Consortium Agreement

 

Occasionally students want to spend a semester or academic year at another domestic institution and transfer the hours earned back to the University of Iowa (UI). Students often enroll simultaneously at UI and a community college and want to combine the hours at both institutions for financial aid purposes. It is possible to receive financial aid under these circumstances as long as certain requirements are met. It is also possible to be employed at the University under part-time hourly employment since you will show University registration through completion of the consortium agreement.

Information

  • Your financial aid will be awarded by the institution from which you will receive your degree. If you plan to enroll simultaneously at UI and another institution, you should apply for financial aid at the school from which you expect to graduate. The school from which you will graduate is the “home” institution that must process a consortium agreement with the other school (the “host” institution).

  • The purpose of a consortium agreement is to ensure disbursement of the proper amount of financial aid. Consortium agreements will only be processed if they are necessary for you to receive the full amount of your financial aid.

  • After the consortium agreement is processed, the Office of Student Financial Aid will register you in either 000:997, Graduate Transfer, or 000:998, Undergraduate Transfer, for the number of credit hours you will transfer from the other school. This registration is needed so the University Billing Office's computer system can disburse financial aid to you. Be sure you do not inadvertently drop this class.

  • If there are any past-due charges on your University bill or other restrictions on your registration, the Office of Student Financial Aid will not be able to register you in 000:997 or 000:998. You will need to remove any restrictions before financial aid can be disbursed to you.

  • You must take enough hours to qualify for financial aid, at least six hours for undergraduates and five hours for graduate students. If you enroll simultaneously at UI and another school, the total registration hours between the two schools will be used to determine your financial aid eligibility.

  • You will be responsible for paying all program fees at the other institution using the financial aid that is refunded to you by the University of Iowa Billing Office. The University of Iowa will not make payment directly to the other school.

  • If you receive financial aid for classes taken at another college or university, the University of Iowa must receive an official transcript of these courses, even though the grades could be detrimental to your overall grade-point average. It is your responsibility to provide an official transcript to the Office of Admissions at The University of Iowa. You will not be permitted to register at The University of Iowa until the official transcript is received. If you have early registered for a subsequent semester and the official transcript is not received in a timely fashion, your early registration will be voided.

 

Procedures

  1. Complete the financial aid application process through the Office of Student Financial Aid. You must meet all the terms and conditions required by the federal financial aid programs.

  2. Obtain a Transfer Credit Evaluation Request form from the UI Office of Admissions, 108 Calvin Hall.  List on it the courses you will take at the other school and return the form to Admissions for approval of the transfer credit. (Graduate students should obtain this form from the Graduate Admissions Office, 115 Calvin Hall.) You may receive financial aid only for courses that transfer to UI and count as hours toward your degree. Classes taken at another institution that will not transfer to UI and count as hours towards your degree will be at your expense.

  3. After obtaining approval from Admissions, take the Transfer Credit Evaluation Request form to the Office of Student Financial Aid and speak with a financial aid counselor. The counselor will determine whether you are eligible to receive financial aid for the transfer hours. If you are eligible, the counselor will initiate a consortium agreement with the other institution. Typically it takes three weeks or longer to get all the necessary signatures on a consortium agreement. Financial aid can not be disbursed without this signed agreement.

  4. You must complete steps 2 and 3 each term that you register at another school. The consortium agreement will cover only classes for which you have already registered.  If you plan to attend the other school for an academic year, you will have to process one consortium agreement for the fall term and another agreement after you have registered for spring classes.

  5. If you will enroll simultaneously at The University of Iowa and another institution, you must complete step 3 no later than the last day to drop individual courses in order to affect tuition and fee assessments. This typically occurs the second week of classes during the fall and spring semesters and after the first week of classes during summer session. Submit the Transfer Credit Evaluation Request form to Admissions at least two weeks in advance of the deadline.