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Winter 2007
The winter 2007 edition of Counselor News contains tips and information for navigating the financial aid process — especially for students who are considering attending one of Minnesota's Private Colleges. This is the time of year when determining how to pay for college becomes a pressing issue for seniors and their families. We can help you help students and parents with this sometimes-daunting process.
In This Issue
Financial aid timeline
To help your students stay ahead of deadlines and on top of the financial aid process, here is a handy timeline you can share with them.
September-October
- Explore scholarship offerings at institutions to which students plan to apply.
- Find out what financial aid and scholarship applications are needed by the institutions and when they are due.
November-December
- Request a Department of Education PIN number (an electronic
signature) if the required Free Application for Federal Student Aid (FAFSA) will be submitted online.
- Obtain financial aid forms required by individual schools to determine eligibility for their aid and scholarships.
- Pick up a FAFSA from the guidance office before winter vacation or visit FAFSA online to find out what documents are needed to complete it.
January-February
- Parents should prepare tax returns as early as possible this year since income and asset figures from the return are needed to complete FAFSA.
- Complete the FAFSA online or mail it in. [Attend financial aid information events (see College Goal Sunday below) for help in completing FAFSA.]
- Complete and return financial aid applications for each college. The following private colleges require the College Scholarship Service (CSS) PROFILE: Carleton, Gustavus, Macalester and St. Olaf.
March-April
- Watch for the Student Aid Report (SAR) — the reply to FAFSA that summarizes financial aid eligibility for any federal programs. It should arrive two to four weeks after the FAFSA is submitted online (add two weeks if it was mailed).
Check it over carefully and note the Expected Family Contribution (EFC) figure.
- College admission decisions and financial aid award letters arrive. Evaluate and compare aid awards.
- Make college choice by May 1.
May-June
- Pursue parent loans or private loans if needed to close the financial aid gap. Colleges send instructions for student loan applications.
Minnesota College Goal Sunday. Show up. Cash in.
College Goal Sunday is a national, one-day event that provides free information and assistance to families who are filling out the Free Application for Federal Student Aid (FAFSA) — the federally required form for students seeking financial aid such as grants and loans. Completing the FAFSA is the first and most important step in qualifying for aid.
In Minnesota, College Goal Sunday takes place on Feb. 11, 2007, 2-4 p.m., at 25 locations throughout the state. More about College Goal Sunday
Top financial aid tips and tools
- Most institutions offer their own scholarships; students should find out what's available at colleges they are applying to for admission.
- FastWeb is a great source for national and local scholarships that supplement institutional and government aid.
- The Minnesota Department of Education's Financial Aid Estimator helps students estimate their eligibility for a Federal Pell Grant, Minnesota State Grant and federal education tax benefits.
- The Minnesota Private College Council offers the primer Financial aid 101 that explains the different types of aid. See the links to Minnesota Private College Fund scholarships, "Common Definitions" and Financial aid policy.
- Visit Federal Student Aid for Counselors for information on answering student questions, FAFSA, getting the word out and counselor resources.
- CollegeBoard.com offers a variety of articles, resources and tools for students, parents and counselors including
- FinAid offers a Loan Analyzer to help evaluate student loans.
Upcoming events
Coming to your inbox!
You'll soon be getting an invitation to a breakfast with admissions representatives from all of our 17 member colleges and universities. This will be an excellent opportunity for you to learn more about our institutions and ask specific questions about financial aid, new programs and facilities, and much more. The event will likely take place in late April at a Twin Cities location. Watch for your invitation!
Minnesota Private College Week
Students and their families who are just getting started with their college search are invited to visit our campuses during Minnesota Private College Week (MPCW), June 26 - 30. Mark your calendars and watch for more information in the spring. Registration opens in April. Learn more about MPCW
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