Students are considered for grants and scholarships before employment and loans. A student's eligibility is determined after they are admitted to the University of Iowa and the OSFA has received the Free Application for Federal Student Aid (FAFSA) results. There are no separate applications other than filing the FAFSA. The scholarship amounts vary depending on the amount of the students' financial need and scholarship funding levels.
To be eligible for the University of Iowa Need-Based Academic Award, applicants must be incoming freshmen who submit a FAFSA by the deadline for maximum financial aid consideration, demonstrate financial need based on the FAFSA results, and show outstanding academic merit (standardized test scores and GPA) In order to be renewed, students must maintain a 2.75 GPA and maintain continuous full-time enrollment (12 hours) each semester.