Iowa Admin. Code r. 283-8.4
Current through Register Vol. 47, No. 11, December 11, 2024
Rule 283-8.4 - Awarding of funds(1)Selection criteria. All eligible applicants will be considered for an award.(2)Maximum award and extent of award. Eligible applicants may receive no more than the equivalent of eight full-time awards. a. The maximum award for full-time students will be the lesser of:(1) The student's financial need, or(2) One-half of the average tuition and mandatory fees for Iowa resident regent university students in the year prior to the academic year in which awards are being made.b. The maximum award for a full-time student will not be affected by the ranking system used to prioritize grants. A part-time student will receive a prorated award, as defined by the commission, which is calculated by dividing the number of hours for which the student is enrolled by the required number of hours for full-time enrollment and multiplying the quotient by the maximum award.(3)Priority for awards among eligible applicants. Awards will be made in the order of the following priority categories. If all eligible applicants within a priority category cannot be funded, awards will be made to eligible applicants with the lowest financial metrics. If all eligible applicants with a given financial metric cannot be funded, those eligible applicants will be ranked according to the date the Free Application for Federal Student Aid was completed. a. All new and renewal eligible foster care students will receive first priority for funding.b. All new and renewal eligible surviving-child students will receive second priority for funding.c. All eligible renewal applicants not awarded in paragraphs 8.4(3)"a" and "b" will receive third priority for funding.d. If funding remains after all eligible foster care students, eligible surviving-child students, and renewal students have been awarded, fourth priority will be given to students who participated in federal TRIO programs, participated in alternative programs in high school, or graduated from alternative high schools.e. If funding remains after each of the previous priority categories has been awarded, fifth priority will be given to students who participated in federal GEAR UP programs.f. If funding is available, funding will be awarded to remaining eligible applicants.(4)Awarding process.a. The commission will verify the eligibility and priority category of eligible applicants.b. The commission will designate eligible applicants for awards and provide eligible institutions with rosters of designated eligible applicants.c. The commission will notify recipients and eligible institutions of the awards. Eligible institutions will notify the student of the award amount and the state program from which funding is being provided and will state that the award is contingent on the availability of state funds.d. Eligible institutions will apply awards directly to student accounts to cover items included in the cost of attendance, as defined in Title IV, Part B, of the federal Higher Education Act of 1965, as of July 1, 2023.e. Eligible institutions will provide information about eligible applicants to the commission in a format specified by the commission. Eligible institutions will make necessary changes to awards due to a change in enrollment or financial situation and promptly report those changes to the commission.f. Eligible institutions are responsible for completing necessary verification and for coordinating other aid to ensure compliance with student eligibility requirements and allowable award amounts. Eligible institutions will report changes in student eligibility to the commission.g. The commission will periodically investigate and review compliance of eligible institutions participating in this program with the criteria established in Iowa Code section 256.212 and this rule.Iowa Admin. Code r. 283-8.4
Amended by IAB April 15, 2015/Volume XXXVII, Number 21, effective 5/20/2015Amended by IAB October 28, 2015/Volume XXXVIII, Number 09, effective 12/2/2015Amended by IAB February 15, 2017/Volume XXXIX, Number 17, effective 3/22/2017Amended by IAB October 11, 2017/Volume XL, Number 8, effective 9/20/2017Amended by IAB December 19, 2018/Volume XLI, Number 13, effective 1/23/2019Adopted by IAB August 7, 2024/Volume XLVII, Number 4, effective 9/11/2024