March 5, 2008
Students received $80 million in grants and scholarships in 2006-07
University of Iowa students received $80 million in grants and scholarships in 2006-07 from federal, state, UI and private sources, helping reduce their debt load after graduation.
Mark Warner, assistant provost for Enrollment Services and director of Student Financial Aid at the UI said the amount awarded for grants and scholarships in 2006-07 increased 8.3 percent from 2005-06. He added that 22,840 awards were given in the past academic year, with the average award being $3,506.
The UI has a 35-year history of allocating a significant percent of tuition revenue to support institutional grants and scholarships. During the 2006-07 academic year, more than $41.8 million in tuition revenue was set aside for undergraduate, graduate and professional students. For the 2007-2008 year, the amount has increased to $47.5 million, an increase of 13.8 percent and representing about 19 percent of projected 2007-08 tuition revenue.
"Providing affordable and accessible higher education for every qualified Iowan is an integral part of the University of Iowa's mission," said UI President Sally Mason. "Grants and scholarships are the first priority of our financial aid packages."
As a result, Mason said, nearly 40 percent of UI undergraduate students graduate without any debt; average UI student debt (about $22,000 for the 2006-07 academic year) is below the average for students attending other Iowa colleges and universities, and UI students have a loan default rate of less than 2 percent.
Warner said the UI has recently created several new undergraduate scholarship and grant programs to address the needs of economically disadvantaged, underrepresented, and first-generation students as well as recognizing and rewarding academic achievement. The programs include:
--Iowa Pathways Program, which helps 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. To date, approximately 50 new first-year undergraduate students have received close to $100,000 in new Pathways Grants.
--Iowa Heritage Awards are for new nonresident students who have a parent, stepparent, legal guardian or grandparent who graduated from the UI with a bachelor's, master's or doctoral degree. To date, 122 nonresident, first-year undergraduate students have received more than $182,000 in Iowa Heritage Awards.
--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. So far, 232 first-year undergraduate students have received $1,764,481 through this program.
-- The Iowa Promise Scholarship will partner with the new All Iowa Opportunity Scholarship Program, a new state program that pays one year of tuition and fees for certain high-need undergraduate students who entered Iowa colleges and universities for the first time beginning in 2007-08. The UI Iowa Promise Scholarship will pay tuition and fees for the sophomore, junior and senior years for the All Iowa Opportunity Scholars who enrolled at the UI in 2007-08 and have a UI GPA of 3.0 or above. The UI will make that same commitment to the new classes enrolling for 2008-09 and beyond.
By the 2010-11 academic year, Warner estimated that the Iowa Pathways, Iowa Heritage, Advantage Iowa and Iowa Promise programs would provide approximately $9 million in financial support for 1,700 students.
STORY SOURCE: University of Iowa News Service, 300 Plaza Centre One, Suite 371, Iowa City, Iowa 52242-2500
MEDIA CONTACTS: Mark Warner, Office of Student Financial Aid, 319-335-3127; George McCrory, University News Services, 319-384-0012, firstname.lastname@example.org