Types of Financial Aid

Classroom attendance is required to receive all Federal Aid.

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 from $602 to $5,550. Students who show need for assistance whether or not they meet the priority April 1 deadline date. No. This is gift aid and does not have to be repaid.
Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant
(Tentative)
Grant assistance for students who intend to teach in a public or private elementary or secondary school that serves students from low income families. Maximum amount per year is $4,000. Students who file the FAFSA, have met the academic achievement requirements and sign a TEACH Grant Agreement to Serve. This grant does not need to be repaid IF the required teaching service is completed; if not completed, this will need to be repaid as an unsubsidized loan.
Federal Supplemental Educational Opportunity Grant (FSEOG)* Grant assistance for undergraduate students, with priority given to Federal Pell Grant recipients. Annual awards may range from $250 to $500. Students must be enrolled in a minimum of six credits for each of the Fall and Spring terms. Students who file FAFSA by April 1, 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 Grant* & Iowa Vocational-Technical (IVT)Tuition Grant* Grant assistance available to Iowa residents only. Iowa Grant is $1,000 for a full academic year. Iowa Vocational-Technical Tuition Grant can range from $300 to $1,200 for a full academic year. Award amounts are based on the number of credits in which the student is enrolled. Iowa Grant: Students who show high financial need and are Iowa residents. (Limited)

IVT: Students who show financial need, have an expected family contribution between $1,001 and $4,600, and meet the July 1 deadline date may be eligible.
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 with a GPA of 2.00 or higher and 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. Most DMACC Foundation scholarship applications are due by April 1.
Federal College Work-Study* Part-time employment during the academic year. Jobs are located on- or off-campus. Students must seek their own employment through job information online or the Student Employment Assistance Office. Wages are $8.25 per hour. Annual awards may range from $500 and up. [More information]
Students who show need for assistance. No. Students earn their award by working approximately 10-20 hours per week.
Ford Federal Direct Loan A subsidized and/or unsubsidized loan with a fixed interest rate of 6.8%. Annual limits range from $3,500 to $4,500 for dependent students and $7,500 to $8,500 for independent students.

Both Independent and Dependent students may request an additional $2,000 more in Unsubsidized Student Loans.
Federal Subsidized: Students who show need for assistance and are enrolled at least half-time. Yes. Repayment of principal and interest will begin 6 months after termination of studies or dropping below half-time.
Federal Unsubsidized: Students enrolled at least half-time.

Yes. Interest is charged from the time student receives their loan until paid in full. Repayment begins six months after termination of studies or dropping below half-time.
PLUS: Parents with good credit. Yes. Repayment begins immediately.
Alternative Loans Loans that are available for additional assistance after Ford Federal Direct Loans are utilized. 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. View information on Alternative Loans Yes. Repayment options available through lender.

* Due to limited funds, some eligible students may not be awarded this type of assistance.