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Financial Aid Policies

FAFSA

Financial Aid Census Date Policy for Undergraduate Students

In accordance with federal regulations, the Office of Student Financial Aid will recalculate federal, state, and institutional student aid awards based on the enrollment status as of the published Census Date (Count Day) by the Office of the Registrar, which is typically the end of the 10th day of class for both Fall and Spring terms. (The Census Date for Summer enrollment will vary based on the length of the course(s) taken.)

The Census Date for Fall 2013 is September 9, 2013.
The Census Date for Spring 2014 is January 27, 2014.

If you drop credits prior to the 10th day of class (the census date), you may be required to repay some or all of your aid that was disbursed to you if you do not, at that time, meet the enrollment requirements for the types of aid you have been awarded.
If you add credits after the 10th day of class (the census date), you may not be eligible to receive additional financial aid.

The Office of Student Financial Aid is not able to adjust all types of aid after the Census Date but will work with special situations on an individual basis. Students should contact the Office of Student Financial Aid at financialaid@iastate.edu before adding courses after the Census Date that would affect enrollment level (for example: moving from half to three-quarter time, etc.).

FAFSA Verification Document Deadline Policy

NEW 2013-2014

June 1st is the deadline for submitting all verification documents to insure retaining priority aid (institutional need-based and Campus-Based aid) as part of an award package. This requires that verification documents, including the IRS Form 4868, with accompanying wage statements in the case of a tax extension, are received in the Office of Student Financial Aid by June 1st. Failure to submit documents by this date could potentially result in the loss of priority aid if budget circumstances would dictate such action. (Click here to learn more about it)

University - FAFSA Listing

Students who complete a FAFSA prior to March 1 but did not list Iowa State University as a recipient must have their FAFSA information submitted to Iowa State University no later than May 1 to be considered for priority financial aid, including the following aid types:

  • Federal Supplemental Educational Opportunity Grant (FSEOG)
  • Iowa State University (ISU) Grant
  • Iowa Grant
  • Federal Perkins Loan
  • College Work Study (Federal or State)

FAFSA Verification & Tax Extensions

2014-2015 Verification & Tax Extensions

Current Student

Withdrawal From Classes

Withdrawing from classes may affect a student's financial aid eligibility.
More information about Withdrawal From Classes

Satisfactory Academic Progress (SAP)

Federal regulations require the Office of Student Financial Aid to monitor the academic progress of students receiving financial aid.
More information about SAP

Repeating Courses — Impact to Financial Aid

An undergraduate student is allowed to retake any previously passed course one time and receive federal financial aid for that course. For this purpose, passed means any grade higher than an “F”. If a student passed a course once then received federal aid for retaking it and fails the second time, that failure counts as their paid retake. If a student takes a previously passed course for the third or more time, that course will not be eligible for federal financial aid and will not be included in their enrollment status for financial aid purposes. This could cause their federal financial aid to be reduced or removed from that semester’s award depending upon their enrollment status excluding the repeated course. A student may repeatedly receive federal aid for repeatedly failing the same course (normal SAP policy still applies to such cases).

Less than Full Time Enrollment and Financial Aid Policy

NEW 2013-2014

Iowa State University students who are enrolled at a less than full time status (11.5 credits for undergraduates and 8.5 credits for graduates) will have their financial aid cost of attendance reduced if they are receiving federal grants, institutional gift aid, and student and/or parent loans. The cost of attendance will be reduced to reflect a student’s assessed tuition and fee amount. This may cause a change in financial aid eligibility, even if financial aid has already been disbursed. Students will be responsible for paying back disbursed aid if financial aid eligibility changes. Tuition credit refunds will be held for 10 business days to adjust a student's financial aid account. The TEACH Grant and some Pell Grant recipients are eligible when enrolled less than half-time. The ISU Grant, Federal Supplemental Education Opportunity Grant (FSEOG), Perkins Loans, Federal Direct Stafford Loans, and Graduate/Parent PLUS Loans require a student be enrolled half-time to be eligible.

Adjustments to enrollment status made after the 10th day of class will not cause an adjustment in the cost of attendance.

CA & RM Positions

Regarding CA [Community Advisor] / RM [Residence Manager] positions: The U.S. Department of Education requires that room and board received as employment compensation be considered as either a resource in calculation of the student's financial need (reported on Worksheet B of the FAFSA) or as financial aid. Iowa State University considers CA/RM compensation as financial aid. Therefore, the student should not report their CA/RM room and board compensation on Worksheet B of the FAFSA.

Financial Aid Enrollment Status Definitions for Undergraduate Students

NEW 2013-2014

Full-time enrollment - 11.5 credits per semester
Three-quarter time enrollment - 8.5-11 credits per semester
Half-time enrollment - 5.5-8 credits per semester
Less than half-time enrollment - 0-5 credits per semester

Financial Aid Enrollment Status Definitions for Graduate Students

NEW 2013-2014

Full-time enrollment - 8.5 credits per semester
Three-quarter time enrollment - 7-8 credits per semester
Half-time enrollment - 4.5-6.5 credits per semester
Less than half-time enrollment - 0-4 credits per semester

Concurrent Student Enrollment

Operational policies for concurrent undergraduate/graduate students:

  1. At the point that a student is classified as a graduate student, undergraduate aid will cease. Students will qualify for graduate student aid consistent with current policy.
  2. Students receiving institutional recruitment scholarships may continue to receive them until eligibility is exhausted. Non-resident students on assistantship who receive an in-state benefit will have the award adjusted to reflect the resident rate. This is consistent with current policy for non-resident undergraduates who become resident students.
  3. Students assessed tuition and fees at the graduate level will no longer qualify for institutionally funded undergraduate financial aid programs, with the exception of the work-study program.
  4. Outside and college/departmental scholarships must meet donor parameters.

Second Bachelor's Degree

Students working toward their second bachelor's degree will not be awarded priority financial aid, including the following aid types:

  • Federal Supplemental Educational Opportunity Grant (FSEOG)
  • Iowa State University (ISU) Grant
  • Iowa Grant
  • Federal Perkins Loan
  • College Work Study (Federal or State)

Students working toward their second bachelor's degree are also not eligible for a Federal Pell Grant.

Veteran's Benefits

The U.S. Department of Education, starting with the 2009-2010 academic year, no longer requires that education benefits received by the student from the Veterans Affairs Administration (Chapters 30, 33, 35, 1606 and 1607) be considered as a resource toward meeting a student's 'need' when awarding 'Federal' Title IV student financial aid. These chapter benefits are no longer required to be reported on the FAFSA.

University Nondiscrimination Statement

Iowa State University does not discriminate on the basis of race, color, age, ethnicity, religion, national origin, pregnancy, sexual orientation, gender identity, genetic information, sex, marital status, disability, or status as a U.S. veteran. Inquiries can be directed to the Office of Equal Opportunity, 3350 Beardshear Hall, (515) 294-7612.