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Financial Aid Awards

  • How do I apply for Financial Aid?

    The Free Application for Federal Student Aid (FAFSA) is the financial aid form required to apply for need-based institutional aid, federal and state grants, work-study, and student and parent loans.  You must complete your FAFSA online after obtaining a Federal Student Aid Identification code (FSAID) for the student and parent (if applicable) using Iona’s School Code of 002737.
    Undergraduate student FAFSA forms are completed with the parent (in the case of dependent undergraduate students) and the student federal tax information returns from the previous year. Unless the student is 24 years old he is considered dependent for the purposes of the FAFSA, in which case the student and spouse (if applicable) data is used. Graduate students are considered independent of their parents and should complete the FAFSA using student and spouse (if applicable) income and asset information from the prior tax year.

  • How am I notified of my eligibility for financial assistance?

    Beginning in mid-December, upon your acceptance to Iona and receipt of the processed FAFSA information, the College will determine your eligibility under the various financial assistance programs. A financial aid award letter will be mailed to you approximately two weeks after you receive your Student Aid Report (SAR). Initial awards for those with complete applications will be mailed beginning in mid-December.

    Further instructions and requests for additional documentation (such as tax return transcripts) will be included in the award letter or through additional letters and emails. Your financial aid award is also available online through our student information system, PeopleSoft.  PeopleSoft login credentials and instructions are included with your award letter. See instructions on how to view and accept your awards.

    Continuing students will receive an email notification to their Iona-provided email address advising that their awards are ready to be viewed in PeopleSoft.
  • How is my eligibility for financial assistance determined?

    All admitted students are automatically considered for merit awards during the admissions process. When we receive your FAFSA information, the information is reviewed and a determination of your eligibility for federal, state and institutional assistance is made. To determine your financial eligibility, your total expected family contribution (EFC) as computed using the formula established by the Department of Education (DOE), is deducted from your educational expense budget. The difference is your “calculated need” for financial assistance. A portion of “calculated need” is covered by financial assistance (scholarships, grants, loans, work-study). You should consider other options, such as our interest-free Monthly Payment Plan and private educational loans, to meet any remaining need.
  • What types of aid are available and which applications are necessary?

    Please use the chart below to determine available aid sources and application requirements.
    Program Undergraduate
    U.S. Citizens/
    Eligible Noncitizens
    Undergraduate International
    Students
    Graduate
    U.S. Citizens/ Eligible
    Noncitizens
    Graduate
    International
    Students
    Need-based institutional scholarships FAFSA,
    Transfer students are not eligible
    Not eligible Not eligible Not eligible
    Merit-based institutional scholarships No application necessary No application necessary No application necessary No application necessary
    Federal grants (Pell, SEOG) FAFSA Not eligible Not eligible Not eligible
    Federal student loans FAFSA Not eligible FAFSA Not eligible
    Federal Parent PLUS Loans (for parents of dependent undergraduates) FAFSA Not eligible Not eligible Not eligible
    Federal Graduate PLUS Loans Not eligible Not eligible FAFSA Not eligible
    New York State Tuition Assistance Program FAFSA and TAP application Not eligible Not eligible Not eligible
    External educational loans and scholarships Varies by program Varies by program Varies by program Varies by program

  • Do I have to apply for financial assistance every year?

    Yes. To be eligible for federal, state, and College need-based awards, you must reapply every year. Recipients of academic scholarships are also encouraged to file every year to maximize your eligibility for all sources of financial aid.
  • I used the Net Price Calculator (NPC) and received an estimated financial aid package. Am I guaranteed to receive the awards listed on the NPC estimate?

    The Net Price Calculator gives estimates of your cost of attendance and net price. These estimates do not represent a final determination or actual award of financial assistance or the final net price. Any estimates calculated will not be guaranteed by the Secretary of Education, the state or Iona College. Iona College has the final authority on determining the financial aid award. While all care has been taken to produce estimates that are accurate based on the information provided to us by the student or user, cost of attendance and financial aid availability is subject to change without notice. Any future changes made by the federal government, state agencies or institution could result in a different award. Also, any outside/private scholarship or financial assistance may reduce your aid award. Students must complete the Free Application for Federal Student Aid (FAFSA) in order to determine their eligibility for, and receive an actual financial aid award that includes Iona-funded scholarships and grants, federal grant, loan, and work-study assistance. For information on applying for federal student aid, go to www.fafsa.gov.
  • What are my Rights and Responsibilities with regard to Student Financial Services matters? What are the terms and conditions of my financial aid awards?

