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) 226-2514.
Financial assistance is available to Allen College students through a variety of sources: need-based financial programs, non-need based financial programs and scholarships.
In response to the Federal Trade Commission’s recent ruling, steps have been taken to ensure the protection of individual’s private information as related to employment and education. Allen College is required by federal regulations to collect and use social security numbers as identifiers. The use of social security numbers as identifiers is limited to those situations and to those agencies requiring this information in relation to the awarding of student financial aid, loans, and/or licensure.
Students demonstrating financial need as determined by the needs analysis calculation through the FAFSA processor will be considered for need-based financial aid programs. These programs include:
- Federal Pell Grant
- Federal Supplemental Education Opportunity Grant (SEOG)
- Iowa Tuition Grant
- Federal Work Study
- Federal Subsidized Direct Loan
- Federal Nursing Student Loan (NSL)
Students not demonstrating need as determined by the needs analysis calculation through the FAFSA processor will be considered for non-need-based financial aid programs. These programs include:
- Unsubsidized Direct Loan
- Allen College McElroy Loan
- Alternative Student Loan
- PLUS Loa/Graduate PLUS Loan
- Nurse Faculty Loan Program (NFLP)
Federal Pell Grants:
Federal Pell Grant funds are for undergraduate students who are pursuing their first Bachelor's degree. This is a federal grant and is based on financial need and the maximum Pell Grant award is $6,345. The awarded amount is based on full-time enrollment (12 or more semester hours) if actual enrollment is unknown. The actual amount of your Pell Grant will be adjusted based on your current enrollment (Full time = 12 or more hours; 3/4 time = 9-11 hours; 1/2 time = 6-8 hours; less than 1/2 time = 1-5 hours.) Your Pell Grant amount will be adjusted throughout the first three weeks of the semester should your enrolled hours change. You are limited to 12 full time semesters of Federal Pell Grant.
Federal Supplemental Education Opportunity Grant:
Federal Supplemental Educational Opportunity Grant funds are for undergraduate students who are pursuing their first Bachelor's degree. This is a federal grant and is based on financial need. The awarded amount is based on full-time enrollment (12 or more semester hours) if actual enrollment is unknown.
Iowa Tuition Grant:
The Iowa Tuition Grant is for undergraduate Iowa residents who attend private institutions of higher education. The award amount is based on full-time enrollment if actual enrollment is unknown. Part-time students who are eligible for Iowa Tuition Grants are awarded based on actual course hours taken only at Allen College and/or other qualifying private institutions. Grant amounts are subject to change as a student's enrollment changes. You are limited to 8 full time semesters of Iowa Tuition Grant. In the event that available state funds are insufficient to pay the full amount of each approved grant, the Iowa College Student Aid Commission has the authority to administratively reduce the award.
Federal Subsidized and Unsubsidized Direct Loans:
A Federal Subsidized Direct Loan is based on financial need and the government pays the interest while a student is attending school at least half time. A Federal Unsubsidized Direct Loan is not based on financial need and the student is responsible for all interest costs. The student has the option of paying or deferring the interest while they are in school at least half time. If you accept a Subsidized and/or Unsubsidized Direct loan, you must complete an electronic promissory note at https://studentloans.gov/myDirectLoan/launchMpn.action?mpnType=subUnsubMpn and entrance counseling at https://studentloans.gov/myDirectLoan/counselingInstructions.action?counselingType=entrance. Interest and deferment information is available at https://studentaid.ed.gov.
A Federal PLUS Loan is a loan that graduate or professional degree students or parents of dependent undergraduate students can use to help pay educational expenses. It is not based on financial need and the borrower is responsible for all interest costs. Repayment can be deferred until the student completes school or it may begin within 60 days after the loan is fully disbursed. If a PLUS Loan is accepted, it must be applied for on a separate application. Go to www.studentloans.gov to complete a PLUS application and promissory note and obtain interest and repayment information.
The Federal Work-Study Program is a need based financial aid program. Work-Study provides funds for students to work part time on campus while they are enrolled in at least six credit hours. Allen College students work an average of 10-15 hours per week. Contact the Student Financial Services Office for job placement opportunities.
Federal Nursing Student Loan:
A Federal Nursing Student Loan is based on financial need and is interest free while a student is attending school at least half time. If a Federal NSL is listed as part of your financial aid award, you must apply for it on a separate application. If you accept a NSL, the application/promissory note will be mailed to you upon return of your award letter. This loan will need to be repaid beginning 9 months after you graduate or leave school. Interest is 5%.
Nurse Faculty Loan Program (NFLP):
This is a federal loan cancellation program with a service obligation for recipients. This loan is only available to students in the DNP or EdD programs that intend on teaching full-time in a fully accredited nursing program. To learn more about NFLP select the PDF link below. To apply for the loan, contact financial aid. A separate application and promissory note are required for NFLP.
Alternative Student Loans:
An alternative student loan is not based on financial need and is based on credit worthiness and ability to repay. They are borrowed by the student, but many require a credit worthy co-signer. Many offer deferment of principal payments while the student is enrolled. See a historical list of alternative student loan providers to review and compare terms and conditions prior to borrowing at this link: https://choice.fastproducts.org/FastChoice/home/3069100/1.
The table below shows the maximum COMBINED amount you may borrow in the Federal Direct Subsidized and Unsubsidized Loan Program.
Maximum Annual Loan Limits
Subsidized and Unsubsidized Direct Stafford Loans
||Dependent Undergraduate Student
||Independent Undergraduate Student
||Graduate & Professional Degree Student
| First Year
||$3,500 + $2,000 additional Unsubsidized Loan
||$9,500 -- No more than $3,500 of this amount may be in subsidized loans
||$20,500 -- This is only Unsubsidized Loans
| Second Year
|| $4,500 + $2,000 additional Unsubsidized Loan
|| $10,500 -- No more than $4,500 of this may be in subsidized loans
|$20,500 -- This is only Unsubsidized Loans
| Third Year and beyond (each year)
|| $5,500 + $2,000 additional Unsubsidized Loan
| $12,500 -- No more than $5,500 of this may be in subsidized loans
|$20,500 -- This is only Unsubsidized Loans
| Maximum Annual Loan Limits Chart - Subsidized and Unsubsidized Direct Loans
||$31,000 -- No more than $23,000 of this amount may be in subsidized loans
|| $57,500 -No more than $23,000 of this amount may be in subsidized loans
| $138,500 -- The graduate debt limit includes Direct Loans received for undergraduate study
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 two semesters of study at Allen College. Allen College is restricted from awarding to UnityPoint Health – Waterloo (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.
Deadline for Application
Applicants who will enter their final year of study must apply for the award by established deadlines:
November 1, 2020 for August 2021 Graduates
November 1, 2020 for December 2021 Graduate (does not include graduates from the accelerated program)
April 1, 2021 for December 2021 Graduates of the accelerated undergraduate nursing program - all other December 2021 graduates should have applied by November 1, 2020
April 1, 2021 for May 2022 Graduates
In response to the Federal Trade Commission’s recent ruling, steps have been taken to ensure the protection of individual’s private information as related to employment and education. Allen College is required by federal regulations to collect and use social security numbers as identifiers. The use of social security numbers as identifiers is limited to those situations and to those agencies requiring this information in relation to the awarding of student financial aid, loans and/or licensure.
All of the members of Allen College’s Financial Aid team receive annual external training to ensure expertise in all state and national regulations related to providing financial aid counseling and disbursements to our students. Documentation of training may be provided upon request by contacting Allen College’s Executive Director of Business and Finance at (319) 226-2012.