How Financial Aid is Awarded?
Most financial aid funds are from Federal, State, Institutional aid and private donors and each program has specific requirements. In general, all students must meet the following requirements to receive financial aid through Iowa Wesleyan College.
- Enrolled Fulltime (at least 12 credits for financial aid)
- Admitted as a degree seeking student
- Maintain Satisfactory Academic Progress
- Meet eligibility requirements for each aid program
- Not be in default on any educational loan
- Demonstrate need or meet specific scholarship requirement
Financial need is determined by the FAFSA (Free Application for Federal Student Aid) and calculated by a standard federal formula:
Estimated Cost of Attendance – Expected Family Contribution = Financial Need
Cost of Attendance includes tuition, fees, room and board, books and supplies and other school-related expenses.
Expected Family Contribution (EFC) is what the federal government expects you and your family to contribute toward your educational expenses. Your EFC is calculated when you complete the FAFSA. Your EFC is not the amount you must pay your school.
Federal and State financial aid awards are subject to the availability of expected Federal and State funds.
