Financial Aid

FAFSA-Free Application for Federal Student Aid

The FAFSA (Free Application for Federal Student Aid) is an online application that students must fill out each year to be considered for Federal student aid.  The FAFSA can be filled out at www.fafsa.gov.  The FAFSA is available on January 1st of each year. 

Students and parents (if applicable) must create an FSA ID (Federal Student AID ID) to sign the FAFSA.  Students and parents can create the FSA ID online at http://fsaid.ed.gov.   

The FAFSA calculates the student’s EFC (expected family contribution) number which is used to determine financial need.  Financial need is determined by subtracting the student’s EFC by the student’s COA (cost of attendance) at Iowa Central Community College.  If the difference between the student’s COA and EFC is a positive number, the student may qualify for need based aid.  If the difference between the student’s COA and EFC is a negative number, the student may only qualify for non-need based aid.

Iowa Central Community College determines students with a 0 EFC to be the highest need students.

Eligibility

To be eligible for Federal aid, students must:

  • Be a U.S. citizen or eligible non-citizen
  • Have a high school diploma or equivalent
  • Be registered for the Selective Service
  • Be enrolled at Iowa Central Community College in a program leading to a degree, diploma, or certificate
  • Meet Satisfactory Academic Progress Standards
  • Not be in default on a Federal student loan or owe a payment on a Federal grant

Verification

  • Some FAFSAs that are filled out are selected for verification.  The Financial Aid Office will notify students of their next steps if selected for verification.
  • Verification includes completing the appropriate year’s verification worksheet(s) and submitting copies of the student’s and parents’ (if applicable) Federal Tax Return Transcripts or W-2s.
  • Verification worksheets can be found under Forms.  If you are enrolled in courses you may view your documents needed in Web Advisor under “My Documents” (Web Advisor can be accessed at www.iowacentral.edu, click on TritonPass).

Types of Aid

Grants

A grant is assistance that does not have to be repaid.  For additional information provided by the U.S Department of Education on how to fund your education, visit http://studentaid.ed.gov.

Federal Pell Grant

  • Federally funded gift aid
  • Students must demonstrate need
  • Student must be an undergraduate
  • Meet Satisfactory Academic Progress Standards

Federal Supplemental Educational Opportunity Grant (SEOG)

  • Federally funded gift aid administered by Iowa Central
  • Students must demonstrate need
  • Students must be undergraduate
  • Awards limited to funds available
  • Meet Satisfactory Academic Standards

Iowa Vocational-Technical Grant

  • Iowa resident students
  • Full time enrollment in Career or Career Option programs
  • Students must demonstrate need
  • Maximum award is $1,200.00
  • Meet Satisfactory Academic Standards

Iowa Grant

  • Iowa resident students with very low expected family contribution
  • Maximum award is $1,000.00
  • Students must demonstrate need
  • Meet Satisfactory Academic Standards

Iowa Kibbie Grant

  • Iowa resident students
  • Enrolled in qualified program
  • Maximum $2,505 grant
  • Students must demonstrate need
  • Meet Satisfactory Academic Standards

Non-resident students should check with their home State’s Higher Education Agency for information concerning State grant assistance from that State

Loans

A Loan is financial assistance that must be repaid.  Students who borrow a Direct loan and who are first time borrowers at Iowa Central are required to complete the Master Promissory Note and Direct Loan Entrance Counseling online at www.studentloans.gov.  For additional information provided by the U.S Department of Education on how to fund your education, visit http://studentaid.ed.gov.

Federal Direct Subsidized Loan

  • 3.76% fixed interest rate for subsidized loans disbursed on or after July 1, 2016 through June 30, 2017.
  • Interest does not accrue until the student ceases to be enrolled in at least 6 credits (half time enrollment status)
  • Student must demonstrate need to qualify
  • Maximum loan amount is $3,500 for 1st year and $4,500 for 2nd year undergraduate students
  • To be considered 2nd year status you must have earned 30 semester hours of credit in your academic program
  • Loans must be repaid regardless of whether the student is successful in completing the program or obtaining employment
  • Meet Satisfactory Academic Standards.