  • What if my financial assistance package does not cover all of my need?

    You and your parents may wish to consider the various loan and/or other financing options outlined in this section.
  • Will my financial aid also cover all of my living expenses while I am enrolled?

    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, New York State Tuition Assistance Program awards, and external scholarships. The Cost of Attendance budget includes an allowance for living expenses and other sources of aid, such as PLUS Loans can be used to meet these expenses.
  • What do I do if my family's financial circumstances change after I receive my financial aid award?

    We understand the needs of families when a parent’s employment status has changed or when a family may not be receiving the same benefits as they did in the prior year. You should contact our office to determine if you qualify for an adjustment to your original application for financial aid. This process requires families to submit in writing a specific explanation of their situation and provide documentation of the reduction to their income.
  • Will my financial aid be renewed after freshman year?

    Yes. All need-based financial aid and some scholarships are renewable; however, you must reapply for financial aid each year! Renewal information and instructions are emailed to all currently enrolled students in January for aid for the following year.
    The composition of your aid "package" may vary depending on the funds available in individual aid programs. However, you are likely to receive similar financial aid awards throughout your undergraduate education IF the following remain true:

    • Your family's financial situation remains similar. (Dramatic changes in income and marital status and changes in the number of family members in college will affect your Expected Family Contribution and, therefore, your eligibility for financial aid eligibility.) Increases in EFC could result in changes to federal, state, and Iona College grants and need based awards.
    • The federal and state funding of financial aid programs remains similar.
    • You submit the appropriate application materials by the required deadlines.
    • You continue to meet the enrollment level and Satisfactory Academic Progress requirements. The Office of Student Financial Services monitors enrollment levels (the number of credit hours you take) during each term. If you drop courses and fall below the minimum credit hour requirements, you may be required to repay all or part of the aid you received.
    • You report accurate information (income, assets, etc.) on your financial aid application(s).
  • Will I get the same financial aid award in future years?

    If your family circumstances remain relatively constant while at Iona and as long as you file your FAFSA by our preferred filing deadline (April 15), you can expect that your financial aid should be approximately the same amount. However, undergraduate Federal Direct loan limits will change depending on your grade level and your dependency status. Graduate loan limits are constant throughout your program of study.
    You continue to meet the enrollment level and Satisfactory Academic Progress requirements. The Office of Student Financial Services monitors enrollment levels (the number of credit hours you take) during each term. If you drop courses and fall below the minimum credit hour requirements, you may be required to repay all or part of the aid you received.
    You report accurate information (income, assets, etc.) on your financial aid application(s).
  • What are the academic requirements to receive federal and state financial aid?

    Federal regulations require that students meet specific standards of satisfactory academic progress (SAP) to be eligible to receive federal financial assistance. The assessment of satisfactory academic progress is made once a year for federal aid eligibility.
    » View information detailing minimum expected standards for SAP
  • What may cause revisions to my aid offer?

    Educational budgets are developed based on several factors, such as level of enrollment (full-time, half-time, etc.) and type of housing (such as on-campus or with parents). Changes in these factors may require a change in financial aid awards. In addition, the receipt of additional sources of aid, such as outside scholarships or employer tuition benefits, may also require a change in your financial aid package. Awards may also change as a result of the Verification process for selected applicants. All changes in packaging will result in the receipt of a revised financial aid award.
  • Is the financial aid package the same at each institution if only one FAFSA form is completed?

    No. The financial aid package is developed in accordance with each schools’ institutional award policies and the overall Cost of Attendance at each institution. The Cost of Attendance less your Expected Family Contribution (as calculated when you file the FAFSA) determines your Financial Need. Your eligibility for federal and state aid programs is based on your Financial Need, which varies by institutional cost. Students are encouraged to review the Net Price of each institution by subtracting the aid offered (excluding student loans) from the cost.