Q: Can you describe the philosophy behind Iowa's financial aid policies? Also, how does the UI package their aid?

A: The primary mission of the University of Iowa Office of Student Financial Aid (UI OSFA) is to provide access, to help enroll a quality and culturally diverse student body, to support continued enrollment, and to facilitate timely graduation rates. Federal and state aid programs tend to target students with financial need, as do many of our own funds. We also allocate significant University funds to help support merit scholarship programs that help enroll top scholars and a culturally diverse student population. And, of course, need and merit often overlap. Many of our top scholars also qualify for need-based aid.

The UI OSFA always first awards scholarships and grants to qualifying students, then loans. Work-Study is awarded if a student requests it and meets the qualifications. Financial aid packages may have a combination of scholarships, grants, work-study, and educational loans.

A: You will find the financial aid application process, including a description of required forms, explained at our web site www.uiowa.edu/financial aid. Generally, the UI OSFA does not have a deadline, though some specific scholarship and grant programs require the filing of the Free Application for Federal Student Aid (FAFSA) by March 1 each year to receive priority consideration. This deadline information will be part of the specific scholarship and grant description on the UI OSFA scholarship website.

Q: Should all students complete the FAFSA and if so, how soon? We've been told to wait until after the federal tax returns are completed.

A: I recommend that all students complete the FAFSA annually as this process is not only necessary to apply for federal, state, and University need-based financial aid, but also some private scholarships and grants require the UI OSFA to determine financial need when awarding the funds. Also, the non-need-based Unsubsidized Federal Stafford Loan requires the filing of the FAFSA to validate that the family does not demonstrate financial need. Families may submit their completed FAFSA for the upcoming academic year as early as January 1. You may use reasonable estimated tax return information to complete the FAFSA as soon as possible. The UI OSFA awards the majority of its need-based financial aid on a first-come, first-served basis, so the earlier your application is complete with all required documents, the better your chances are of receiving priority consideration for the most desirable awards.

Q: What are the costs to attend the University of Iowa?

A: The cost to attend the UI is available at www.uiowa.edu/financial-aid/costs. The UI OSFA defines direct educational costs as tuition, fees, and residence hall room and board. The UI OSFA annually develops average costs for books and supplies, personal expenses, and transportation. These non-direct costs are included in the total cost of education figures.

Q: Will my financial aid cover my entire cost of attendance?

A: We include the non-direct costs in the overall cost of attendance and most aid packages will include loans to meet the entire cost. However, a student may not incur expenses for the entire amounts listed for personal and transportation costs; therefore, a family should try to minimize borrowing by reviewing the direct costs.

Q: When will I receive my award notification?

A: The UI OSFA begins notifying students of their aid eligibility for the subsequent academic year during the second week in March. Awarding is done on a rolling basis throughout the academic year. As noted earlier, the earlier you complete the process, the earlier you will be notified.

Q: Can students check the status of their financial aid on the web?

A: Yes, it is very convenient for newly admitted and returning students to check their financial aid status using ISIS. When in the ISIS site, if a student needs a password, click on Help and review the Frequently Asked Questions (FAQs). After logging in, click on Student Records, then on Financial Aid. Students can check their application status by clicking on Application Status and can check to see if they have been awarded by clicking on Award Summary. Newly admitted students will learn more about ISIS when they attend new student orientation in the summer.

Q: How do I apply for scholarships and why aren't there more merit-based scholarships based on academic achievement alone without regard to need?

A: You can access information about scholarships by visiting our scholarship website. Our scholarship website may refer you to other University of Iowa and non-University related sites. Many students utilize counselors, teachers, and administrators at their high schools or may contact other local community agencies for information about scholarships. The UI has a long history of developing scholarship and grant programs that help provide access to those who otherwise may not be able to attend. Although we allocate a significant amount of University dollars to merit scholarships, 80% of our need-based and merit scholarships are awarded to students who complete the FAFSA annually and demonstrate financial need.

Q: Do most undergraduate students borrow educational loans to attend the University of Iowa? Are loans considered financial aid?

A: Almost 39% of the graduating senior class of 2006 left the University debt free. Of those who borrowed, the average need-based loan debt was $11,051 and the total combined need-based and non-need-based debt was $20,234. The latest figures from the U.S. Department of Education show that the loan default rate for University of Iowa students is less than 2%. Students who have borrowed have been able to successfully repay their educational debt. Students and parents are able to borrow directly from the federal government through the Federal Direct Stafford Loan Programs. As a last resort, and to address special circumstances, parents and students also have options to borrow through many private loan sources.

Q: How do I know how much to borrow?

