Student Financial Aid Report

At its February meeting, the Iowa Board of Regents will receive the annual student financial aid report detailing trends in student financial aid awarded at Iowa’s public universities. The total amount of financial aid awarded to students (both undergraduate and graduate students) increased from $1.06 billion to $1.12 billion

Financial aid comes from four primary sources: the federal government, the state of Iowa, private organizations, foundations and companies and the universities themselves. Federal financial aid for students increased 3% after a five-year decline, while institutional aid grew for the fourth-straight year and now provides a similar amount of aid as the federal government.

Student loans make up a large portion of federal financial aid. The majority of institutional aid falls under grants and scholarships or campus employment opportunities. 

As part of the Regents’ mission to make education as affordable as possible, the universities continue to support students, particularly undergraduates, using institutional financial aid. The amount of institutional aid available to undergraduates increased for the third straight year from $283 million in 2021-22 to $303 million in 2022-23 (a 7% increase in one year).

This aid puts the Regents institutions among the most affordable options for earning a bachelor’s degree in the state. 

Robust institutional aid is one way Iowa’s public universities keep costs low and ensure higher education access for Iowans.