Loans and Grants
Class attendance is required to receive Federal Aid. A completed FAFSA is required to determine eligibility and unmet need for grants and loans.
|What is it?||Who is eligible?||Does it have to be paid back?|
|Federal Pell Grant||Grant assistance for students who have not earned a bachelor's degree. Annual awards may range up to $6,195.||Students who show need for assistance.||This is gift aid. It does not have to be repaid unless the student withdraws from classes or does not successfully complete the semester.|
|Federal Supplemental Educational Opportunity Grant (FSEOG)*||Grant assistance for undergraduate students, with priority given to Pell Grant recipients. Maximum annual award amount is $500.||Students who file FASFA, show a high need for assistance, and qualify for a Federal Pell Grant.||No. This is gift aid and does not have to be repaid.|
|Iowa Vocational-Technical Grant*||Grant assistance available to Iowa residents only. Iowa Vocational-Technical Tuition Grant can range from $500 to $900 for a full academic year.||Students who show financial need and meet the July 1 deadline date.||No. This is gift aid and does not have to be repaid.|
|Kibbie Grant*||Grant assistance available to Iowa residents.||Iowa residence enrolled in specific career or technical programs.||No. This is gift aid and does not have to be repaid.|
|Last Dollar Scholarship Program||It was designed to help students with at least 5 years of Iowa residency cover expenses related to attending college.||Iowa Residents (of at least 5 years) and enrolled at Iowa Lakes Community College in one of the eligible vocational programs. For eligible programs and additional requirements follow this link Last Dollar Programs||No. This is gift aid and does not have to be repaid.|
|Scholarships*||Assistance offered by public and private agencies, organizations, colleges and universities. Recipients are often selected based upon their scholastic aptitude. Minimum or maximum awards vary.||Continuing and new students who are planning to be at least a half-time student. Criteria explained on each application.||No. This is gift aid and in some cases, can be renewed if certain conditions have been met. The Iowa Lakes Foundation scholarship application priority deadline is February 1, in addition to March 1 and April 1 being the final one for Fall Semester. The scholarship deadline for Spring semester is October 1 each year.|
|National Farm Worker Jobs Program (Proteus)||This is a grant from the Department of Labor that assists those who have done seasonal or migrant farm-work in the last two years.||This grant can only be considered for students planning to obtain a two-year degree or less. This grant can assist its recipients with tuition, books, tools, and a weekly stipend for time spent in the classroom.||No. Unlike student loans this is a grant and therefore, does not have to be paid back.|
|Federal College Work-Study*||Part-time employment during the academic year. Jobs are located on or off-campus. Wages range from $8.50 - $9.50 per hour.
The Mascot position is $10 per hour.
|Students who show need for assistance.
If interested contact the Estherville Financial Aid office at Ext. 7920 to see if you are eligible.
|No. Students earn their award by working approximately 5-20 hours per week.|
|Federal Direct Loan Program||A subsidized and/or unsubsidized loan with a variable interest rate that is lower than commercial rates. Annual limits range from $5,500 for dependent students and up to $10,500 for independent students.||FEDERAL SUBSIDIZED:
Students who show need for assistance and are enrolled at least half-time (6 credits).
|Yes. Repayment of principal and interest will begin 6 months after termination of studies or after student drops below 1/2 time.|
Students enrolled at least half-time.
|Yes. Interest is charged from the time the loan is disbursed until paid in full. Repayment begins six months after termination of studies or after student drops below 1/2 time.|
|Alternative Loans||Loans made available without regard to need for assistance. Borrowers have the option to pay at least the interest on the loan while the student is in school. Interest capitalizes from the point of loan disbursement until loan repayment begins.||PLUS: Parents with good credit.||Yes. Repayment begins immediately.|
|There are numerous options for alternative loans and we cannot recommend one option over another.
It is recommended that you research the various options and make the best choice for your needs.
|Yes. Repayment options available through lender.|
* Due to limited funds, some eligible students may not be awarded this type of assistance.