To receive your financial aid credit each term, you have to:
- have been sent an award notification letter and
- (if borrowing a Federal Stafford Loan) activate your student loan(s).
Your financial aid will be applied to your tuition approximately 10 days before the start of the semester.
If there is a credit on your account after tuition is paid, you may use that credit at the bookstore as long as you have your EagleCard and book list.
Credits for first time Stafford Loan borrowers cannot be deposited/mailed until the mandatory 30-day wait period from the start of the semester ends. However, those funds are available at the bookstore if the loan has been activated.
Direct Deposit via EagleNet
Students receiving a refund need to set up a NEW direct deposit account, even if they previously had one set up before the fall 2014 term.
Setting up your Direct Deposit Account:
- Log into EagleNet (www.kirkwood.edu/eaglenet).
- Under Financial Information choose "Direct Deposit (eRefund)."
- Click "eRefunds" from the toolbar at the top, then click "Set up Account." Select account type and key in corresponding bank account and routing information.
- Review agreement and Click "Agree" to finalize your direct deposit.
- Account is now set up and will show under "eRefunds" as a direct deposit account. If there are any problems once the account is set up, you will receive an email notifying you to make corrections on the account.
If you choose not to set up direct deposit, the balance of financial aid will be mailed to your local address when your attendance is verified. Please note that balance checks must be cashed within 90 days of issue.
Terms and Conditions for All Financial Aid Recipients
- You must be enrolled in a degree-seeking program six months or longer in length.
- The Pell Grant, SEOG, Voc Tech Grant and certain scholarships are pro-rated based upon the number of credit hours enrolled. To qualify for the entire loan amount, you have to be enrolled at least half-time.
- Students who are enrolled less than full time are considered part time students. For part time students, a lower cost of attendance will be used to determine eligibility for financial aid awards. If your attendance level changes up to the end of the second week of classes, this may change the amounts of your awards.
- Please note that we mail financial aid checks based on enrollment as of 10 days into the semester.
- Student may receive no more than 18 semesters of Pell Grant awards.
- Federal Stafford Loans must have at least two disbursements. If your loan is for one semester only, the second disbursement will be at the midpoint of the semester. To remain eligible for a Federal Stafford Loan, you must be enrolled at least half time during the entire period for which the loan was processed.
- Your award is based on projected funding from institutional, state, and federal sources, and is subject to change. Specifically state programs are subject to the availability of funding from the state and can be reduced if that funding is reduced by the state. This applies to the Iowa Vocational-Technical Grant, the Iowa Grant, the All Iowa Opportunity Scholarship, the All Iowa Opportunity Foster Care Grant, and National Guard Benefits.
- If other sources of assistance or additional resources are received after your financial aid application is completed, you are required to notify the Financial Aid Office immediately.
- A default status for any previous Federal Student Loan or any unpaid repayments for previous financial aid awards will cause automatic rejection for present aid consideration.
- You may lose eligibility if you are convicted of a state or federal offense involving a drug posession or sale that occurred while you are enrolled in school and receiving financial aid.
- One of the requirements for receiving financial aid is that you attend the classes for which you are registered. Attendance is monitored in all classes. We will disburse financial aid based on the number of credits you have been reported as attending. If you have late start classes, some of your pro-rated awards will not be sent until you are attending those late start classes.
Satisfactory Academic Progress
Federal regulations require students to make reasonable satisfactory academic progress in their course of study in order to continue to receive financial aid funds. For more information, go here.
Return of Financial Aid Title IV Funds
If any amount of tuition is paid with funds from a Title IV Program and the student withdraws during the established refund period, the Title IV program funds will be adjusted and any unearned aid will be returned in the following order: Loans: Federal Unsubsidized, Federal Subsidized and Federal Plus. Grants: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant and Other Title IV programs. Under federal law, Kirkwood must return the funds as soon as possible, but no later than 45 days after Kirkwood determines the student’s withdrawal date.
A student’s financial aid is based on the number of classes the student is enrolled in and the number of days the student is enrolled in classes. When a student initiates a withdrawal from one or more classes, the amount of financial aid the student is eligible to receive is affected. The Return of Title IV funds to the federal government is based on a calculation that determines how much aid the student is eligible to receive and how much the student is no longer eligible for, because he/ she is no longer enrolled in school. This calculation is applicable until the student has completed more than 60 percent of the semester. Once the student has completed more than 60 percent of the semester, all financial aid is considered earned.
If a student completed 20 percent of the semester, the student will have earned 20 percent of the financial assistance awarded for the semester. Any aid above and beyond the 20 percent is considered unearned and must be returned to the federal government.
As prescribed by federal law, Kirkwood is required to return the lesser of:
As prescribed by federal law, the amount the student must return is:
- The unearned amount of the financial aid; or
- An amount equal to the student’s total institutional charges for the semester, multiplied by the percentage of unearned aid.
If the student is required to repay unearned Pell and/or SEOG Grant funds, the law provides that the student is only required to return grant funds if the final grant overpayment amount exceeds 50 percent of the total grant assistance the student received for the payment period.
- The unearned amount of Title IV assistance minus any funds Kirkwood returned. If the student is required to repay unearned loan funds, these funds will be repaid in accordance with the terms of the promissory note. That is, through scheduled payments to the holder of the loan over a period of time.
Any unearned grant money must be repaid by either making arrangements with Kirkwood or with the U.S. Department of Education.
If a student withdraws from Kirkwood prior to completing 60 percent of the semester, the student is responsible for paying any outstanding tuition and fee charges that remain after Kirkwood has repaid any unearned financial aid to the federal government.