2009-2010 Financial Aid Information and Procedures
Freshman Veterinary Medicine Students

Cost of Attendance (Student Budgets) are based on costs for two semesters. Students are awarded a financial aid package based on their cost of attendance and need as determined by the Free Application for Federal Student Aid (FAFSA).

*The laptop computer will be charged to your university bill at the beginning of the fall 2009 semester. The financial aid award you receive will reflect the computer cost for your first year and aid will be awarded to cover the additional fall expense.

Financial Aid Award. The majority of financial assistance for Veterinary Medicine students is in the form of loans. The overall average loan indebtedness for 2008 Veterinary Medicine graduates was $107,489. Approximately 5% of the 2008 graduating class did not incur any debt. You will receive a financial aid award via mail in mid-June stating the amount and type of financial assistance you are eligible to receive. Financial aid inquires should be directed to:

Clay Gurganus
Financial Aid Advisor
Office of Student Financial Aid
0210 Beardshear Hall
vetmed@iastate.edu
515-294-2094 or 800-478-2998

Financial Aid Procedures

• To be considered for financial aid, you need to complete the Free Application for Federal Student Aid (FAFSA) for 2009-2010. If you have internet access, you can file a FAFSA or Renewal FAFSA at http://www.fafsa.ed.gov. If you do a Renewal FAFSA, be sure to review all directions as some data may need to be updated based on your graduate/professional student status.
• We encourage you to complete the FAFSA as soon as possible after January 1. For consideration for the Health Professions Student Loan and for timely receipt of aid in the fall, you should submit the FAFSA by March 1.
• When completing a FAFSA, you need to answer “yes” to the question, “Will you be working on a degree beyond a bachelor’s degree?”
• Iowa State University’s Federal School Code is 001869.
• We encourage all students to get a copy of their credit report prior to coming to Iowa State University, as some loans require that you have good credit. You can request a free annual credit report electronically at http://www.annualcreditreport.com.

Financial Aid Programs

Health Professions Student Loan. This is a need-based loan at a 5% interest rate. Interest does not accrue while the student is in school full-time. The Office of Student Financial Aid awards loans. Repayment of principal and interest begins twelve months after the student graduates, drops below full time, or withdraws. FAFSA’s must be submitted prior to March 1, 2009, and parental information must be provided on the FAFSA to be considered for these loans, regardless of your age, marital, or dependency status. The amount of these loans will vary each year, depending on fund availability. If parental information is incomplete, you will not be considered for this program.

Federal Direct Subsidized Stafford Loan. This is a need-based loan through the U.S. Department of Education. While you remain in school, the federal government pays the interest on the loan. Repayment of interest and principal begins six months after you graduate, drop below full-time, or withdraw. The interest rate is fixed at 6.8%. Veterinary Medicine students may be eligible to borrow up to $8,500 per year, depending on their financial need as determined by their FAFSA.

Federal Direct Unsubsidized Stafford Loan. This is a loan through the U.S. Department of Education. The federal government does not pay the interest while you are in school and interest begins to accrue the day the loan is disbursed. The interest rate is fixed at 6.8%. The interest on the loan will be the responsibility of the student. To keep interest from accumulating, the student has the option to make interest payments on a quarterly basis while he/she is in school. Veterinary Medicine students may be eligible to borrow up to $30,000 per year.

Federal Direct Graduate PLUS Loan. This is a loan option through the U.S. Department of Education that allows you to fully-fund the Cost of Attendance (after the Federal Direct Subsidized and Unsubsidized Stafford Loans have been utilized). It has a fixed interest rate of 7.9% and requires a credit check to be completed.

U.S. Army Health Professions Scholarship. This scholarship will pay for full tuition, required books, lab fees, required equipment rental, plus a monthly stipend. Please call 515-253-9637 for more information.

Scholarships. The scholarships for students in the College of Veterinary Medicine are coordinated by Kathy Kuehl at the College of Veterinary Medicine. Please contact her with any questions at 515-294-6808.

**Please be aware that program regulations do change**

Further Financial Aid information can be found online at
http://www.financialaid.iastate.edu.

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