Loans and Grants
Class attendance is required to receive Federal Aid.
|What is it?||Who is eligible?||Does it have to be paid back?|
|Federal Pell Grant||Grant assistance for students who have not earned a bachelor's degree. Annual awards may range up to $5,550||Students who show need for assistance whether or not they meet the priority April 1 deadline date.||No This is gift aid and does not have to be repaid.|
|Federal Supplemental Educational Opportunity Grant (FSEOG)*||Grant assistance for undergraduate students, with priority given to Pell Grant recipients. Annual awards may range from $200 to $600.||Students who file FASFA, show a high need for assistance, and qualify for a Federal Pell Grant.||No. This is gift aid and does not have to be repaid.|
|State Grants: Iowa Grant* / Iowa Vocational-Technical Grant* / Kibbie Grant||Grant assistance available to Iowa residents only. Grants can range from $600 to $2,100 for a full academic year.||Students who show financial need and meet the July 1 deadline date.||No. This is gift aid and does not have to be repaid.|
|Scholarships*||Assistance offered by public and private agencies, organizations, colleges and universities. Recipients are often selected based upon their scholastic aptitude. Minimum or maximum awards vary.||Continuing and new students who are planning to be at least a half-time student. Criteria explained on each application.||No. This is gift aid and in some cases, can be renewed if certain conditions have been met. Most Iowa Lakes Foundation scholarship applications are due April 1.|
|Federal College Work-Study*||Part-time employment during the academic year. Jobs are located on- or off-campus. Wages are $7.50 per hour.||Students who show need for assistance. Contact the Financial Aid office at Ext. 7920 on the Estherville Campus.||No. Students earn their award by working approximately 5-20 hours per week.|
|Federal Direct Loan Program||A subsidized and/or unsubsidized loan with a variable interest rate that is lower than commercial rates. Annual limits range from $5,500 for dependent students and $10,500 for independent students||FEDERAL SUBSIDIZED:
Students who show need for assistance and are enrolled at least half-time.
|Yes. Repayment of principal and interest will begin 6 months after termination of studies or after student drops below 1/2 time.|
Students enrolled at least half-time.
Independent students enrolled at least half-time up to $4,000.
|Yes. Interest is charged from the time student receives their loan until paid in full. Repayment begins six months after termination of studies or after student drops below 1/2|
|Alternative Loans||Loans made available without regard to need for assistance. Borrowers have the option to pay at least the interest on the loan while the student is in school. Interest capitalizes from the point of loan disbursement until loan repayment begins.||PLUS: Parents with good credit.||Yes. Repayment begins immediately.|
|There are numerous options for alternative loans and we cannot recommend one option over another.
It is recommended that you research the various options and make the best choice for your needs.
|Yes. Repayment options available through lender.|
* Due to limited funds, some eligible student may not be awarded this type of assistance.