How Aid Is Determined
Iona University offers financial aid to students based on demonstrated financial need. Need is defined as the difference between the cost of attendance and student aid index less other financial aid.
Cost of Attendance
Tuition, fees, room and board, books, supplies, personal expenses, transportation.
(-) Student Aid Index (SAI)
Measure of a family’s ability to pay the cost of attendance. It is determined by the FAFSA. It also determines a student’s eligibility for grant assistance.
= Financial Need
The student’s maximum eligibility for need-based financial aid. It includes grants, loans and funds from work-study jobs.
Costs of Attendance
The cost of a college education includes tuition and food and housing, plus items such as books, course materials, equipment and other personal expenses.
More about Costs of Attendance
STUDENT AID INDEX
Your student aid index (SAI) is a measure of your ability to pay toward your annual education costs. It’s based on income, assets, expenses, the size of your family, the age of your parents, how many parents are working, and extraordinary circumstances. All of this is reported on your FAFSA. If your student aid index is greater than the cost of attendance, you will not qualify for need-based aid. In that case, we will help you figure out other financing options.
If you are eligible for financial aid, you may receive federal and state grants, scholarships, loans and work-study jobs as part of your aid package.
If your family has expenses not covered by the financial aid package, loans and payment plans may assist with these costs.
You must reapply for financial aid every year. If your family’s finances do not change much from year to year, however, you can expect your aid index and aid package to remain about the same from one year to the next.