FAFSA & Financial Aid
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:
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 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.
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
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
Un resúmen sobre la ley Dream de Minnesota
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!