FINANCIAL AID

Financial aid is intended to assist students in financing their education when family and personal resources are not adequate to meet their total educational cost. Financial aid may consist of scholarships, grants, loans and work-study part-time employment. The University of Iowa makes every effort to assist students with limited financial resources in obtaining needed funds. For further information visit the University of Iowa Office of Student Financial Aid website at www.uiowa.edu/financial-aid.

types of financial aid available to pharmacy students

Financial Aid falls into two broad categories, federal student aid and nonfederal student aid. To be eligible to receive federal student aid, a student must be a U.S. citizen or eligible non-citizen and must complete the U.S. Department of Education Free Application for Federal Student Aid (FAFSA, www.fafsa.ed.gov). Eligibility guidelines and additional information may be found at the Federal Student Aid website at http://studentaid.ed.gov.  International students typically are not eligible for federal student aid.

Federal student aid includes: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study, Federal Perkins Loan, Federal Direct Stafford/Ford Loan, Federal Direct Unsubsidized Stafford/Ford Loan, Federal Direct Parent PLUS Loan, Federal Direct Graduate PLUS Loan, and Health Professions Loan. Note that only undergraduate students are eligible for federal grant programs.

Nonfederal student aid is financial aid that comes from all sources outside of the federal government programs listed above. Note that nonfederal aid sources may require completion of the FAFSA. Eligibility requirements for nonfederal aid vary. Many types of nonfederal aid are available, and students should seek out sources of aid in addition to those mentioned below.

SCHOLARSHIPS
There are a number of scholarships that a pharmacy student may be eligible for. This type of aid does not need to be repaid.

The College of Pharmacy Tuition Scholarship is awarded to first through fourth year pharmacy students registered as full-time (12 sh or more). This is awarded based on financial need as determined by the FAFSA. A University of Iowa or transfer GPA of 3.5 or higher is needed to be eligible for this award. Minimum financial need of $200 is required. Maximum award is $10,000.  Tuition scholarships are awarded on a first-come, first-served basis.  For 2009-2010, a total of over $1.4 million was awarded to pharmacy students at the University of Iowa through the College of Pharmacy Tuition Scholarship program.

The College of Pharmacy Opportunity Scholarship is awarded to first through fourth year pharmacy students, with a maximum award of $5,000. The College of Pharmacy values the educational benefits of a diverse student body. A diverse student body enriches the academic experiences by providing an opportunity to explore different world views, philosophies, and cultural approaches to pharmacy practice and the pharmaceutical sciences. The College of Pharmacy wishes to continue to develop and energize our diverse student body by making available the College of Pharmacy Opportunity Scholarship. The scholarship is awarded based on an essay written by the student which addresses how their background contributes to diversity, an experience they have had that has lead them to value diversity, economic or social barriers they have overcome to obtain their education, how they would enrich the academic environment of the College of Pharmacy, their service and contribution to the community, or their leadership activities. Completion of the FAFSA is not required.  Application details are provided to new pharmacy students once accepted into the College of Pharmacy.  Approximately 20 students are awarded the College of Pharmacy Opportunity Scholarship each year.

College of Pharmacy Scholarships from private donors are awarded to second through fourth year pharmacy students. Eligibility requirements vary depending on donor request. These awards typically range from $175-$3,750 each. More information about these scholarships can be found at www.pharmacy.uiowa.edu/doctor/donorscholarships.htm.

Students should seek sources of Outside Scholarships. Information about some outside scholarships available to pharmacy students can be found at www.pharmacy.uiowa.edu/doctorof/scholarship.htm.  Information on how to locate other outside scholarships can be found at http://www.uiowa.edu/financial-aid/aidtypes/scholarships/index.shtml.

GRANTS
Grants are a form of aid that is need based. This type of aid does not need to be repaid. Most pharmacy students are not eligible for this type of aid once they enter the College of Pharmacy. Included in this type of aid are the following: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Iowa Grant, Iowa Minority Academic Grants for Economic Success Program (IMAGES), and Educational Opportunity Program (EOP) Grant.

LOANS
There are a number of loan options available for students. Federal student loans must be paid back to the lending institution upon completion of your education or dropping to less than half-time enrollment status. Terms for nonfederal loans may vary. Federal student loans include: Federal Direct Stafford/Ford Loan, Federal Direct Unsubsidized Stafford/Ford Loan, Federal Direct Graduate PLUS Loan, and Health Professions Loan. The Health Professions Loan requires parent information on the FAFSA even if the student is self-supporting. More information on student loans, including nonfederal loans, can be found at www.uiowa.edu/financial-aid/aidtypes/loans/index.shtml.

