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Federal Aid

Federal Grants

Pell Grant

Awarded to students from low-and middle-income families who show financial need and are degree seeking. Student must submit a Free Application for Federal Student Aid (FAFSA). Amounts are determined by the U.S. Department of Education and for 2013-2014 ranged from $605-$5,645 per year.

Supplemental Educational Opportunity Grant

Awarded to students receiving Pell Grants and demonstrating high financial need. Amounts are determined by the U.S. Department of Education and for 2013-2014 were $600 per year.

TEACH Grant

Awarded to students interested in a full-time teaching career and committed to teaching for at least four years in a high-need subject area at a school that serves low-income families. Students may receive up to $3,760 per year for full-time undergraduate study. If students do not fulfill stated teaching requirements, the grant will be converted to a loan with interest. If you are interested in the TEACH Grant, please contact the financial aid office.

Iowa Tuition Grant

Iowa Tuition Grants are distributed to Iowa residents enrolled at one of Iowa’s eligible private colleges and universities. Priority is given to applicants with the greatest financial need. The maximum grant for 2013-2014 was $4,000. All Iowa-funded grants require that the student submit a completed Free Application for Federal Student Aid (FAFSA) no later than June 30, 2014.

Need-Based Funding

All students must file a FAFSA to be eligible to receive state or federal funding or many Clarke awards. Clarke University has a FAFSA priority filing deadline of April 15. State and federal awards may reduce the amount of Clarke awards so that the student does not exceed the institutional cap.

Clarke Tuition Grant

Clarke need-based grants are based upon need as determined by the students’ FAFSA. During the upperclass years, if need remains similar, the Clarke need-based grant should remain similar. However, changing from a resident (living on-campus) to a commuter (living off-campus) may change award amounts.

Loan Options

A number of loan options can be valuable tools in financing your education.

Clarke participates in the Federal Direct Stafford Student Loan Program. This program allows students to borrow funds to assist them to meet costs for tuition, fees, room, board and books. The amount of Stafford Loans is determined by the results of the student’s FAFSA as well as grade level in school.

Clarke also offers students the opportunity to apply for Parent Plus or Private Loans. These loan funds can also be used to assist students in financing their education. Clarke’s financial aid office can help you explore the loan options to find the right combination for you.

Federal Work Study/Campus Employment

Preference for federal work study is given to early applicants based on need. Earnings are based upon hours worked, up to $2,000 per year.

Clarke Payment Plans

Clarke University offers several different options to pay remaining balances after financial aid is subtracted or to pay out of pocket if no financial aid is available. For details, please contact the student accounts office at (563)588-6342.

Federal Loan Programs

Federal Perkins Loans

Description: Need-based loan with a low fixed interest rate (5%); Interest does not accrue on this loan until the repayment period begins

Maximum Amount: $2,000 (depending on need)

Repayment: Begins 9 months after a student graduates, withdraws, or is enrolled on a less than ½ time level

This loan is awarded to eligible students with financial need. There is no application for this loan - it is awarded using the information submitted on the FAFSA. For more information on this loan, please see the following link:  Federal Perkins Loan.

Federal Subsidized Stafford Loans

Description: Low interest rate loans made by the federal government. The Subsidized Stafford loan is a need-based loan that does not accrue any interest until a student graduates, withdraws, or is enrolled on a less than ½ time level.

Amounts Determined By: Need, Cost of Clarke education, and other financial aid received

Repayment: Begins 6 months after a student graduates, withdraws, or is enrolled on a less than ½ time level

Federal Unsubsidized Stafford Loans

Description: Low interest rate loans made by the federal government. The Unsubsidized Stafford loan is a non need-based loan that does accrue interest starting at the time of disbursement.

Amounts Determined By: Cost of Clarke education and other financial aid received

Repayment: Begins 6 months after student graduates, withdraws, or is enrolled on a less than ½ time level

For more information on the Stafford Loans, please see the Stafford loan information  page.

Federal Work Programs

Federal Work Study (FWS)

The Federal Work Study program consists of funds made available to Clarke University undergraduate students who have need. These funds make them eligible to work at Clarke University. The amount of work study for which a student is eligible depends on need, the amount of work study funds Clarke has available and the other financial aid received. The amount of hours worked depends on the total FWS award, class schedule, health and academic progress. All jobs, except for community service, are on campus. Average hours are 6 to 10 and average earnings are $2,000. For more information about student employment at Clarke University, please see the student employment page.

Federal Loan Forgiveness Programs

The Stafford Loan Forgiveness Program for Teachers allows for set amounts of Stafford loans to be forgiven after five consecutive years of teaching in certain areas/specialties. The student must be a new student borrower, meaning that the student did not have an outstanding Stafford loan balance before October 1, 1998. For more information, please click here.

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