Please Read Carefully and Completely

These awards have been made available through Federal, State, Institutional, and/or private sources, and are conditional upon anticipated full Federal, State, and Institutional funding. By accepting all or any part of your financial aid award, you are agreeing to comply with the responsibilities described in these pages. Please be sure you understand all of the terms and conditions.

Type of Aid

You should know and understand the types of financial aid that could be offered:

• Scholarships and Grants are considered gift aid; you do not have to repay them.
• Loans must be repaid. You will be asked to sign a master promissory note, which is a legal binding obligation to repay the loan.
• Part-time work opportunities require you to perform work assigned to you in a conscientious and satisfactory manner. You will be paid by check for the time you work.

A more detailed definition of each program follows.

In order to be considered for any type of institutional academic merit scholarship, incentive grants, athletic awards, state or federal grants, loans, or work at Iona College, all students must file the Free Application for Federal Student Aid (FAFSA). Iona's Federal School Code is 002737. The FAFSA must be completed by April 15, 2010. Failure to have an official FAFSA on file by the required deadline will result in the loss of your Iona money. Your institutional aid will not be renewed if we do not receive your verification documents or if you do not have all your grades submitted by August 1 of every year.

Please note that the total amount of tuition related aid a student receives cannot exceed the total cost of tuition. This tuition related aid includes, but is not limited to, alumni grants, sibling awards, athletic scholarships, TAP, PELL, and outside scholarships.

Iona College

Iona Academic Merit Scholarship and Incentive Grants: These scholarships and grants are available for four years of undergraduate study at Iona College if you meet these requirements:

A) Enroll as a full time student
B) Maintaining the following grade point average (GPA)

Presidential Scholarship	-	3.5
Dean's Scholarship	-	3.5
Academic Excellence Scholarship	-	3.0
Transfer Scholarship	-	3.0
Iona Scholarship	-	2.8
Iona Incentive Grant	-	2.5
Transfer Incentive Grant	-	2.8
Iona Grant	-	2.0

C) Complete the FAFSA and submit the required documentation by the required deadline.

Iona College awards scholarships to outstanding students on the basis of their high school or college (in the case of transfer students) records, test scores, and academic ability. Grants are awarded to students who are enrolled full-time in the undergraduate day program and show financial need, which cannot be met by State, Federal or outside sponsored programs.

Athletic Awards: Iona College grants athletic awards on a competitive basis to outstanding athletes. Please refer to your athletic contract for specific requirements.

New York State

Tuition Assistance Program (TAP): This grant is awarded to New York State residents who are attending college full-time in New York State. Any award listed on your Award Notification is only an estimate based on financial information which you have provided to the State. TAP is based on the net taxable New York State income of the family. After you have completed your FAFSA, New York State Higher Education Services Corp. (NYSHESC) will send you an express TAP application (ETA) to complete and return to NYSHESC. If your actual TAP award is less than the estimated figure, the Student Financial Services Office will not make up the difference.

Federal

Federal Pell Grant: In cases where we have good reason to believe you are eligible for a Federal Pell Grant, we will estimate the amount of the award for which you may be eligible. The estimated amount is based only on the information you reported on the FAFSA. Your student account will be credited for the actual Pell Grant after you submit any required documentation. If your actual Pell award is less than the estimated figure, the Student Financial Services Office will not make up the difference.

Federal Supplemental Education Opportunity Grant (SEOG): Iona College awards this Federal Grant to students with exceptional need who are eligible to receive a Pell Grant.

Federal Perkins Loan: Amounts vary according to need with a maximum loan of $4000 per year at Iona. The interest rate on the Perkins Loan is 5% and no interest accrues while you are in school. Repayment of your loan begins nine months after graduation or if you drop below half-time.

Federal Work Study Program (FWS): FWS is a federally sponsored work program. If you are awarded FWS funding and you wish to be considered for this program, you should review the available jobs on-line. A link to these jobs can be found on the SFS website, as well as instructions for steps that need to be completed for hiring and receipt of pay. The money you receive is in the form of a paycheck for work performed, therefore, it cannot be used to pay tuition or other student account charges.

