Financial Aid at ISU - Overview and Services
Financial aid overview at ISU including filing FAFSA, loan options, cost of attendance, and steps for financial aid application. Learn about available scholarships, veteran benefits, and loan repayment details.
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Financial Aid Overview Tara Joyce, Financial Aid Advisor vmfinancialaid@iastate.edu
Financial Services at ISU Office of Student Financial Aid Accounts Receivable (U-Bill) Office Office of the Registrar College of Veterinary Medicine FAFSA filing loan action steps Budgeting loan repayment Monthly payment plan registration College savings plan (529 plan) payments Financial aid refunds Tuition & fee assessment Residency determination Veteran s Benefits Scholarship awarding 515-294-2223 515-294-7388 515-294-1840 financialaid@iastate.edu ubill@iastate.edu registrar@iastate.edu
2021-2022 Cost of Attendance Billable cost at ISU Tuition & mandatory fees Board of Regents will finalize summer 2022 Laptop computer One-time charge during fall 2022 semester Total billable expenses Out of pocket expenses Housing & meals Books All other out of pocket travel, consumer bills, medical, etc. Total cost of attendance Resident Non-Resident $26,476 $56,964 $2,550 $2,550 $29,026 $59,514 These costs will vary by student and are not billed at ISU $9,362 $1,000 $9,362 $1,000 $3,320 $3,320 $42,708 $73,196
Filing the FAFSA 1. File the FAFSA by March 1stevery year for Health Professions Student Loan (HPSL) consideration Parent information must be provided if you want to be considered for the (HPSL) Parent information is not required if you do not want the HPSL or you cannot get parent information 2. The FAFSA can be filed after March 1st if you will not pursue the Health Professions Student Loan 3. Your financial aid offer will be mailed to you in May 4. All financial aid steps will be completed online in AccessPlus
Types of Financial Aid
Loans Loan options will be listed on your Financial Aid Award Loans can be reduced, declined, and/or accepted up to finals week every semester Loans are repaid after you graduate, stop attending, or are enrolled less than half-time Loans borrowed prior to attending the CVM will enter in-school deferment after classes begin Types of Loans Unsubsidized awarded to students who complete the FAFSA parent information is not required Graduate/Veterinary PLUS credit-based loan and requires a separate application after the FAFSA is filed parent information is not required Health Professions Student Loan (HPSL) need-based loan and must provide parent information on FAFSA to be considered
Types of Loans Interest Rate & Origination Fee Application process Annual Amount Repayment 1. File the FAFSA 2. Follow acceptance steps on your financial aid award Interest: 4.30% Origination Fee: 1.059% Six months after graduation Unsubsidized $40,500 1. File the FAFSA 2. Apply for the loan 3. Complete the loan agreement Remaining cost of attendance for non-resident students Interest: 5.30% Origination Fee: 4.228% Six months after graduation PLUS 1. File the FAFSA with parent information 2. Sign paperwork if approved for the loan Interest: 0% in-school and one year after graduation, then 5% interest will accrue Origination Fee: 0% Health Professions Student Loan (HPSL) One year after graduation Varies by student
Financial Aid Disbursement Fall U-Bill payment deadline August 20th Spring U-Bill payment deadline January 20th All financial aid applies to the U-Bill first Financial aid applies to the U-Bill the week before classes begin each semester If accepted financial aid exceeds the balance owed, the excess amount will be refunded directly to the student
Plan to live like a student Create a budget of all day-to-day expenses before you get to vet school Cell phone, media subscriptions, car insurance, car payments, medication refills, groceries, pet expenses, hobby expenses, entertainment, fuel or airfare to go home, clothing . etc. Plan to pay these without using student loans, if possible Save summer earnings, work 5-10 hours a week in vet school, shop on consignment, make a list before doing any shopping, use store apps, make meals with friends And the list goes on! Plan to pay direct education expenses (tuition & fees) and *rent with student loans if you cannot pay out of pocket *Approximately $1,000/month is included in loan options to cover monthly living expenses Many apartments in Ames require the tenant to only pay rent and electricity Talk to current students for tips on housing and their living expense budget
Frequently Asked Questions Q: Can I get in-state tuition if I am not from Iowa? A: Residency may be available to students with military affiliation or students who establish residency in Iowa prior to beginning veterinary school. Questions about residency must be directed to the Office of the Registrar registrar@iastate.edu or 515-294-1840. Q: Can I get grants and scholarships? A: Grants are not funded for professional students, and scholarships may be available from the College of Veterinary Medicine. Q: Can I get more financial aid? A: Qualifying expenses for additional loan options include childcare expenses and medical bills paid out of pocket, including health insurance.
Recommended next steps File the 22-23 FAFSA if you need to use student loans Use AccessPlus to monitor your FAFSA Status Use AccessPlus to find your financial aid offer mid-May Use AccessPlus to complete loan agreement steps **Plan to complete all financial aid steps by the end of July to ensure your financial aid disburses on time** Please email vmfinancialaid@iastate.edu if you have questions after the session today.
