based upon your total weeks of attendance, as follows: $1,360 (three-week session) or $3,420 (non-three-week summer sessions) or $4,780 (three-week session in addition to non-three-week sessions).

Your award represents the maximum Work-Study amount you are eligible to earn. Actual earnings will vary based upon your pay rate and weekly work schedule. Any remaining unearned summer Work-Study eligibility does not carry forward to the next academic year.

You are eligible to work up to 40 hours per week during the summer according to funding availability and State of Iowa law. You may work from May 18 through August 23, 2008.