Federal Direct Unsubsidized Loan

  • 3.76% fixed interest rate for unsubsidized loans disbursed on or after July 1, 2016 through June 30, 2017.
  • Student does not have to demonstrate need to qualify
  • Maximum loan amount is $5,500 for 1st year and $6,500 for 2nd year dependent undergraduate students
  • Independent students may qualify for an additional $4,000 per year
  • To be considered 2nd year status you must have earned 30 semester hours of credit in your academic program
  • Loans must be repaid regardless of whether the student is successful in completing the program or obtaining employment
  • Meet Satisfactory Academic Standards

Federal Direct Parent PLUS Loan

  • Loans available to parents of dependent students
  • Financial need is not required
  • 6.31% fixed interest rate for Parent PLUS Loans disbursed on or after July 1, 2016 through June 30, 2017
  • This award is a loan that must be repaid to the U.S. Department of Education
  • Parent may apply for Parent PLUS Loan at www.studentloans.gov. Detailed application instructions can be found under our F.A.Q.'s section.
  • Loans must be repaid regardless of whether the student is successful in completing the program or obtaining employment.
  • Student must meet Satisfactory Academic Standards

Visit http://StudentAid.gov/repay to learn about repaying student loans and to estimate monthly payments using the repayment estimator.

Private Student Loans

Other

Federal Work Study

  • Part-time work opportunities
  • Federally funded, Iowa Central administered
  • Students must demonstrate need
  • Awards limited to funds available
  • Students must earn their award by working approximately 6-8 hours per week. The award will not be applied directly to the student's account
  • Meet Satisfactory Academic Standards

Proteus

Proteus serves Iowa’s immigrants, minority, and low-income populations to make their dream of a brighter tomorrow a reality by helping them overcome language and cultural barriers in order to better provide for their families.

If you have been employed in agriculture in the past two years, you may qualify.

Click here to learn more about Proteus.

Additional Aid

Students are encouraged to seek information on financial aid in their own communities. Local service clubs and organizations, as well as national and state organizations may have financial aid for you. The Financial Aid Office is available to assist you in identifying these sources.

Code of Conduct

  • Iowa Code Section 261F.2 and Title 34 of the Code of Federal Regulations, Section 601.21, require the development, administration, and enforcement of a code of conduct governing educational loan activities. Our officers, employees, trustees and agents, including the alumni association, booster club, and other organizations associated with Iowa Central Community College, agree to the provisions of this Code of Conduct and will refrain from:
    • Refusing to certify or delaying the certification of an education loan based on a borrower’s choice of lender.
    • Assigning a first-time borrower to a particular private education loan lender through the student’s financial aid award or another means.
    • Packaging a private education loan in a student’s financial aid award, except when the student is ineligible for other financial aid, has exhausted his or her federal student aid eligibility, has not filed a Free Application for Federal Student Aid, or refuses to apply for a federal student loan. 
    • Accepting impermissible gifts, goods, or services from a lender, lender servicer, or guarantor.  The institution may accept default prevention, financial literacy, or student aid-related educational services or materials, or other items of a nominal value.
    • Accepting philanthropic contributions from a lender, lender servicer, or guarantor that are related to the educational loans provided by the entity that is making the contribution.
    • Serving on or otherwise participating as a member of an advisory council for a lender, lender affiliate, or lender servicer.
    • Accepting from a lender or its affiliate any fee, payment, or other financial benefit as compensation for any type of consulting arrangement or other contract to provide education loan-related services to or on behalf of the lender.
    • Accepting fees or other benefits in exchange for endorsing a lender or the lender’s loan products.
    • Requesting or accepting an offer of funds for private education loans from a lender, in exchange for our promise to provide the lender with placement on a preferred lender list, or a certain number of volume of private education loans.
    • This institution is committed to providing the information and resources necessary to help every student achieve educational success.  To accomplish this goal the financial aid staff will consider each student’s individual needs.
    • A comprehensive Code of Conduct detailing permissible and impermissible activities has been provided to all of our officers, employees, and agents.  You may review the detailed Code of Conduct by clicking on Code of Conduct link listed below.
    • Code of Conduct for Educational Loans (.pdf)

Exit Counseling

Student loan borrowers who graduate, transfer, withdraw, or drop below half time enrollment status are required by law to complete Exit Counseling to learn important information about loan repayment.  Exit Counseling can be completed online at www.studentloans.gov.

Download the Exit Counseling Guide to learn more about repaying student loans.

Borrowers can login at http://StudentAid.gov/login to view your own personal Federal student loan and grant information.