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So you need financial aid. How's it work? The crucial first step is to fill out and file the U.S. Department of Education's Free Application for Federal Student Aid (FAFSA) form. FAFSA asks all kinds of questions aimed at determining Expected Family Contribution.
From there, the formula for financial aid success looks like this:
Total Cost of Attendance - Expected Family Contribution = Financial Need
Total Cost of Attendance includes room and board, books and some living expenses and varies from college to college. Expected Family Contribution is the same no matter where you go.
Here's where the financial aid counselors at Iowa private colleges and universities swoop in like a pack of F-16s looking for bogies. They're extremely motivated to find aid sources that add up to that magical Financial Need number. So get with them. They're good people who will find you every dollar they can.
What's included in a typical aid package? Packages are highly individualized things, but here are some sample packages from some Iowa private colleges and universities.
Amy's Package
Need level: $16,975| Community Scholarship | $200 |
| Corporate Scholarship | $500 |
| Federal Direct Loan | $2,625 |
| Federal Work Study Program | $1,700* |
| Institutional Grant | $1,500 |
| Iowa Tuition Grant | $4,000 |
| Federal Perkins Loan | $2,000 |
| Federal Pell Grant | $2,950 |
| Federal Supplemental Grant | $1,500 |
| TOTAL | $16,975 |
Bob's Package
Need level: $13,922| Academic Scholarship | $1,750 |
| Federal Direct Loan | $2,625 |
| Federal Work Study Program | $1,047* |
| Baseball Grant | $1,000 |
| Institutional Grant | $1,500 |
| Iowa Tuition Grant | $4,000 |
| Federal Perkins Loan | $2,000 |
| TOTAL | $13,922 |
Rhonda's Package
Need level of $14,890| Institutional Aid | $3,010 |
| Federal Grants | $2,200 |
| State Grants | $4,000 |
| Federal Work Study Program | $1,280* |
| Loans | $4,400 |
| TOTAL | $14,890 |
Jim's Package
Need level of $12,098| Presidential Scholarship | $6,250 |
| Federal Direct Loan | $2,625 |
| Federal Work Study Program | $1,223* |
| Federal Perkins Loan | $2,000 |
| TOTAL | $12,098 |
* Amount based on approved hours eligible to work and is not credited to bill. Student responsible for finding job.
