Financial aid basics
Financial aid helps make higher education possible for most Minnesota students. It comes from many sources and supplements what students and their families can afford to pay. You need to re-apply each year.
Almost every student at our colleges gets something
- Most college students will receive some sort of financial aid. An essential first step is to fill out the Free Application for Federal Student Aid (FAFSA) that determines what forms of federal and state financial aid your family is eligible for. You fill it out as a high school senior after October 1 (if you are attending college the following fall). It requires up-to-date income information from a parent or family’s tax forms.
To receive aid, you must be a U.S. citizen or eligible non-citizen.You also need to have a Social Security number and a high school diploma or the equivalent. Males between the ages of 18 and 25 must also have registered for Selective Service.
- Each college you are accepted to sends a financial aid award letter in the spring. The letter will take FAFSA information into account and add any scholarships or grants from school that you are eligible for to the total award. You must inform the college you would like to attend by May 1.
- Private colleges generally cost more than public institutions, but they give a larger amount of financial aid. At Minnesota’s Private Colleges, families usually end up paying about half the listed tuition price. The other half is covered by financial aid that a student doesn’t have to pay back.