Financial Aid Can Reduce your Costs

You might be surprised

About one-half of students in Minnesota State Colleges and Universities receive financial aid to help pay the cost of college. Tax credits for students also can help lower your net costs.

Types of aid

Much financial aid for students at state colleges and universities comes from federal and state grants, which you do not need to pay back. Eligibility is based on your need. Grants, loans, work-study and scholarships may be available.

You also may be able to take out student loans at reasonable interest rates, but they need to be repaid later.

Scholarships

Scholarships help many students pay for college. Available through colleges and universities, high schools and many organizations, scholarships do not need to be paid back. They can be awarded for academic achievement, financial need, membership in a particular group or for your talents and special interests.

Amounts awarded can vary from a few hundred dollars to several thousand dollars, and they may be given as one-time awards or renewable in additional years.

Ask a high school counselor and the financial aid office at colleges or universities for free information about scholarships. Many of the Minnesota State Colleges and Universities have some information about scholarships and other forms of financial aid on their Web pages to help you get started.

How to apply for financial aid

Complete a Free Application for Federal Student Aid, or FAFSA, form after Jan. 1 of your senior year. You can complete the form online at www.fafsa.ed.gov or pick up the form at your school counselor’s office.

For help in completing the form, go to your high school counselor or the financial aid office at the college or university you plan to attend.

This form must be completed by all students and parents who apply for federal student aid and Minnesota State Grant funds. It also is used to apply for funds from most colleges and universities.

Financial aid deadlines

Apply as soon as possible. Students must submit applications within 30 days after the beginning of a college or university term to receive a state grant for that term. But, it is a good idea to complete that process before the term begins. Contact the admissions office of the college or university to find out about the deadline.

See how financial aid could work for you

Here are examples of how financial aid is helping three full-time students pay for college.

For all three students, federal and state grants (which do not need to be paid back) cover a significant part of the cost. The total costs are estimates that could be much lower, depending on your circumstances. In addition, some families take a bank loan to help pay the net costs of college.