Grants are one of the best kinds of aid because they don’t need to be paid back. They are awarded for one year at a time and can be renewed. Here are a few examples of federal and state grants:

• Federal Pell Grant
• Federal SEOG Grant
• Federal Teach Grant
• Iowa Tuition Grant
• Iowa National Guard
• All Iowa Opportunity Scholarship
• GEAR UP Iowa Scholarship
• Education and Training Voucher (ETV)
• Vocational Rehabilitation Grant
• STEM Community Scholars Grant

Federal loans have to be paid back, but are fixed at a low interest rate. Some loans accrue interest while you’re in school (unsubsidized), while others don’t (subsidized). Some examples of federal loans include:

• Stafford Loans (Subsidized & Unsubsidized)
• Parent PLUS Loans

The government funds an opportunity for you to earn money and gain experience working on campus. You must be eligible for need-based financial aid to qualify for federal work study. A typical Morningside work study award is $2,000 per year. The dollars earned through work study employment will not impact your FAFSA the following year. If you don’t qualify for work study, it is possible to get an on-campus job paid through campus payroll. Contact Student Financial Planning for more information at finaid@morningside.edu or 712-274-5159.

Mabel E. Sherman Private Student Loan

• Preference is given to residents of Ida or Cherokee County Iowa residents.
• Interest rate is fixed at 5%.
• No cosigner requirement.
• Annual loan limits: Usually $3,000 (varies based on funding availability).
• The Sherman Loan repayment begins ten years after the date of the disbursement of your first Sherman Loan. The loan is interest-free for ten years after the date of the disbursement of your first loan.

McElroy-Morningside Private Student Loan

• Must be a U.S. Citizen.
• Must be enrolled full-time and eligible for a Morningside scholarship.
• Interest rate is fixed at 5%.
• A cosigner is required.
• Annual loan limit: Usually $3,000 (varies based on funding availability).
• Cumulative Loan Limit: $12,000
• Interest and repayment begin 6 months after student is enrolled less than half time.
• Repayment term: Up to 10 years.

Contact the Financial Aid team for more information.

Contact Financial Aid

2022 Forms 

2022-2023 Special Circumstances Form

2022-2023 V1 Dependent Student Verification Form

2022-2023 V1 Independent Student Verification Form