Financial Aid Essentials
Important information that students should know about their Financial Aid...
What is my “Enrollment status?”
Enrollment status is determined based upon the number of credits for which a student is registered at the end of the second week into the semester. Enrollment status determines how much Financial Aid you receive. You are expected to make satisfactory academic progress in all classes for which you are enrolled.
- Full Time = 12 credits or more
- 3/4 Time = 9 - 11.5 credits
- 1/2 Time = 6 - 8.5 credits
- Below 1/2 Time = Less than 6 credits
Some important Financial Aid Do's and Don'ts
DO.....Maintain above a 1.75 cumulative grade point average at all times. Students who drop below this GPA may no longer be eligible to receive ANY financial aid. However, please know that you must have at least a 2.00 GPA to graduate.
DO.....Make sure that you sign the Master Promissory Note if you took out any loans through the Financial Aid Office.
DO.....Save some of your Stafford Loan money allotment for summer if you plan to take classes then. It will save you from having to take out “alternative loans.”
DON’T.....Get all “F”s in your courses….EVER! Not only will you cry, but you will also immediately be terminated from receiving Financial Aid without even a chance to be on Financial Aid Probation first! In most cases, withdrawing from all of your classes is better than failing all of them.
DON’T.....Change your major more than twice. If you change it a third time, you will be terminated from receiving Financial Aid. You might be able to receive special permission to change your major a third time, but you shouldn't count on it!!
Geez...you make all of this stuff sound SOOO important!
If you ever want to completely withdraw from all your classes at Iowa Western Community College, check with Financial Aid first!! There are specific deadlines and time frames that you need to be aware of in order to avoid owing the school money that you had not anticipated. Deadlines vary from semester to semester.
There are FINANCIAL consequences when things do not go as well as you had hoped…
I spent too much time on my professional singing career and not enough time studying. Now, I'm on Financial Aid Probation… what does that mean?
Students who are on Financial Aid Probation must do the following during the term in which they are on probation to avoid losing their financial aid completely (termination):
- Enroll in at least six hours at IWCC.
- Successfully complete ALL of the classes for which you are awarded Financial Aid, meaning you should never drop to a lower enrollment status.
- Have above a 1.75 cumulative GPA at the end of the semester.
When you are on probation, it is important that you make smart scheduling decisions regarding the classes you take, because the consequences are much more serious if you “slack off.”
Okay, fine...I slacked off and now I've been terminated from Financial Aid. What am I supposed to do now?
Students who are terminated from Financial Aid MUST do the same things as a student who is on “probation,” however, students who are “terminated” have to pay for the credits with their own money! Some things to keep in mind if you are ever on Financial Aid Termination…
- The termination status does NOT follow you to another school. For example, if you are on termination, you may transfer to another school and be eligible for financial aid there.
- Credits that you earn at another school do NOT go toward the six hours that you must complete in order to get back in “good standing” (off termination) at IWCC.
- Termination status may be appealed if there is documentation of extenuating circumstances, but it is not an automatic reinstatement.
- Once you have fulfilled the requirements necessary to be reinstated to receive financial aid, you must request for reinstatement in writing.