EMPLOYMENT
Employment is another way of subsidizing your education. The Federal Work-Study Program is a need based employment program for undergraduate and graduate students.  The maximum award is $3,500 for the academic year. Part-time employment is available for any student registered at the University of Iowa during the academic year. Descriptions of job openings are available on JobNet at www.uiowa.edu/financial-aid/employment/opportunities/index.shtml.

Many pharmacy students seek employment in local pharmacies. After the first semester of pharmacy education, a student may be employed as a pharmacy intern. Pharmacy interns will earn internship hours towards pharmacy licensure, up to 10 hours per week during the school year and full-time in the summer, as well as getting paid for their work.  In addition, many pharmacies offer tuition assistance programs for pre-pharmacy and/or pharmacy students who plan to work at that pharmacy after graduation.

GENERAL ELIGIBILITY REQUIREMENTS
Students must meet the following requirements to be considered for certain financial aid programs:

• Demonstrate financial need as determined by the established federal formula and meet the eligibility requirements of each aid program:
• Be enrolled at least half-time in a program leading to a degree at The University of Iowa; all scholarship and some other financial aid programs require full-time enrollment; Pell Grants may be available to students registered less than half-time; audits and cooperative education, 00 semester hours do not count;
• Maintain satisfactory academic progress as defined by the University of Iowa, Reasonable Academic Progress Standard;
• Be in compliance with Selective Service registration;
• Not be in default on any educational loan and not owe any refund on a grant or loan at any institution.

FINANCIAL AID APPLICATION PROCESS
1. Submit the Free Application for Federal Student Aid (FAFSA) or renewal FAFSA as soon after January 1 as possible for the following school year.  All applicants to the College of Pharmacy who are eligible for financial aid, as well as current pharmacy students, should complete the FAFSA.  The federal school code for the University of Iowa is 001892. This form can be completed on the web at www.fafsa.ed.gov .

Students applying for admission to the College of Pharmacy who do not plan to obtain a bachelor's degree prior to entry in to the College of Pharmacy should apply for financial aid as undergraduate students.  Current pharmacy students with 72 semester hours (s.h.) or more of college credit, or applicants who will complete a bachelor's degree prior to entry in to the College of Pharmacy should apply as graduate/professional students. If you are unsure, apply as an undergraduate student. Students admitted to the College of Pharmacy who have obtained 72 s.h. of college credit will be considered graduate/professional students for financial aid purposes and will have any financial aid awarded adjusted accordingly, even if they indicated undergraduate status on the FAFSA. Students who want to be considered for a Health Professions Loan must complete the parent sections of FAFSA, even if the student is self-supporting.

Approximately three weeks after you submit your FAFSA/Renewal FAFSA, the federal processor will:

• Forward the FAFSA/Renewal FAFSA information to the University of Iowa Office of Student Financial Aid
• Send a paper Student Aid Report (SAR) to you at the mailing address listed on your FAFSA/Renewal FAFSA or, if you provided an email address, send an email to you directing you to an online SAR.  Review your SAR for accuracy and make corrections following directions on the form.

2. Complete the University of Iowa Verification Form (IVF)
Upon receipt of your FAFSA results from the federal processor, the UI Office of Student Financial Aid will contact you about the IVF which you must complete and return to the UI Office of Student Financial Aid as soon as possible. This form allows you to report any updated information, unusual circumstances, or changes in income.

3. Submit Federal Income Tax Returns for Current Year
Submit to the UI Office of Student Financial Aid a photocopy of your own current federal income tax return and schedules A and B, if filed. Sign and date the photocopy.  If your parents’ income information was provided on the FAFSA, you must also submit to the UI Office of Student Financial Aid a photocopy of your parents’ current federal income tax return and schedules A & B, if filed. Sign and date the photocopy. Print the student’s name and social security number in the upper right corner. It is recommended that you mail the tax return(s) and IVF together.

4. Notice of Eligibility After all required documents have been reviewed, the UI Office of Student Financial Aid will notify you of your eligibility for financial aid.

HELPFUL HINTS

• Apply Early
• Complete forms carefully
• Report savings and investments
• Report changes in income tax filing status
• Keep a separate financial aid file
• Reapply every year
• Investigate other sources of aid