According to the Office of Student Financial Aid, during the 2023-24 school year, 88% of students received some form of financial aid. The average amount awarded was $10,407.
Chad Olson, director of student financial aid, explained that there are several resources available to students, including scholarships, work-study and loan programs. There are also programs available for students experiencing unexpected financial hardships, called Cyclone Success Assistance.
“[Cyclone Success Assistance] is a collaboration between the Office of Student Financial Aid, the colleges and the departments. We have one application, and if a student meets the criteria, the application will be routed to different departments,” Olson said.
This allows multiple departments to pitch in and help the student out.
“If a student needs $3,000, our office might give $1,000, the engineering department might give $1,000 and WISE (Women in Science and Engineering) would give $1,000, for example,” Olson said.
Olson explained that a common misconception first year students can have is thinking that because they didn’t receive a scholarship their first year, they will never get one for the rest of their college years.
“We really encourage students to complete the OneApp [application], because their situation can change throughout the year,” Olson said. “Also, some of the scholarships our colleges and departments have are based on your performance as a sophomore or junior, so just because you don’t receive anything as a first year student does not mean you should never apply again.”
Kate Tomlinson, a freshman in food science, is an out-of-state student from Illinois. She shared that she was awarded two scholarships.
“I received two scholarships. I received one for having a 3.8 [GPA] when I graduated and then I received another one, because I had above a 3.0 [GPA], and lived in Illinois,” Tomlinson said.
In addition to scholarships, Tomlinson receives money through a family trust fund.
“As for payment wise, it’s through my grandma, through a trust fund or like, a college fund, through a third company,” Tomlinson said. “And I did get a grant. But other than that, like, my mom doesn’t pay.”
During her junior year of high school, Tomlinson shared that her mom started encouraging her to budget.
“We’ve been budgeting since I was about a junior in high school, so that’s really nothing different from here,” Tomlinson said.
Tomlinson explained that her mom withheld money from her paychecks and gave her a specific amount to spend on each expense.
“My mom would take all of my paychecks and only give me so much money per week,” Tomlinson said.
By practicing these skills while still living at home, Tomlinson felt prepared to do this on her own at college.
“It’s just more of, ‘O.K., how much do I have to spend on gas? How much do I spend on caffeine?’” Tomlinson said.
Brielle Reitsma, a freshman in journalism and mass communication major, is an in-state student from Orange City, Iowa.
In an email interview, Reitsma explained that she decided to go to Iowa State later on and missed out on some scholarship opportunities.
“I was really late in deciding where I wanted to go to school, so I missed out on some of the opportunities for scholarships that the university provides,” Reitsma said. “However, through FAFSA and some other things I pursued by myself, I was able to get a little help.”
One thing Reitsma wishes she had known before college was the ins and outs of financial aid.
“I feel like I was in the dark about most things,” Reitsma said. “My parents aren’t well-versed in finances, especially when it comes to schooling because neither of them attended a four-year university.I was lost in a sea of information and I didn’t know where to start.”
To learn more about Iowa State’s financial aid resources, click here.