Federal Direct Subsidized Loan: This is a loan which is made available to you from the Department of Education and guaranteed by the federal government. The maximum loan is $3,500 per year for Freshmen, $4,500 per year for Sophomores, and $5,500 per year for Juniors and Seniors. Effective July 1, 2012, graduate students are no longer eligible for subsidized Direct Loans. No interest will accrue while you remain enrolled at least half-time. Repayment begins six months after graduation from school or if you drop below half-time enrollment.

Federal Direct Unsubsidized Loan: This loan can be made in conjunction with a Federal Direct Subsidized Loan (in the case of undergraduates) as long as the maximum annual or aggregate loan limits for Federal Loans have not been exceeded. The maximum annual unsubsidized loan (including any subsidized loan amount) cannot ranges from $2,000 to $20,500 depending on your need level, eligibility for subsidized loan, and whether or not you are an undergraduate or graduate student. Both principal and interest payments can be postponed while the student is in school. If interest is deferred, it will be capitalized (added to the principal). Students can choose to pay only the interest while in school.

Additional Federal Direct Unsubsidized Loan: Dependent undergraduate students (excluding dependent undergraduates whose parents are unable to obtain PLUS Loans) are eligible for an additional $2,000 in an unsubsidized Loan for each academic year.

Federal Direct Parent Loans (PLUS): Many parents wish to extend their payments for education through the use of Parent Loans. Parents may apply for a Parent Loan by visiting www.dlenote.ed.gov where you must follow the instructions for completing your Master Promissory Note. If a parent is denied a Federal Direct PLUS loan, the student may borrow a Federal Direct Unsubsidized loan in the amount of $4,000 for freshman and sophomores and $5,000 for juniors and seniors.

Federal Direct Graduate PLUS Loans (Grad PLUS): Graduate students may wish to borrow in addition to Iona or employer-provided funds and Direct Loans to meet their full cost of attendance. Graduate students may apply for a Grad PLUS Loan by visiting studentloans.gov. There are no additional unsubsidized Direct Loans available for graduate students who do not qualify for Grad PLUS funds.

To compare all student loan types, please review the information found here.

Other Payment Options

Payment Plan: Iona participates in a plan that allows you to make up to 5 monthly payments with no interest charge for the Fall term and up to 5 monthly payments for the Spring term. You can begin making these payments in August and January. For more information about the monthly payment plan, please contact Student Financial Services at 914-633-2497 or visit us on our website at www.iona.edu/admin/sfs.

How Recipients Recieve Credit On Their Student Account

Scholarships and Grants: Any scholarship or grant awarded by the College will be credited to your student account only after receipt of the FAFSA and Verification is complete. Normally, all awards will be credited to your account 30 days after each semester/trimester has begun.

Work: Any wages you earn as a result of on-campus employment will be paid directly to you by check every two weeks provided your time sheet is submitted to the Payroll Office on time.

Loans:
- All students must accept their Loan on-line through Peoplesoft. First time borrowers at Iona College must complete a Master Promissory Note and Loan Entrance counseling session on-line. Please log onto www.dlenote.ed.gov to complete your master promissory note and log onto www.dl.ed.gov/borrower/CounselingSessions.do to complete your entrance interview counseling session.
Perkins - All borrowers must complete the Perkins Student Loan Information form. First time borrowers at Iona College contact by Campus Partners, our loan servicer, to complete a Master Promissory and the Perkins Entrance Interview Counseling Session.

