Financial Aid
- Financial Aid
- Applying for Financial Aid
- If you are eligible for a FederalStafford Loan
- How Your Financial Aid Will be Applied
- Information for Veterans
- Questions/Concerns
Financial assistance comes in two forms:
- Grants do not have to be repaid.
- Loans must be repaid, generally after you complete your education.
Funded by the federal government, Federal Pell Grants range from $976 to $5,350 per year for U.S. citizens or eligible noncitizens who are enrolled at least half time. To apply for the Federal Pell Grant, learners must complete the Free Application for Federal Student Aid (FAFSA).
Independent Study Program Learners: All coursework must be completed by August 15 of the academic year in which the Federal Pell Grant is awarded for full disbursement.
Funded by the State of Iowa, these grants are available only for Iowa residents who qualify based on financial need. The amount of the grant is the difference between Upper Iowa University tuition and the average tuition at the Regent universities. The filing deadline for these grants is July 1 for the following academic year. The per credit award differs for full-time and part-time learners and changes every year.
Federal Stafford Loans are financed through participating local banks and other lenders to U.S. citizens or permanent residents. Subsidized Federal Stafford Loans are awarded to those who show financial need. The interest is paid by the federal government while the recipient is enrolled at least half time. Unsubsidized Federal Stafford Loans are awarded to those who show less financial need. The interest is paid by the recipient while enrolled at least half time. The annual combination of both subsidized and unsubsidized Federal Stafford Loans may not exceed $5,500 (dependent) or $9,500 (independent) for the freshman year, $6,500 (dependent) or $10,500 (independent) for the sophomore year, and $7,500 (dependent) or $12,500 (independent) for junior or senior years. The aggregate lifetime maximum for both loans may not exceed $23,000 (dependent) or $57,500 (independent) for undergraduate study. Repayment begins six months after withdrawal or when your enrollment status is less than half-time. Current interest rates are available from your lender. Disbursement of loan proceeds is equally distributed among the number of terms in the loan period. Loan applications must be submitted before the learner’s last date of attendance.
Follow these steps at least ten weeks before the start of your first enrollment:
1. Complete and submit the Free Application for Federal Student Aid (FAFSA) http://www.fafsa.ed.gov.
2. You will receive a Student Aid Report (SAR) within approximately two weeks. Or, if you provide them with a valid email address, you will receive an email with a link to your SAR information within five days. The SAR summarizes the information you provided on your application.
Review your SAR carefully to ensure all the information is correct and no changes are necessary. If you need to change any information on the SAR, return to www.fafsa.ed.gov and correct any errors. Then resubmit the corrected data to the processing center.
Even if your SAR indicates that you are not eligible for a Federal Pell Grant, it will be used to determine whether you are eligible for other financial assistance.
3. The Department of Education or UIU's Financial Aid Office may select you for "verification." If selected, you will be sent a verification worksheet, which must be completed and returned to either your program or the Financial Aid Office with a copy of your previous year's signed U. S. income tax return. If you are married and your spouse filed separately, your spouse's return must also be included. If you filed as a dependent student, a copy of your parents' signed tax return must also be included.
4. If you have attended another institution in the past 30 days, we must have a financial aid transcript from that institution.
5. If the Financial Aid Office is unable to determine which program you will be attending, you will be sent a Center Enrollment Form, which you must complete and return to the Financial Aid Office.
6. In order to be eligible for any aid programs, all required documentation for your acceptance to Upper Iowa University must be received by your program.
7. Once the Financial Aid Office has received all required correct information in your file, you will receive an email notification that your Financial Aid Award eligibility is available online. You must go into the online award letter and accept the funds. To access the award letter, you will need to provide your Student ID#, your social security # and your birthdate.
8. If you have been awarded Federal Stafford Loan eligibility and wish to borrow these funds, you must accept the amounts on the online award letter.
9. If you are a first time borrower with Upper Iowa University, you will be required to fill out a Master Promissory Note. Upper Iowa University utilizes the Master Promissory Note (MPN) for all Federal Stafford Loans. The MPN eliminates the need to complete a new promissory note for loans each year. By completing the MPN, you are authorizing Upper Iowa University to certify Federal Stafford Loans requested by you on the loan request form.
10. If you are a first time borrower of Federal Loan funds, federal regulations require that you complete Loan Entrance Counseling. You may do this by visiting www.mappingyourfuture.org.
11. If you are not degree-seeking, you are not eligible for financial aid, unless you are seeking additional teaching endorsements.
PLEASE NOTE: If your program has not received your admission application, high school information and official academic transcripts from all previously attended schools, your financial aid will be delayed. You must be officially accepted for admission to the University to be eligible for financial aid.
Independent Study Program Learners: To be eligible for federal financial aid funds through the Independent Study Program, you must be enrolled at half-time status. To qualify for half-time status, you must be enrolled in a minimum of six semester credits within the same enrollment period.
International Center Students: U.S. federal financial aid funds are not available. Check with local center staff for other types of aid available by country.
If You are Eligible for a Federal Stafford Loan
Follow these steps:
1. UIU will process your loan based on the the accepted amount from the online award letter. If you have not previously borrowed, you will be required to complete a Master Promissory Note (MPN). No funds will be released to Upper Iowa University until the MPN has been received by the Guarantor.
2. Upon verification of enrollment and attendance, funds from the lender will be credited to your University account electronically. Subsequent disbursements will follow this same procedure for each term of enrollment. If your lender does not participate in the EFT process, your loan disbursement checks will be mailed to the Financial Aid Office, then forwarded to the Business Office. Upon verification of enrollment and attendance, the Business Office will forward the check to your program. You will be contacted when the check arrives and asked to endorse the check to UIU. The loan funds will then be applied to your University account.
Cash Overpayment Disbursements for loan funds exceeding tuition and fees will be processed upon verification of enrollment. For center program learners this means actual attendance at the time the funds arrive at the center. For Online Program learners this means verified participation in the online environment. For Independent Study Program learners this means until appropriate coursework is completed and graded.
How Your Financial Aid Will Be Applied
Your total grants will be divided among five or six terms, based on full-time enrollment. Once the program verifies your attendance, your grant(s), after being adjusted for part-time enrollment if necessary, will be credited to your account.
Upper Iowa University's Summer Term (Term 6) is considered the end of the academic year. Any Federal Stafford Loan eligibility or Federal Pell Grant monies remaining can be applied to Term 6. If all Federal Stafford Loan eligibility and Federal Pell Grant funds have been used for the year, you may have eligibility for an alternative loan.
U.S. Center, Online and Independent Study Programs are approved by the Department of Education of the State of Iowa to certify qualifying learners to receive veterans' benefits. For additional information on applying for veterans' benefits, changing your place of training or how courses are certified, contact the Veterans' Administration certifying official at your program office. It is extremely important that you indicate on your registration for each class that you want the course certified for veterans' benefits.
Upper Iowa University will also notify the Veterans Administration of any change in status including administrative withdrawal or withdrawal from a course. With a change in status, the learner may be required to refund benefits. Student reimbursement will be calculated by the VA and is determined separately than any eligible refund under Upper Iowa University's policy.
If you have any questions regarding financial aid, please contact your program or the Financial Aid Office, 1-800-553-4150, ext. [2+4], or email: financialaid@uiu.edu, or write to:
Financial Aid Office, Upper Iowa University
PO Box 1859
Fayette, IA 52142
Any questions about billing should be directed to your program office.
