Occasionally students want to spend a semester or academic year at another domestic institution and transfer the hours earned back to the University of Iowa (UI). Students often enroll simultaneously at UI and a community college and want to combine the hours at both institutions for financial aid purposes. It is possible to receive financial aid under these circumstances as long as certain requirements are met. It is also possible to be employed at the University under part-time hourly employment since you will show University registration through completion of the consortium agreement.
The purpose of a consortium agreement is to ensure disbursement of the proper amount of financial aid. Consortium agreements will only be processed if they are necessary for you to receive your federal financial aid.
- The earned credit hours must transfer to the UI and apply toward your degree requirements.
- Complete the financial aid application process through the UI Office of Student Financial Aid. The UI Office of Student Financial Aid must have the results from your Free Application for Federal Student Aid (FAFSA).
- You must meet all of the eligibility requirements required by the federal financial aid programs.
- You must take less than 12 hours (undergraduate students) or less than 9 hours (graduate students) at the UI.
- A maximum of 60 credit hours can be transferred toward your degree requirements, if you transfer classes from a community college. Financial aid eligibility will be determined using the actual number of hours that transfer to the UI.
- You must not have been dismissed from the University of Iowa.
- Your financial aid will be awarded by the institution from which you will receive your degree. If you plan to enroll simultaneously at UI and another institution, you should apply for financial aid at the school from which you expect to graduate. The school from which you will graduate is the “home” institution that must process a consortium agreement with the other school (the “host” institution).
- After the consortium agreement is processed, the Office of Student Financial Aid will contact the UI Registrar's Office and request they register you in either 6998:0001, Undergraduate Transfer, or 6997:0001, Graduate Transfer, for the number of credit hours that will transfer from the other school. This registration is needed so the University Billing Office can disburse your financial aid. Do not inadvertently drop this class.
- If there are any past-due charges on your University bill or other restrictions on your registration, you will need to remove those restrictions before the UI Registrar's Office will register you for the transfer course(s).
- You must be registered for enough hours to qualify for financial aid (at least six hours for undergraduate students and five hours for graduate students). If you enroll simultaneously at UI and another school, the total registration hours between the two schools will be used to determine your financial aid eligibility. If you receive scholarships from UI, they may be reduced or canceled based on the terms of the scholarship and/or number of hours you are taking at the UI.
- The University of Iowa will not send any payments to the other school.You will be responsible for paying any program fees/bills at the other institution. You may use financial aid funds that are refunded to you by the UI to pay the other school.
- If you receive financial aid funds for classes approved by this consortium agreement, after you complete the course(s), it is your responsibility to provide an official transcript to the UI Office of Admissions. You will not be permitted to register for any upcoming sessions at The University of Iowa until the official transcript is received. If you have early-registered for a subsequent semester and the official transcript is not received in a timely fashion, your early registration will be voided.
- Complete the financial aid application process through the Office of Student Financial Aid and be awarded financial aid. You must meet all the eligibility requirements for federal financial aid programs.
- Complete the Consortium Agreement Form and submit it to the UI Office of Student Financial Aid.
- You must complete a Consortium Agreement Form for each term that you register at another school. The consortium agreement will only cover classes for which you have already registered. If you plan to attend the other school for an academic year, you will have to process one consortium agreement for the fall term and another agreement after you have registered for spring classes.
- Deadline: If you will enroll simultaneously at The University of Iowa and another institution and are receiving federal grant money, you must complete the consortium process no later than the UI's last day to drop individual courses that will have an impact on your tuition and fee assessment. This typically occurs the second week of classes during the fall and spring semesters and after the first week of classes during summer session. For loan funds, you have up to the last week of classes to complete the consortium process. We cannot create or increase a loan after the last day of classes for that semester. Submit the Consortium Agreement form to the UI OSFA at least two weeks in advance of the deadline.