Financial Aid
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.
Four kinds of financial aid
Many students rely on a combination of these types of financial aid to help them pay for college.
Scholarships
Scholarships are a great source of aid, and you
do not need to pay them back. Many scholarships
are available for students with special interests
and backgrounds. Talk to your guidance counselor
about what scholarships you can apply for.
Grants
You may be able to receive federal and state grants
of $300 to more than $7,000 per year. You do not
need to pay these back.
Work study
Work-study programs give you the opportunity
to work on campus or with approved off-campus
employers to earn money to pay for college.
Work-study jobs are often very flexible, allowing
you to work around your class and personal
schedules.
Student Loans
You also may be eligible for student
loans, which must be paid back.
Student loans usually have a lower
interest rate than other kinds of loans.
How to apply for financial aid
Complete a Free Application for Federal Student Aid 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.
Financial aid deadlines
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 tax credit programs, the American Opportunity Tax Credit 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
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.
