The new Paying for College videos showcase the many ways families can finance a four-year college degree and are packed with advice from local experts and families. Check out a few quotes and watch some clips.
The new Paying for College videos showcase the many ways families can finance a four-year college degree. The program is airing on public television stations across the state. Several separate videos are available online — with shorter clips posted as well.
Efforts are underway with the Minnesota Office of Higher Education (OHE) to determine a Minnesota State Grant amount that may be used by all institutions to determine estimated eligibility for students for the 2013-14 academic year.
Efforts are underway with the Minnesota Office of Higher Education (OHE) to determine a Minnesota State Grant amount that may be used by all institutions to determine estimated eligibility for students for the 2013-14 academic year. Gov. Dayton’s budget proposes a significant increase in the program but the final decision about the actual amount will be determined by the Legislature and the governor. A firm date for this decision is currently unknown.
As of Oct. 29, a federal mandate requires all colleges to offer a "net price calculator" on their websites. Also known as "financial aid estimators," these tools will give families a better approximation of what they might actually pay at a particular institution. It is important to remember that a) these are estimates and only as good as the numbers the family provides and b) calculators differ from institution to institution. Some calculators are very simple and ask for minimal information. Other calculators are complex and ask for a significant amount of financial detail.
Estimating out-of-pocket costs is about to get easier for students and families. All colleges now offer a “net price calculator” on their websites. View all calculators
Estimating college costs is about to get easier. Starting this October, a federal mandate requires colleges to offer a "net price calculator" on their websites. Also known as "financial aid estimators," these tools will give families a better idea of what they might pay at a particular institution.
New data show that the actual amount paid by low-income students is significantly lower than the average paid by students overall at all types of institutions in Minnesota.
New data from the National Center for Education Statistics shows that the actual amount paid by low-income students is significantly lower than the average paid by students overall. The total cost of attendance, which includes tuition, fees, room and board, minus grants and scholarships, averaged about $23,500 for students attending Minnesota Private College Council (MPCC) member institutions in 2009-10. For students with family incomes below $30,000, the amount was about $14,350. This lower amount is due to State Grant awards, Pell Grants, institutional grants and scholarships.
By this fall, all colleges will be posting a net price
calculator or estimator on their websites. "Net price" refers to what
a student actually pays to attend, after subtracting grant aid. Families often are
not aware that the listed price of a college isn't the price they'll actually pay.
At Minnesota's Private Colleges, nine out of 10 students
receive aid that they don't have to pay back; the average student pays about
half of the posted price. So that students and parents don't eliminate colleges
too soon that might be a good fit - encourage them to make use of these new
A key factor in the decision of what college to attend is the financial aid award letter. Financial aid directors explain how to decipher these letters and provide tips and advice.
For parents with college-bound seniors, spring means more than just planning graduation parties — it's also the season for making major decisions about college. After finding out which schools have accepted them, students have a limited amount of time to choose where they will attend college. A key factor in that decision is deciphering financial aid award letters.
As you know, taking time to compare costs is worthy of students’ time. When it comes to college, the one with the lowest listed price may not be a bargain in the long haul. Our new handout, “How much does college cost?" outlines three steps for families:
Step 1 — Think about the amount you’ll actually pay (which usually isn’t the listed price).
Step 2 — Consider graduation rates. At Minnesota's Private Colleges, students are more likely to graduate in four years, avoiding financial outlays for a 5th or 6th year.
Data show that when looking at all costs — the amount actually paid,
graduation rates and longer-term value — families can come out ahead
with private nonprofit colleges.
Some institutions encourage families to use overly simplistic
comparisons on college costs. Whether it is a billboard ad or a flyer at
the State Fair, it’s suggested that comparing costs starts and stops
with looking at published tuition figures. But data analysis by the
Minnesota Private College Research Foundation shows that when looking at
all costs, families can come out ahead in the end with private