The Increasing Student Financial Aid Awareness Act establishes new requirements for the Iowa student loan liquidity corporation and the bureau of Iowa college aid regarding the dissemination of information related to state and federal student loan programs. The corporation is mandated to provide the bureau with an estimate of the annual percentage rate (APR) for the federal direct plus loan, along with the assumptions used for this estimate, and to maintain updated information on its website regarding the college family loan and partnership loan. The bureau is tasked with analyzing this information to verify its accuracy and to compare the APRs of the federal direct plus loan with those of the college family loan and partnership loan.

If the bureau finds that either the college family loan or the partnership loan offers a lower APR than the federal direct plus loan, it must publish a statement on its website and notify higher education institutions in Iowa to include this information in their financial aid offers. This statement must explain the benefits of the state’s supplemental student loan program and provide relevant web addresses for further information. The bureau is also required to update this information as interest rates change and to inform institutions if the lower APR status changes.