Financial Aid Basics
Financial aid is meant to support students and families in paying for college. Financial aid is available to most students and comes in three different forms:
Grants/Scholatshiops (Don't repay)
Loans (Must repay)
Work Study/Community or Military Service (Earned)
Most students receive a combination of these three forms in what is a called a financial aid package or finanical aid award that is put together by the college you want to attend.
Need help with FAFSA?
Need help understanding the college application process and financial aid options for college? Attend free virtual sessions for high school students and families offered by a collaborative of financial aid experts starting September 27. All sessions will have interpretation in Spanish, Somali and Hmong. Students who attend any of the sessions will be entered into a $500 scholarship drawing. For session dates, topics and to register, visit bit.ly/readysetfafsa. Contact tpribnow@ecmc.org with any questions.
¿Necesita ayuda con el FAFSA?
¿Necesita ayuda para entender el proceso de solicitud de ingreso a la universidad y las opciones de ayuda financiera para la universidad? Asista a sesiones virtuales gratuitas para estudiantes de escuela secundaria y familias que ofrece un grupo de colaboradores expertos en ayuda financiera a partir del 27 de septiembre. Todas las sesiones contarán con servicios de interpretación en español, somalí y hmong. Los estudiantes que asistan a cualquiera de las sesiones entrarán en el sorteo de una beca de USD 500. Para obtener información sobre las fechas de las sesiones, para conocer los temas y para registrarse, visite bit.ly/readysetfafsa. Si tiene preguntas, envíe un correo electrónico a tpribnow@ecmc.org.
What is FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the form that students planning to attend college in the current or following school year complete in order to receive federal student aid or money for college.
What is Dream Act?
The MN Dream Act is a state law that provides benefits to Minnesota residents regardless of federal immigration status. Eligible non-citizens are able to apply for and receive state financial aid.
What do I need to fill out the FAFSA?
❏ Your Social Security number (it’s important that you enter it correctly!)
❏ Your parents’ Social Security numbers if you are a dependent student and if parents have one
❏ Your driver’s license number if you have one
❏ Your Alien Registration number if you are not a U.S. citizen
❏ Federal tax information or tax returns including IRS W-2 information, for you (and your spouse, if you are married), and for your parents, if you are a dependent student:
❏ IRS 1040, 1040A, 1040EZ 2020 Tax forms
❏ Foreign tax return if you or your parents have one
❏ Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federated States of Micronesia, or Palau
❏ Records of your untaxed income, such as child support received, interest income, andveterans noneducation benefits, for you, and for your parents, if you are a dependent student
❏ Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for you, and for your parents if you are a dependent student
What do I need to fill out the Dream Act?
IMPORTANT! The MN Dream Act must be completed in one sitting and cannot be saved. Make sure you have everything you may need.
❏ DACA card or letter (if you have one)
❏ Social Security Number (if you have one)
❏ 2020 1040 tax returns from your parents, or W-2s if they didn’t file for taxes that year.
❏ Birth dates of all the people who live in your house. Write down on a piece of paper.
❏ An estimate of money in savings and checking you and your parents have in the bank. (Don't need official bank document)
❏ Names of colleges and attendance dates after high school graduation
After you submit the MN Dream Act you’ll need to submit:
❏ A copy of your high school diploma
❏ A copy of your high school transcripts
❏ Copies of 1040 tax returns, or W-2s from previous
❏ Males 18-25 years only: proof of registration
Minnesota offers a loan program called the SELF Loan, which is available to students regardless of immigration status.
Minnesota also offers additional financial support or grants for students who have been in the Foster Care System.
One way is through the Minnesota Education and Training Voucher (ETV) Program and another Fostering Independence Grant (FIG).
An FAQ document is included about the FIG program is included.
FIG FAQ Page .pdf