Iowa College Student Aid Commission Annual Report FY 2010

Fiscal Year 2010 proved to be a year of many challenges. While the nation and the state dealt with an unprecedented economic downturn, a growing number of Iowa families sought assistance to pay higher education costs. The year saw Iowa’s unemployment rate soar to a 23-year high, contributing to a 22 percent increase in enrollment at Iowa’s colleges and universities. An increasing number of Iowans applied for financial aid to pay for college as evidenced by a 47 percent increase in the number of Free Applications for Federal Student Aid (FAFSA) completed over the past 5 years. The economic downturn also forced the State to make a 10 percent reduction in all general fund appropriations which reduced the total amount of state-funded financial aid available to assist families.