Financial Aid & Scholarships
The purpose of financial assistance is to provide funds to students that otherwise would be unable to pursue a college education. This assistance is intended to supplement (not replace) the amount the student and/or her or his family can afford.
In order to be considered for both state and federal aid programs, students need to:
For questions, please contact the Allen College Student Financial Services Office at FinancialAid@allencollege.edu or (319) 226-2000.
Financial assistance is available to Allen College students through a variety of sources: need-based financial programs, non-need based financial programs and scholarships.
Students demonstrating financial need as determined by the needs analysis calculation through the FAFSA processor will be considered for need-based financial aid programs. Those programs include:
- Federal Pell Grant
- Federal Supplemental Education Opportunity Grant (SEOG)
- Iowa Tuition Grant
- Iowa Grant
- Federal Work Study
- Federal Nursing Student Loan
- Federal Perkins Loan
- Federal Direct Subsidized Stafford Loan
- Allen College McElroy Loan
Federal Pell Grants
Federal Pell Grants are designed for needy undergraduate students to help pay for the cost of their first bachelor's degree. The maximum award for a Pell Grant is set by the U.S. Department of Education and varies by year and the actual grant amount is determined by a federal needs analysis formula and the actual number of credit hours of enrollment each semester. Students are limited to 12 semesters of full time Pell Grant funding.
Federal Supplemental Education Opportunity Grant
Federal Supplemental Education Opportunity Grant (SEOG) is supplementary grant for needy undergraduate students to help offset the cost of post-secondary education. Awards range from $50.00 to $1500.00 per year. The actual amount is determined by individual need and the number of applicants. The SEOG is funded by the federal government.
Iowa Tuition Grant and Iowa Grant
Iowa Tuition Grant and Iowa Grant are state grants for needy undergraduate students who are residents of Iowa attending a private college in Iowa. Awards range from $300.00 to $5,340.00 per year. These funds are allocated by the state of Iowa and are available for 8 full time semesters at a private college in Iowa.
Federal Direct Loans
Federal Direct Loans (William D. Ford Federal Direct Loan Program) encompass the Federal Subsidized and Unsubsidized Stafford Loan and the PLUS Loan programs. The Subsidized Stafford Loan is need-based, where as the Unsubsidized Stafford Loan and the PLUS Loans are not based on need. The PLUS Loan is designed for graduate or professional degree students and parents of undergraduate dependent students. These loans provide low-interest and reasonable repayment terms to assist students and families in financing their education. The federal government requires that all students submit the Free Application for Federal Student Aid and complete the federal application process to determine eligibility for any or all of these loans (www.fafsa.ed.gov)
Maximum Annual Loan Limit Chart
Subsidized & Unsubsidized Direct and Stafford Loans
||Dependent Undergraduate Student
||Independent Undergraduate Student
||Graduate & Professional Degree Student
| First Year
|| $3,500 + $2,000 additional Unsubsidized Stafford Loan
||$9,500 -- No more than $3,500 of this amount may be in subsidized loans
||$20,500 -- Graduate students are only eligible for Unsubsidized Stafford Loan
| Second Year
|| $4,500 + $2,000 additional Unsubsidized Stafford Loan
|| $10,500 -- No more than $4,500 of this may be in subsidized loans
| $20,500 -- Graduate students are only eligible for Unsubsidized Stafford Loan
| Third Year and beyond (each year)
|| $5,500 + $2,000 additional Unsubsidized Stafford Loan
| $12,500 -- No more than $5,500 of this may be in subsidized loans
|$20,500 -- Graduate students are only eligible for Unsubsidized Stafford Loan
| Maximum Amount Loan Limits Chart - Subsidized and Unsubsidized Direct and Stafford Loans
||$31,000 -- No more than $23,000 of this may be in subsidized loans
|| $57,500 -No more than $23,000 of this may be in subsidized loans
| $138,500 -- The graduate debt limit includes Stafford Loans received for undergraduate study
Work Study Federal work study is a need based type of financial aid. Students are able to work part-time and earn an hourly wage, while attending Allen College. Contact the Student Financial Services Office if you are interested (319) 226-2000.
Federal Nursing Student Loan
Federal Nursing Student Loans are need based, low interest, long term loans that are available to undergraduate nursing students. These loans are interest free while you are in school. Repayment begins nine months after you graduate or leave school.
Allen College/McElroy Loans
Allen College/McElroy Loans are low interest, long term loans that are interest free while you are enrolled in school at least half time. Repayment begins six months after you graduate or leave school. This loan was funded by a grant from the McElroy Foundation.
All students and/or their families will be considered for financial assistance that is not need-based. Such programs include:
- Federal Direct Unsubsidized Stafford Loan
- Federal Direct PLUS Loan
All students are eligible to apply for scholarship assistance.
Allen College Winter Family Promises to Keep Award: Undergraduate students are eligible to apply for this award for financial assistance in their final year of study at Allen College. Allen College is restricted from awarding to Allen Health System employees.
The "Winter Family Promises to Keep Award" seeks to create a partnership between the student and Allen College. The goal of the award is to provide financial support for deserving Allen College undergraduate students while also creating a vision of philanthropy through this relationship that will benefit future generations of Allen College students. The name of the award signifies the commitment by the recipient to provide philanthropic support for future Allen College students.
Applicants who will enter their final year of study must
apply for the award by established deadlines:
November 1, 2016 for August 2017 Graduates
November 1, 2016 for December 2017 Graduates
April 1, 2017 for December 2017 Graduates of the
accelerated undergraduate nursing program - all other
December 2017 graduates should apply by November 1,
April 1, 2017 for May 2018 Graduates