In order to be eligible, a student must:
 1. Be a citizen of the United States and a resident of this state.
 2. Be enrolled and making satisfactory academic progress or accepted for enrollment at an eligible postsecondary institution on a half-time or greater basis.
 3. Demonstrate financial need. A student’s need shall be determined on the basis of a need analysis system approved for use by the commission or under the federal work-study program.
 4. Have not defaulted on an Iowa guaranteed loan payment or on a loan guaranteed by the federal government.