Financial Aid Programs

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.

Contact Us

Questions regarding Financial Aid can be directed to:

St. Luke's College
Financial Aid Office
2800 Pierce Street
Sioux City, Iowa 51104
(712) 279-3149

Federal Grants

Federal Pell Grant

Based on Financial Need
Federal Pell Grants are awarded to high need undergraduate students.  The award is based on the student's enrollment status.  Students enrolled less than half time may be eligible.  Maximum award is $63455 for 2020-2021. 
 

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. The SEOG program is funded directly through St. Luke's College by the U.S. Department of Education.  Awards range from $350 - $700.
Federal Loan Programs

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. Awards range from $500 - $3500.
 

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.  Interest rate for loans first disbursed between July 1, 2020 and June 30, 2021 is 2.75%.  Loans disbursed between October 1, 2019 and September 30, 2020 the origination fee is 1.059%.  Loans disbursed between October 1, 2020 and September 30, 2021 the origination fee is 1.057%.  Student eligibility will be listed on the award letter.  The annual loan maximums are $3500 for 1st year students, $4500 for 2nd year students and $5500 for each year in the bachelor degree programs.  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.  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, therefore the student is encouraged to pay the interest.  Interest rate for loans first disbursed between July 1, 2020 and June 30, 2021 is 2.75%.  Loans disbursed between October 1, 2019 and September 30, 2020 the origination fee is 1.059%.  Loans disbursed between October 1, 2020 and September 30, 2021 the origination fee is 1.057%.  Students are awarded a base Unsubsidized Stafford Loan of $2000 in addition to the Subsidized Stafford Loan.  Independent students or students of parents that were denied a Parent Plus Loan may borrow up to an additional $4000 in the associate degree programs and $5000 in the bachelor degree programs.  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 upon denial of the PLUS loan.  Interest rate for loans first disbursed between July 1, 2020 and prior to June 30, 2021 is 5.30%.  Loans disbursed between October 1, 2019 and September 30, 2020 the origination fee is 4.236%.  Loans disbursed between October 1, 2020 and September 30, 2021 the origination fee is 4.228%.  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:
Federal College Work-Study Program (CWSP)

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.  Awards range from $750 - $1500.
State of Iowa Financial Aid Programs
Iowa College Aid administers need-based college financial aid for Iowans.
For more information regarding the State of Iowa financial aid programs please visit www.iowacollegeaid.gov.
 

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.
 

Future Ready Iowa Last Dollar Scholarship

The Future Ready Iowa Last Dollars Scholarship (Last Dollars Scholarship) is a non-need-based, state-funded grant program for Iowans who are attending a certificate or associate degree program associated with high-demand careers.  This grant is intended to help cover remaining gaps after other federal and state grants/scholarships have been applied.  Award amounts differ based on other forms of financial aid you may already be receiving. 
 
Because the list of eligible programs is based on job demand, it may change from year to year.  Students whose educational programs are removed from the state of Iowa's list will remain eligible for the Last Dollar scholarship until they complete their credentials or leave school, as long as they otherwise continue to meet all other eligibility criteria.
 
Who is eligible?
 
NEW HIGH SCHOOL GRADUATES who enroll in a qualified program of study full-time for the fall immediately following high school graduation, apply for all other available state and federal grants and scholarships, and meet ongoing requirements.
 
ADULT LEARNERS (age 20 and older) who enroll in a qualified program of study full-time or part-time, apply for all other available state and federal grants and scholarships, and meet ongoing requirements.
To learn more about the Last-Dollar Scholarship, go to: iowacollegeaid.gov/lastdollar. 
 

Future Ready Iowa Grant

The Future Ready Iowa Grant is a non-need-based, state-funded grant program for Iowans who are seeking a bachelor's degree in a program of study aligned with statewide high-demand careers.  Because the list of eligible programs is based on job demand, it may change from year to year.  Eligible students must have at least half of the credits completed and accepted towards an eligible baccalaureate program, and must not have any college enrollment for the previous two academic years prior to re-enrolling.   

 

For both the Last Dollar Scholarship and Future Ready Iowa Grant, recipients must meet certain criteria to keep your scholarship.  All students are encouraged to participate in a volunteer mentor program.  Visit IowaCollegeAid.gov for more information about ongoing requirements.

More information can be found at:

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. The employee must be admitted to a UnityPoint Health College program and complete an application to request assistance each semester of enrollment. For additional criteria please contact ASK HR.

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.
 

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.