Dec. 11, 2006
UI To Increase Scholarships $10 Million Over Three Years
The University of Iowa will spend an additional $10 million over the next three years on scholarships and grants to make college more affordable to students in need.
The increased funding will be directed to a few existing financial aid programs as well as the new Advantage Iowa, Iowa Pathways and Iowa Heritage scholarship and grant programs. The new scholarships and grants, which do not have to be repaid, are expected to attract several hundred low-income, first generation, and underrepresented students into freshman classes over the next three years.
"Although the University of Iowa has the lowest in-state tuition in the Big 10, the University understands that recent tuition increases have provided a hardship for many students and their families. During these times of increased costs, the University not only has a goal of maintaining its existing commitment to fund needed scholarships and grants, but to reach even more students than ever before through these new scholarship programs," said UI Executive Vice President and Provost Michael J. Hogan.
The new financial aid programs were created after Hogan asked UI Admissions and Financial Aid officials to thoroughly evaluate all existing undergraduate scholarship and grant programs. "The Provost felt that even more needed to be done to provide access, enhance the diversity of the student body, and increase the quality of new first-year and transferring students entering the University of Iowa," explained Mark Warner, assistant provost of Enrollment Services and director of Student Financial Aid.
Here's an overview of the new financial aid programs the University is offering:
--Pathways Scholarships and Grants help financially disadvantaged, high-achieving undergraduate students from Iowa. The Pathways Program uses a combination of federal, state and university grants, scholarships, and work-study to provide for all of the student's direct educational costs, which include tuition, fees, room, board and books.
--Iowa Heritage Awards are for new nonresident students who have a parent, step-parent, legal guardian, or grandparent who graduated from the UI with a bachelor's, master's or doctoral degree.
--Advantage Iowa Awards are given to first-year students who are U.S. citizens or permanent residents whose enrollment will contribute to a diverse learning environment.
In addition to the new scholarship and grant programs, the University is increasing its commitment to two existing financial aid programs:
--National Scholars Awards are awarded to nonresident and international first-year students who meet standards involving ACT or SAT scores and a percentile rank in their high school graduating class.
--Old Gold Scholarships are awarded to students with high achievements based on ACT or SAT scores, percentile rank in their high school graduating class and grade point averages.
Funding for the additional scholarships comes from the UI's Tuition Set Aside program, which the UI allocates to support its scholarships and grants. Warner notes that this money comes directly from tuition revenue and not from state appropriations. For the 2006-07 academic year, this amount will be upward of 17.5 percent of the UI's anticipated tuition revenue, Warner said.
For more information on these scholarships, see http://www.uiowa.edu/admissions/undergrad/costs/frst-yr-fin-aid.htm and http://www.uiowa.edu/financial-aid/pathways
STORY SOURCE: University of Iowa News Services, 300 Plaza Centre One, Suite 371, Iowa City, Iowa 52242-2500.CONTACTS: Media: George McCrory 319-384-0012, firstname.lastname@example.org; Program: Mark Warner, assistant provost of Enrollment Services and director of Student Financial Aid, 319-335-3127