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.

More information about scholarships available through Minnesota State Colleges and Universities institutions:

Select an institution

Alexandria Technical College Anoka-Ramsey Community College Anoka Technical College Bemidji State University Central Lakes College Century College Dakota County Technical College Fond du Lac Tribal & Community College Hennepin Technical College Inver Hills Community College Lake Superior College Metropolitan State University Minneapolis Community & Technical College Minnesota State College - Southeast Technical Minnesota State Community & Technical College Minnesota State University, Mankato Minnesota State University Moorhead Minnesota West Community & Technical College Normandale Community College North Hennepin Community College NHED - Hibbing Community College NHED - Itasca Community College NHED - Mesabi Range Community & Technical College NHED - Rainy River Community College NHED - Vermilion Community College Northland Community & Technical College Northwest Technical College Pine Technical College Ridgewater College Riverland Community College Rochester Community & Technical College St. Cloud State University St. Cloud Technical College Saint Paul College South Central College Southwest Minnesota State University Winona State University

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.

Tax credits

Some college students also benefit from two federal income tax credit programs, the Hope Scholarship and the Lifetime Learning tax credit. These may apply to you or your family, depending on your financial circumstances.

More information about tax benefits that help families meet the costs of postsecondary education.

Veterans

Veterans are welcomed at the state colleges and universities. If you've served in the armed forces, you might be eligible for help with paying for college. Stop by one of the on-campus veterans centers for information, support and assistance. Also, check with the financial aid office about benefits from the new Minnesota GI Bill.

More information and resources for veterans

Student Loan Service Center

The Student Loan Service Center helps student loan borrowers understand and manage their student loans by providing them with deferment, cancellation and payment information.

Other sources of financial aid information

View more financial aid resources

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.

Ginger's costs for one year Ginger is a freshman at a state university. She has a brother in high school, and her parents have no significant savings. Her family's income: $30,000. College costs for one year 2007-2008 tuition: Fees: Estimated room and board*: Estimated living expenses**: Cost of attendance: $5,399 $496 $5,692 $3,368 $14,955 Ginger's Financial Aid Federal Grants (do not need to be paid back): Minnesota grant (does not need to be paid back): Work study earnings: Student loan (to be paid back after graduation): Total financial aid: $5,110 $2,143 $3,840 $3,862 $14,955 Cost to Ginger's Family: $0 *Estimated cost of campus dormitory and food service. **Estimated expenses including transportation, books, clothing and social activities.

Jacob's costs for one year Jacob is a freshman at a two-year college in the Twin Cities. he has a brother in college, and his parents own a home but have no other significant savings. His family's income: $45,000. College costs for one year 2007-2008 tuition: Fees: Estimated room and board*: Estimated living expenses**: Cost of attendance: $4,001 $442 $7,800 $6,200 $18,443 Jacob's Financial Aid Federal Grants (do not need to be paid back): Minnesota grant (does not need to be paid back): Work study earnings: Student loan (to be paid back after graduation): Total financial aid: $2,860 $1,363 $5,000 $7,802 $17,025 Cost to Jacob's Family: $1,418 *Estimated cost reflecting apartment rental rate and food in the Twin Cities. Actual costs could be much less for students living with parents or sharing an apartment. **Estimated expenses including transportation, books, clothing and social activities.

Chris' costs for one year Chris is a freshman at a state university. He has a sister in college and his single mother owns a home but has no other significant savings. His family's income: $60,000. College costs for one year 2007-2008 tuition: Fees: Estimated room and board*: Estimated living expenses**: Cost of attendance: $5,399 $496 $5,692 $3,368 $14,955 Chris' Financial Aid Federal Grants (do not need to be paid back): Minnesota grant (does not need to be paid back): Work study earnings: Student loan (to be paid back after graduation): Total financial aid: $0 $2,035 $3,840 $3,500 $9,375 Cost to Chris' Family: $5,580 *Estimated cost of campus dormitory and food service. **Estimated expenses including transportation, books, clothing and social activities.

Last updated: 10/07