How Outside Sources Effect Awards

According to financial aid program regulations, a student's financial aid award must reflect aid received from all sources, including non-college controlled funds. Therefore, if you receive financial aid from us (scholarships, grants, tuition remission, educational loans, student employment, etc.) and you receive educational aid in addition to our awards, your file will be reviewed. If your financial aid exceeds the cost of attendance with the addition of the new award, we will make adjustments to your award levels. NOTE: IT IS YOUR RESPONSIBILITY TO INFORM US OF ANY OUTSIDE AWARDS YOU MAY RECEIVE. FAILURE TO DO SO WILL JEOPARDIZE YOUR FUTURE ELIGIBILITY FOR FINANCIAL AID FROM IONA.

Adjustments to Awards

By accepting any or all portions of the financial aid awarded by Iona, you are agreeing to allow the Student Financial Services Office to control and monitor any and all financial assistance you may receive including student employment. The amount of financial aid you receive during an academic period may not exceed the amount of financial need for that period. When your financial aid exceeds your need, you would then be considered "over awarded." The Student Financial Services Office will then ADJUST your award to eliminate this condition. In the case of Federal College Work-Study, you are responsible for monitoring your earnings so that your cumulative earnings do not exceed the maximum earnings level printed on your Award Notification.

Change of Status

Students must notify the Student Financial Services Office immediately of any changes in status including, but not limited to:

• Changes in credit hours carried
• Change in address
• Change in financial status, including increases in earnings
• A legal name change
• A granted leave of absence, withdrawal, or dismissal from school
• Entry into a graduate program from an undergraduate program during the award period

Doing this in a timely fashion will prevent any unnecessary confusion, delays in processing, misfiling, and possible demands for repayment of financial aid. Failure to comply with this responsibility will jeopardize your eligibility for financial aid in the future.

Academic Requirements

Students who have already received a Bachelor's Degree are not eligible for Pell Grants, Supplemental Education Opportunity Grants, and most forms of Institutional Aid. All Financial Aid programs require you to be in good academic standing and make satisfactory academic progress. "Good Academic Standing" generally means that your cumulative grade point average is 2.0 or above. "Satisfactory Progress" generally means that you have completed the normal full-time course load each semester in good academic standing. TAP, Federal, and Institutional Aid have slightly different requirements. For specifics, please refer to the Iona College Catalog under Financial Aid. If you fall below the minimum requirements for each program a written appeal must be submitted each term to the Student Financial Services Office before consideration for financial aid will be given.

Credit Hours

Financial Aid awards are based on 12 credits per semester, unless otherwise indicated. Therefore, the financial aid award of any student who does not enroll full-time must be revised to a lower amount, depending on the specific requirements of the programs involved. Students who plan to enroll less than full-time should make an appointment with an SFS counselor to discuss how their decision will affect their awards.

Federal Pell Grants: Recipients must be registered for at least 12 credit hours a semester to receive their full-time awards. A student registering for 9-11 hours will receive 3/4 of their full-time award, and students registering for 6-8 hours will receive 1/2 of their full-time award.

Federal Loan and/or Unsubsidized Federal Loan: Students must have the same enrollment status as indicated at the time their loan was certified.

TAP: Recipients must be registered for a minimum of 12 credit hours per semester during the regular academic year. Students must be registered for a minimum of 8 credit hours per trimester.

Renewing Your Financial Aid From Year to Year

The Student Financial Services Office and most non-college agencies make awards to students for no more than two consecutive semesters or three consecutive trimesters at a time. A Free Application for Federal Student Aid (FAFSA) is required for each academic year you wish to renew your aid.

Refund Policy

If you make course changes that result in a refund, your financial aid award will be reduced appropriately. If a recipient of any Federal financial aid program (Title IV) withdraws before completing 60 percent of the aid payment period (or period of enrollment), the institution must calculate the amount of Title IV aid the student did not earn. The amount of unearned aid equals the difference between Title IV aid that was distributed or could have been distributed for the payment period and the amount of Title IV aid that was earned. For additional information contact our office.

***The information in this Guide is in compliance with Title IV of the Education Amendments of 1976 and 1992, Public Law 94-483, Student Consumer Information Requirements but is subject to change***

Updated 8/2012