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Office of Student Financial Aid

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Code of Ethics

As required by Iowa Code Chapter 261E (2008 HF2690), Iowa State University has adopted an Interim Code of Ethics for Financial Aid Professionals, and for persons with direct responsibility for educational loans.
View Code of Ethics (PDF)

Tuition Credit Policy

*NEW*
Beginning August 25, 2008, Iowa State University students who receive a tuition refund when they drop a class after the semester begins will have their institutional aid and/or loan aid reduced. Refunds will be applied to institutional aid first; any remaining funds will be used to reduce a student's loan indebtedness. This will apply to institutional aid when an undergraduate student drops below full time (12 credits) or to student loans when a student is less than half time status (6 credits undergraduate/5 credits graduate). Refunds will be held for 10 business days to adjust a student's financial aid account.

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

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

Verification & Tax Extensions (updated Fall 2009

To complete the verification process, a student (and parents if the student is dependent) must provide a signed Federal tax return (if required to file taxes according to IRS guidelines), as requested on the Institutional Verification Form (IVF).

A Federal tax extension (IRS form 4868) will only be accepted temporarily in place of a Federal 1040 tax return with the following stipulations:

• A signed Federal tax extension must be received by the Office of Student Financial Aid within the standard verification document deadlines to maintain eligibility for priority aid programs (ISU Grant, Iowa Grant, FSEOG Grant, Perkins Loan, and Work-Study)
• A student's Federal aid will be disbursed to the student upon receipt of a signed copy of an IRS tax extension and all W-2 forms for each wage earner and/or self-employment earnings statements, for the tax year specified on the Institutional Verification Form
• A student's Institutional 'need based' aid will not be disbursed to the student until a signed copy of a 1040 or an IRS tax return transcript, is received by the Office of Student Financial Aid, and the verification process has been completed. (A free copy of an IRS tax return transcript may be obtained by calling 1-800-829-1040)

Verification of the final Federal tax return (1040) could result in an adjustment to the student's financial aid awards previously released. Please be as accurate as possible when submitting these initial documents to ensure the accuracy of financial aid funds awarded to you.

• If a final Federal tax return (1040) is not received by October 23, 2009, Institutional 'need based' aid will be canceled, including the ISU Grant
• If a final Federal tax return (1040) is not received by May 7, 2010 the following Federal aid will be returned, and the student's university bill will be charged: FSEOG, Direct Stafford loans, and the student must cease earning Federal Work Study funds
• If a final Federal tax return (1040) is not received by September 27, 2010, the Pell, ACG, Smart and Teach grants will be returned and the student's university bill will be charged

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.

Veteran's Benefits

The U.S. Department of Education requires that education benefits received by the student from the Veterans Affairs Administration (Chapters 30, 35, 1606 and 1607) be considered as a resource toward meeting a student's 'need' when awarding Title IV student financial aid. These chapter benefits are required to be reported on the FAFSA. If we determine by means other than the FAFSA that a student is receiving these benefits, we will modify their aid package accordingly.

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

Withdrawal From Classes

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

Ames, IA 50011-2028, (515) 294-2223
Published by: Office of Student Financial Aid, financialaid@iastate.edu.
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