A: First and foremost, we recommend that students minimize their borrowing. Excess borrowing often has an impact on what you choose to do after you receive your undergraduate degree, including your occupational choice and options for graduate and professional schools.

Q: I want to work while enrolled in order to minimize my debt upon graduation. What factors should I consider in making this decision?

A: It is important to balance work and academic commitments. Research indicates that working an average of 15-20 hours per week does not hinder your academic progress and, in fact, may help you stay in college and succeed. Paid employment can help you develop time management and organizational skills and provide you with another community of friends outside of the classroom; however, balance is the key. College coursework doesn’t take place just in the classroom. Information from the University of Iowa Handbook for New Students provided during Orientation recommends that for every semester hour of credit, you should expect to have one “contact hour” in the classroom and two “study hours” out of the classroom. If you work more than 20 hours per week, you may find it difficult to schedule enough study hours and the employment could have a negative impact on your success at the University. In addition to determining the number of hours of employment, you will need to consider the following in your job search. What skills do you bring to the job and what skills do you want to learn on the job? Does the geographic location of the job matter to you, i.e., University vs community job and then the particular location of the University job? There are many benefits to employment and many opportunities for students who are flexible in their job search. Jobs are posted on a daily basis to Jobnet. Also plan to attend the Student Job Fair, held on Thursday of the first week of fall classes in the Main Lounge of the IMU from 9:30 to 3:00. For employment related questions, feel free to e-mail staff at student-employment@uiowa.edu.

Q: Does Iowa negotiate financial aid awards?

A: No, the UI OSFA does not negotiate, contrary to what students and parents may have heard or read about elsewhere. The student is considered for and awarded the most optimal aid package from the beginning based on award criteria and fund availability. We award financial aid based on specific federal and state regulations and institutional policies. We may adjust an award if there's a change in the family's financial circumstances, but any new award will be based on established guidelines, not the result of a negotiation.

Q: Do you offer "discounts" when a family has more than one child attending the UI? How about "discounts" for students who live in a neighboring state?

A: The UI does not offer discounts. When a family has more than one child attending college, the federal need analysis takes that into account and divides the calculated expected parental contribution equally among those siblings. For certain high-achieving nonresident students, the UI has the National Scholars Award (NSA) Program that helps offset some of the differential cost between nonresident and resident tuition. Beginning with the 2007-2008 academic year, the UI is implementing the new Iowa Heritage Scholarship Program for children and grandchildren of UI alums from out of state. Information about both of these programs can be accessed on the Admissions website.

Q: I am a nonresident student, is there a way I can obtain resident status for tuition purposes?

A: Resident and nonresident tuition charges are administered by the UI Registrar's Office. Information is available on the Registrar's website.

Q: What do you do when parents choose not to assist their child in funding their college education?

A: If parents of undergraduate students are able but not willing to help, the best we can do is direct the student toward non-need-based aid, which consists mainly of unsubsidized federal loans, private loans, and student employment. If parents are willing, but for a legitimate reason their immediate ability is impaired, we will work very closely with the family to help identify viable options and solutions. Sometimes parents are willing and able, but the student chooses not to accept the parent help. These students will still have their aid eligibility determined on the basis of the parents' income and asset information on the FAFSA. It is important to note that simply not claiming the student as a dependent for tax purposes does not qualify the student to apply for financial aid as a self-supporting student.

Q: Can families with "special circumstances" appeal their financial aid award package?

A: Students and parents can appeal their financial aid package if "special circumstances" exist, and these appeals can take place throughout the year. See our special circumstances website for details on the circumstances we are able to consider. Sometimes these appeals can result in more financial aid for the student. The family and student should always feel free to e-mail, phone, or write our office to discuss their individual family circumstances.

Q: How is financial aid disbursed?

A: The University Billing Office is responsible for the disbursement of financial aid. Most financial aid is awarded for the full academic year and funds are disbursed equally in two installments, half first semester and half second semester. Financial aid will be credited toward University contract charges such as tuition, fees, and on-campus room and board. Each semester financial aid funds that are in excess of contract charges will be provided directly to the student (or parents if there are excess funds resulting from a PLUS loan). Go to the University Billing website for further information on financial aid disbursement.

Q: There seems to be a lot of concern about credit card usage by college students. Is the University doing anything to educate students about this?

A: According to various media reports, credit card usage among college students has been increasing. Several years ago, through a collaborative effort by numerous offices, the UI formed Student Credit and Money Management Services to provide free and confidential financial aid counseling to all UI students.

There are many other financial aid questions asked by parents and students. Please visit our Site Index to view a broad range of categories related to financial aid at the University of Iowa, including Frequently Asked Questions.