Applying for Financial Aid

The Free Application for Federal Student Aid (FAFSA) is used to apply for financial aid. Additional applications may be required for scholarships, institutional grants, etc.

The amount of financial aid for which students are eligible depends on financial need as determined by the FAFSA processor. Eligibility is defined by the Department of Education as the difference between the cost of going to college (set as a standard cost by the school) and the amount students and/or their families can afford to contribute toward the cost of education (as measured by the FAFSA). This difference (remaining need) is the amount the Financial Aid Office attempts to meet through various need based financial aid programs.

Financial Aid Deadlines

The FAFSA needs be submitted annually.

  • March 1: FAFSA deadline if applying for Allen College institutional scholarships for the next academic year
  • July 1: FAFSA deadline to determine state eligibility for state grants for the next academic year

For financial aid questions, please contact the Allen College Financial Aid Office at FinancialAid@54zhangmi.com or (319) 226-2003.

General Information

Application Process | Filing Your FAFSA

Application Process | Filing Your FAFSA

The Free Application for Federal Student Aid (FAFSA) is used to apply for most sources of financial aid.
 

Before a student can be considered for financial aid, she/he must first be accepted to Allen College. Any financial aid applicant in default for previous educational loans shall not be granted federal or state assistance regardless of financial need. 

The FAFSA is an annual application that needs to be completed each academic year. 

Step 1: Request a FSA ID from the U.S. Department of Education.

Create a FSA ID if this is your first time completing the FAFSA. If you are a dependent student, one of the parents whose information you will provide on the FAFSA also needs to create a FSA ID. 

Step 2: Complete the FAFSA.

Complete the FAFSA using the federal school code for Allen College (030691). This application will determine financial need by providing an analysis of a family's financial condition.
 

Step 3: Verification Process (only if selected).

If your FAFSA is selected at random by the federal processor for verification, the Financial Aid team will request additional information and/or supporting documentation. This process is required by federal regulation. The more quickly you respond to information requests, the more quickly the process of verification can be completed.
 

Step 4: Student Aid Report (SAR) & Review.

You will receive a SAR listing all of the information you submitted on the application after filing your FAFSA. This report includes your Expected Family Contribution (EFC). Review this report for accuracy and make any necessary corrections online. 
 

Step 5: Complete Master Promissory Note & Loan Entrance Counseling (if applicable).

If you plan to borrow federal direct student or parent loans while attending Allen College and you have not borrowed a direct loan at another college, you will need to go to the federal student aid website (www.studentaid.gov) and complete the Master Promissory Note (MPN) and loan entrance counseling prior to your loans disbursing. Completing this early will assist later in the financial aid process.
Financial Aid Awarding Process

Step 1: Notification of Award.

Upon completion of the FAFSA application process, you will receive an email through your Allen College email account providing directions of how to view the financial aid award through your student portal. Generally, students are notified in the spring or early summer about awards for the following summer, fall and spring academic semesters.
 

Step 2: Accepting the Award.

Aid that does not have to be repaid (grants and scholarships) will automatically be accepted and processed for students. Loans must be accepted electronically via the award letter on the student portal before any loan funds will be disbursed to your bill. 
 

Step 3: Disbursement of Financial Aid.

Financial aid is disbursed upon acceptance of the award letter via the student portal.
 
  • Before aid is available: Students should be prepared to pay preliminary expenses (i.e. books and supplies) regardless of their financial aid awards. Loan and grant funds are not always readily available prior to the beginning of school. The purchase of books should not be delayed until the receipt of financial aid.
  • How aid is applied: Financial aid will first be applied toward all outstanding Allen College tuition and fees. Funds are applied to your account on a semester basis.
  • Refund: If you have been awarded financial aid funds exceeding the amount of monies owed to Allen College, a refund check will be issued. The refund check will be mailed to the most current bill address on file in the Office of Enrollment Management. This refund check must then be used to pay any outstanding bills at any other college the student may be attending in conjunction with Allen College, and any other expenses related to the student's education (books, transportation, living and personal expenses).
Refunds & Repayment of Financial Aid

Refunds and Repayment of Financial Aid

Refunds. Financial aid funds are credited to student accounts on a weekly basis. Any refunds owed to students will be mailed to his/her most current billing address on file in the Office of Enrollment Management.
 
Loan Repayment. Graduation, withdrawal from the program, approved leave of absence or failure to enroll on at least a half-time basis (six [6] credit hours for undergraduate students; three [3] credit hours for graduate students; three [3] credit hours for doctoral students) during a semester requires you to begin loan repayment after a six-month grace period for any federal educational loans. Each student must complete an exit interview at www.studentaid.gov to understand your rights and responsibilities for repaying loans. Students electing to withdraw from a course or from Allen College may be granted a tuition refund if they adhere to the withdrawal procedure. (Allen College Refund Policy and Withdrawal Policy)
 
Note: Bills or refunds will not be issued to a withdrawn student until the withdrawal process is complete. Students dismissed for reasons of improper conduct are not eligible for a credit and/or refund of tuition and fees.
Satisfactory Academic Progress (SAP)

Satisfactory Academic Progress (SAP)

Student's financial aid eligibility also depends on academic performance. Students not maintaining satisfactory academic progress (SAP) as defined by the academic program of attendance while at Allen College may lose their eligibility for financial aid. See the Allen College SAP Policy for details (also located in the Policy Library).