Types of Financial Aid

Classroom attendance is required to receive all Federal Aid.

Federal Pell Grant

What is it?
Grant assistance for students who have not earned a bachelor's degree. Annual awards may range from $555 to $5,550.

Who is eligible?
Students who show need for assistance whether or not they meet the priority April 1 deadline date.

Does it have to be paid back?
No. This is gift aid and does not have to be repaid.

Federal Academic Competitiveness Grant

This program expired on June 30, 2011

What is it?
Grant assistance for students who have completed rigorous high school coursework. First-year students are eligible for $750 and second-year students are eligible for $1,300.

Who is eligible?
Students who are Federal Pell Grant eligible, are enrolled full-time, have completed rigorous high school course work and completed high school after January 1, 2006, for the first year or January 1, 2005, for the second year. Second-year students must also meet the GPA requirement of 3.0 and have completed a total of 32 credit hours.

Does it have to be paid back?
No. This is gift aid and does not have to be repaid.

Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant

(Tentative)

What is it?
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.

Who is eligible?
Students who file the FAFSA, have met the academic achievement requirements and sign a TEACH Grant Agreement to Serve.

Does it have to be paid back?
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)*

What is it?
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.

Who is eligible?
Students who file FAFSA by April 1, show a high need for assistance, and qualify for a Federal Pell Grant.

Does it have to be paid back?
No. This is gift aid and does not have to be repaid.

Iowa Grant* & Iowa Vocational-Technical (IVT)Tuition Grant*

What is it?
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.

Who is eligible?

  • 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 $901 and $5,000, and meet the July 1 deadline date may be eligible.

Does it have to be paid back?
No. This is gift aid and does not have to be repaid.

Scholarships*

Alumni
Foundation
Iowa College Student Aid Commission

What is it?
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.

Who is eligible?
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.

Does it have to be paid back?
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*

What is it?
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 $8.50 per hour. Annual awards may range from $500 and up. [More information]

Who is eligible?
Students who show need for assistance.

Does it have to be paid back?
No. Students earn their award by working approximately 10-20 hours per week.

Ford Federal Direct Loan

What is it?
A subsidized and/or unsubsidized loan with a fixed interest rate that is lower than commercial rates.* 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.

Who is eligible?

  • Federal Subsidized: Students who show need for assistance and are enrolled at least half-time.

  • Federal Unsubsidized: Students enrolled at least half-time.

    Does it have to be paid back?
    Yes. Repayment of principal and interest will begin 6 months after termination of studies or dropping below half-time.
  • Additional Unsubsidized: Independent students enrolled at least half-time, up to $4,000.

    Does it have to be paid back?
    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.

    Does it have to be paid back?
    Yes. Repayment begins immediately.

Alternative Loans

What is it?
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.

Who is eligible?
View information on Alternative Loans.

Does it have to be paid back?
Yes. Repayment options available through lender.

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