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Financial Aid

Financial Aid Programs


2800 Pierce St, Suite 410
Sioux City, Iowa 51104
(712) 279-3149 or
(800) 352-4660, ext. 3149
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The following programs are available to all students who complete the Free Application for Federal Student Aid (FAFSA) and meet the established criteria for each program.  Each of these financial aid programs may be disbursed on the student’s tuition account in two equal installments and may require additional paperwork to receive the funds.

Helpful links for further information on College Financial Aid Planning

Federal Financial Aid Programs

 Federal Pell Grant– based on financial need

Federal Pell Grants are awarded to high need undergraduate students.  The awards are determined based on a federal formula.  Students must be enrolled in at least three credits in a degree program to be eligible. 

 Federal Supplemental Education Opportunity Grant (SEOG) – based on financial need

Federal Supplemental Education Opportunity Grants are awarded to students that qualify for the Federal Pell Grant and have completed a financial aid file by March 15 have the highest priority.  The SEOG program is funded directly through St. Luke’s College by the U.S. Department of Education. 

 Federal College Work-study Program (CWSP) – based on financial need

The Federal College Work-study Program provides part time jobs during the academic year.  These jobs are on the college campus and non-profit off campus community service areas.  Salary will begin at the federal minimum wage.  A maximum award will be listed on the award letter.  An additional application is required.  Students may be interviewed for available positions. 

 Federal Nursing Student Loan (NSL) – based on financial need

Federal Nursing Student Loans are awarded to students based on financial need and enrollment in the nursing program.  Students must be enrolled at least half time (6 credits) to be eligible.  The interest rate is 5%.  Repayment begins nine months after enrollment ceases.  An additional promissory note must be completed prior to receiving the funds. 

 Federal Direct Subsidized Loan – based on financial need

Federal Direct Subsidized Loans are awarded to students based on financial need.  Students must be enrolled at least half time (6 credits) to be eligible.  Funds from this program are borrowed through the U.S. Department of Education.  Interest is paid by the U.S. Department of Education for the student as long as they are enrolled at least half time.  For loans disbursed on or after July 1, 2013 the interest rate is 3.86% and it has a 1.051% origination fee.  Student eligibility will be listed on the award letter.  The annual loan maximums are $3500 for first year students and $4500 for second year students.  Additional paperwork is required.  **For any student that is a new borrower on/after July 1, 2013 a 150% limitation is in effect.  A student who is eligible for a subsidized loan will reach their loan limit at 150% of the program.  At St. Luke’s College that means a student can receive a subsidized loan up to 3 years once they begin their enrollment (including previous colleges).  Once a student has reached their 150% limitation, their interest subsidy loan limit will end on all outstanding loans that were disbursed after July 1, 2013, and interest will begin to accrue. Students are therefore encouraged to complete undergraduate study on a timely basis. 

 Federal Direct Unsubsidized Loan Program– not based on financial need  

Federal Direct Unsubsidized Loans are awarded to students that do not demonstrate financial need.  The student is responsible for the interest on the loan.  Interest statements will be sent to the student providing the opportunity to pay the interest.  If interest payments are not made the interest will capitalize.  The student is encouraged to pay the interest.  For loans disbursed on or after July 1, 2013 the interest rate is 3.86% and it has a 1.051% origination fee.  The annual loan maximum is $6000 for eligible students.  Additional paperwork is required.

 Federal Direct Parent Plus Loan – not based on financial need

A Federal Direct Parent Plus loan is a loan to help parents pay for their dependent student’s education. The student must be enrolled at least half time (6 credits) to be eligible.  The loan is in the parent’s name and based on credit history.   Interest accrues starting at the disbursement of the loan but it can be deferred if the borrower qualifies.  Maximum loan limits are determined by the cost of education minus financial aid.  Any borrower with adverse credit history may be denied the PLUS loan.  The student may borrow an additional Unsubsidized Loan up to $4000 upon denial of the PLUS loan.  For loans disbursed on or after July 1, 2013 the interest rate is 6.41% and it has a 4.204% origination fee.  Repayment begins within 60 days of final disbursement.  Additional paperwork is required. 

 **For more information on the Federal Direct Loans please visit the direct loan website at

State of Iowa Financial Aid Programs

For more information regarding the State of Iowa financial aid programs please visit

Iowa Tuition Grant– based on financial need

The Iowa Tuition Grant program is available to students that are residents of the State of Iowa, file the FAFSA on or before July 1, enroll in at least three credit hours at a private institution in Iowa and have financial need.  In the event that available state funds are insufficient to pay the full amount of each approved grant, the Iowa Student Aid Commission has the authority to administratively reduce the maximum award to an amount less than the statutory maximum.

Iowa Grant– based on financial need

Iowa Grants are awarded to students that are Iowa residents and have high financial need.  Funds are very limited and are generally awarded to students that have the highest need. 

Iowa National Guard Educational Assistance Grants– not based on financial need

The General Assembly appropriates funding to provide educational support for members of the Iowa National Guard.  The Iowa Adjutant General determines eligibility. 

Alternative Programs

College Tuition Grant Program for Employees and Dependents of a UnityPoint Health facility

 This opportunity is available to employees of UnityPoint Health to further their education.  This opportunity may also be extended to the employee's eligible spouse and/or a legal dependent who is under the age of 25.  They must be approved for admission to a UnityPoint College program and complete an application to request assistance each semester of enrollment.  For additional criteria please visit the Human Resource Department at an IHS facility. 

 Deferred Payment Plan

 St. Luke’s College offers a deferred payment plan for tuition, fees, and other authorized charges less financial aid and scholarships credited to an account.  The deferred payment plan allows a student to make payments in three equal monthly installments.  The student must obtain deferred payment approval from the St. Luke’s Fiscal Services Department prior to the first business day of the month following the start of classes.  There is a non-refundable deferred payment fee for processing the deferred payment plan of $15 per semester.  Failure to make timely payments will result in revocation of the privilege to pay in installments, and the outstanding balance becomes due immediately and will be subject to a $20 late fee.

*Due to the short term of the Phlebotomy Program, a deferred payment plan is not available for this program.

Alternative Loan Programs– not based on financial need

There are many Alternative Loan programs available to help cover the cost of education; however, it is suggested you exhaust all of your other options including St. Luke’s College no interest payment plan, savings, summer work, work study and outside scholarships before you borrow any type of  alternative loan.  Loan eligibility is based on the borrower’s/co-borrower’s creditworthiness and cost of attendance minus financial aid.  Interest rates and fees vary by program.  It is the student and family’s responsibility to research each loan program to determine the one that best fits your need.  Some things to keep in mind when researching are: interest rates, fees and repayment terms.  Additional paperwork is required.