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Financial aid is money to help pay for college or career school. The four types of financial aid available include grants, work-study, loans and scholarships.
Grants - grants are called gift aid because they do not have to be paid back. Grants come from federal and state governments and from colleges. Most grants are need based, which means they are usually given based on your or your family’s financial circumstances.
Work-Study Programs - the Federal Work-Study Program offers paid part-time jobs to help students pay for part of their college cost.
Loans - borrowing money from a bank, government or lending company is called taking out a loan. A loan must be paid back with an extra charge called interest. The federal government offers low-interest loans to students with financial need. Other lenders charge more interest.
Scholarships are a gift aid. Scholarships come from governments, colleges and private organizations. They may be awarded for academic or athletic ability, interest in a certain subject, or volunteer work, for example. Some scholarships are given based on membership in an ethnic or religious group. Companies may also give scholarships to children of employees. Be sure to check out the scholarships page in our drop down menu.
FAFSA
The Free Application for Federal Student Aid (FAFSA) is the form you need to fill out to get any financial aid from the federal government to help pay for college. Each year, over 13 million students who file the FAFSA get more than $120 billion in grants, work-study, and low-interest loans from the U.S. Department of Education.
Lots of states and colleges also use the FAFSA to determine which students get financial aid—and how much they’ll get.
The FAFSA asks for information about you and your family’s finances, including tax returns, so you’ll need your parents’ help to complete it.
Taken from The College Board Blog | Read article here
All senior students are encouraged to complete the FAFSA as soon after October 1 as possible. The following information/documentation is helpful when sitting down to complete the FAFSA:
All senior students are encouraged to complete the FAFSA as soon after October 1 as possible. The following information/documentation is helpful when sitting down to complete the FAFSA:
Student and one parent each need an FSA ID/Account (visit https://fsaid.ed.gov/ to create an account). If you have questions about your family structure (divorced parents, legal guardian situations), please check these dependency rules.
Student and parent(s) full legal name(s).
Student and parent(s) Social Security Number(s). For families who have members without Social Security Numbers, please contact your school counselor.
Student and parent(s) date(s) of birth.
Parent(s) marital status and date of last change to marital status.
Student and parent(s) prior prior year 1040 Federal Tax Form(s). Prior year refers to two years prior to the aid year for the student. For example, a 2024 graduating student applying for aid for the 2024/2025 school year will need access to 2022 taxes for both the student and parent.
Student and parent(s) prior prior year W-2 Form(s).
Student and parent(s) total balance of cash + savings + checking.
fafsachecklist.pdfcreating-using-fsaid.pdfFAFSA Simplification FAQ.pdf
You can begin the MN Dream Act Application by clicking here.
You will need:
High school transcripts
High school diploma (final high school transcripts can be submitted instead)
Personal info
Your latest federal income tax returns, W-2s, and other records of money earned
Copy of Work Authorization or DACA -- only if you currently have DACA
MN Dream Act
MN Dream Act
The MN Dream Act is a financial application for undocumented students seeking higher education opportunities. It is provided by the State of Minnesota's Office of Higher Education. The purpose of the Minnesota Dream Act is to ensure that all undocumented students who wish to do so can pursue a college education with assistance of state-issued financial aid.
If you are an undocumented student, completing the MN Dream Act, in addition to scholarships you may be eligible for, is a great way to help cover the costs of school.
Overview of the minnesota dream act
Overview of the minnesota dream act
Un resúmen sobre la ley Dream de Minnesota
Un resúmen sobre la ley Dream de Minnesota
Paying for Colleges Resources
Paying for Colleges Resources
After completing the FAFSA, you will receive a financial aid award letter from the colleges to which you have been accepted. Financial aid award letters can be confusing. So how do you figure out what college will actually cost?
Check out Nitro's article for in-depth examples of how to decode your financial aid award letter and gain a clearer understanding of how much college will cost!
Don’t Rule Out “Expensive” Colleges
Don’t Rule Out “Expensive” Colleges
Keep in mind that a college that charges a lot for tuition might offer you generous financial aid. It might even be more affordable than colleges that charge lower tuition. So think about net price, not published price — and don’t be afraid to apply to colleges you think you can’t afford. Once you hear from the colleges you’ve applied to, compare your financial aid offers to see which options are best for you.
Net Price
Net Price
Net price is the real price that a student pays to go to a college. It’s the published price of the college minus the gift aid that the student receives. The net price of a college is often much lower than its published price.
Most colleges now offer a tool on their websites called a net price calculator. This online tool gives you an estimate of the actual price you would pay to go to a certain college, based on information you enter about your finances.
Your net price will be different for every college, so it’s a good idea to use each college’s net price calculator. Visit a college’s profile in College Search to access its net price calculator.
Articles and Videos for consideration
Articles and Videos for consideration
"10 Uncomfortable but Necessary Financial Aid Questions You Need to Ask" Click here
Minnesota Goes to College - Paying for College & Financial Aid Videos Click here
"How much does college cost?" Click here
"Need Help Paying for College? There's an App for That" Click here
5 Ways to Help your Students Pay Off their Student Loans and Reduce their Overall Costs: Click here
8 Private Student Loan Options Available to your Students (and their Parents): Click here
"5 things students should know about the FAFSA" Click here
"Your FAFSA Checklist" Click here
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