FAQ - Miscellaneous

 

Can I receive financial aid for Study Abroad?

How can I be classified as a resident of Iowa for tuition purposes?

Is financial aid available for summer school and how do I apply?

I am thinking of transferring to another college. Will my financial aid transfer from the University of Iowa to the new college?

How is financial aid affected if I change hours?

When do I have to repay my loans?

What is the difference between subsidized and unsubsidized Federal Stafford Loans?

Can I receive financial aid for Study Abroad?

    You may be able to receive aid to study abroad, but you must plan well in advance. Follow the procedures outlined in our Study Abroad web page.

How can I be classified as a resident of Iowa for tuition purposes?

    The Registrar's Office determines the classification of residents and nonresidents for tuition purposes. Information is available on the Registrar's web site.

Is financial aid available for summer school and how do I apply?

    For financial aid purposes, the summer session is considered the final term of the academic year. To apply for summer financial aid, you must have the Free Application for Federal Student Aid (FAFSA), Iowa Verification Form (IVF), federal income tax returns, and a seperate summer application on file in the Office of Student Financial Aid. The summer application will be available in April on our web site and in the Office of Student Financial Aid. Visit our summer financial aid web page for information on the application process and types of financial aid available.

I am thinking of transferring to another college. Will my financial aid transfer from the University of Iowa to the new college?

    No. Financial aid does not transfer from one institution to the next. You will need to have your FAFSA information sent to your new college. You can do this on the web at www.fafsa.ed.gov or by calling the federal processor at 800-433-3243. Also contact the financial aid office at your new college about any other required documents. You should also send the University of Iowa Office of Student Financial Aid an e-mail or letter explaining that you will not be attending and requesting to have your financial aid cancelled.

How is financial aid affected if I change hours?

    Adding or dropping hours can affect your financial aid eligibility. You should contact a Financial Aid Counselor before adding or dropping hours.

When do I have to repay my loans?

    Federal Perkins Loans have a grace period of nine months and Federal Direct Stafford Loans have a grace period of six months from the date of graduation, the date a student drops below half-time enrollment, or the date a student withdraws from school. Before it is time to start repayment, you should receive a repayment schedule disclosure from your lender. Additional information about loan repayment is available on our loan repayment web page.

What is the difference between subsidized and unsubsidized Federal Stafford Loans?

    The subsidized loan is awarded to a student who demonstrate financial need by filing the Free Application for Federal Student Aid (FAFSA). The federal government pays the interest on these loans while the student is in school at least half-time and during certain periods, such as grace and deferment.

    The unsubsidized loan is awarded to students regardless of financial need. The student will be charged interest on the loan from the time the loan is disbursed until it is paid in full. Students can either pay the interest while in school or it will be capitalized (added to their principal loan balance, thus increasing the amount they will repay).