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Financial Aid Process Overview & Timeline

January

• Complete the FAFSA (Free Application for Federal Student Aid)

  To determine your eligibility for Stafford loans and other financial aid, complete a FAFSA. Your school will use this information to determine your eligibility for financial aid.

  1. Request Your PIN
     If you don't already have a Personal Identification Number (PIN) to complete the online FAFSA, request your PIN at www.pin.ed.gov. You and your parents will each need separate PINs.
  2. Submit your FAFSA
     Go to www.fafsa.ed.gov. Online applications are processed in approximately 2 weeks.

     Deadlines:

     • For federal aid, submit your FAFSA on or after January 1^st. Since grants are determined on a first come, first served basis, submit your FAFSA as quickly as possible.
     • For college aid, check with your school.

January/February

• Review Your SAR (Student Aid Report)

  You'll receive your SAR within two weeks after submitting your FAFSA. Carefully review and correct any information.

  If more than four weeks have passed since sending your FAFSA and you have not received an acknowledgement, contact the Federal Student Aid Information Center at 319-337-5665.

March/April

• Accept or Decline Financial Aid Award from Colleges
  • Review your financial aid package.
  • Respond by the school's deadline.

June

• Sign Master Promissory Note

  Signing the promissory note is a pledge to repay the loan according to the terms and conditions of the loan.

June/July

• Determine if You Need More Money for School

  If you've received your limit of federal student loans, grants and scholarships, but still need additional funds, get a Private Student Loan. For more information about Private Student Loans, view the Private Student Loan Timeline.

September

• University Receives Financial Aid Disbursement

  Loan proceeds are disbursed directly to your college.