Understanding Your Financial Aid Offer

Your financial aid offer lets you know what kind of financial aid you are eligible to receive. You will receive an email when your financial aid offer is ready to view in MyUI. If you are an incoming first year or transfer undergraduate student, you will also receive one in the mail.

If you have questions about your financial aid or have special circumstances you’d like considered, you can contact a Financial Aid Advisor by calling 319-335-1450 or by email financial-

Common Financial Aid Terms and Definitions

• Tuition and Fees – amount charged by the University of Iowa for classes and other campus facilities and services.
• Housing and Meals
• On-campus – amount charged by the University of Iowa for living in a residence hall and buying a meal plan.
• Off-campus – average cost of rent, utilities, and food for the Iowa City/Coralville area.

Credit-Based Loan – A type of financial aid that must be repaid with interest and requires the borrower to be approved based on a credit check. A co-signer (endorser) may be required.

Estimated Amount Due – The amount due to your University https://getbadcreditloan.com/payday-loans-mo/perryville/ Bill after grants and scholarships have been applied to your University Bill.

Estimated Charges – The amount to be billed for Tuition and Fees (and Housing and Meals if you will live on-campus).

Expected Family Contribution (EFC) – A measure of how much you and your family can pay toward your education for one school year as determined by the Free Application for Federal Student Aid (FAFSA).

Financial Need – Your Cost of Attendance minus your Expected Family Contribution. Some types of financial aid, such as grants and scholarships, are need-based.

Grant – A type of financial aid usually offered based on financial need from federal, state, University of Iowa, and private sources that does not need to be repaid.

Housing Plans – Where you said you’ll be living during the school year on the Free Application for Federal Student Aid.

• On-campus
• Off-campus

Loan Fees – A small percentage of the total student or parent loan that is subtracted before the loan is disbursed.

Other Estimated Expenses – Estimated costs that you may have that are not charged to your University Bill. This can include:

Parent Loan – A type of financial aid that your parent must repay with interest and is credit-based. Parent loans are available through the U.S. Department of Education or private lenders. A small loan fee is subtracted before the loan disburses.

Remaining Estimated Costs – Cost of Attendance (Estimated Charges + Other Estimated Expenses) minus Grants, Scholarships, and Student Loans. Your Remaining Estimated Costs can be covered using the UI Deferred Payment plan, employment, and/or Federal Direct PLUS/private credit-based loan options.

Residency Tuition – The tuition and fees you are charged based on your resident or non-resident status. Your residency is determined by the Office of the Registrar.

Scholarship – A type of financial aid usually offered based on merit, recognizing outstanding academic achievement and other accomplishments that does not need to be repaid. You can search for University of Iowa scholarships on the Iowa Scholarship Portal.

Student Loan – A type of financial aid that you must repay with interest. Student loans are available through the U.S. Department of Education or private lenders. A small loan fee is subtracted before the loan disburses.

UI Deferred Payment Plan – Interest-free payment plan that lets you pay your University Bill in 3 monthly installments each semester. A $20 fee is charged when you choose the payment plan.

University Bill (U-Bill) – A monthly statement of charges from the University of Iowa Billing Office and is available to view in MyUI.

Valid FAFSA – A valid FAFSA is one that does not have any issues preventing the Office of Student Financial Aid from offering financial aid. Your Student Aid Report (SAR) will indicate if you have any outstanding issues.

Verification – Process to confirm the information you provided on the Free Application for Federal Student Aid (FAFSA) is accurate. You are selected for verification by the U.S. Department of Education. You can check your Financial Aid To Do List in MyUI to see if you have been selected for verification.

Work-Study – A type of financial aid that is offered based on financial need and allows you to work on campus while being paid every other week. Work-Study earnings are not applied to your University Bill.