Financing Your College Education - Counselors' Corner

Quick Links

Types of Financial Aid

Scholarships and Grants
- Money that does NOT have to be repaid
- Some are given as a "one time gift" and others are renewable based on meeting criteria
- Find a list of Scholarships and Grants awarded to previous BA graduates through the "Scholarship" tab on Naviance!
- BEWARE OF SCAMS! Some statements to tip you off on scam scholarships are:
  - Our scholarship service will do all of the work for you
  - This scholarship is guaranteed or you’ll receive your money back
  - For help in identifying a scholarship scam, refer to the FinAid Page.
Loans
- Money that is BORROWED by students and/or guardians/parents
- Subsidized loans
  - Interest is paid by the Education Department when you are enrolled at least half time in college
- Unsubsidized loans
  - Interest begins accruing as soon as the loan is taken out, including while you are enrolled in school
- Before you take out a loan, compare the total costs of each type, including how interest is paid.
Work-Study
- Schools may offer work on campus as a type of financial aid like:
  - Working at the library
  - Working in the dining halls
  - Lab assistantships, and more!
Other
- Participation in the military, ROTC, AmeriCorps, and other programs can provide funds or forgiveness of educational loans
- Most of these other sources will provide assistance, but you also are signing up for an obligation! Make sure you read the fine print on all of these types of funding.

Financial Aid Process

FAFSA opens to seniors for the 2021-2022 academic year on October 1st, and remains open through June 20, 2022, but filling it out sooner rather than later so you don't miss out on qualifying for the aid you are eligible for. Getting financial aid directly from colleges have different deadlines, so contact the school to find out their exact deadline dates.

FAFSA Website
Minnesota Dream Act
Questions to Ask Colleges Regarding Financial Aid
Reciprocity Minnesota students have ongoing reciprocity with Wisconsin, North Dakota, Manitoba, and Iowa Lakes Community College

Free Application for Federal Student Aid

The federal government awards around $125 billion in student aid every year in the form of grants, loans and work study. All colleges and universities across the United States require that you file the FAFSA if you are applying for a financial aid package. The FAFSA application asks for information about your family’s financial status and considers several other factors in determining your eligibility to receive aid.

After you have completed and submitted your FAFSA, you will receive a Student Aid Report (SAR) that will inform you of your EFC (Estimated Family Contribution). Your family will be expected to pay this estimated amount for a specific academic year. If the college tuition/cost is more than your EFC, you will have a financial need and should be eligible to receive some type of financial aid. Your information will be given to colleges that you are applying to and after that data has been reviewed, each college will determine the financial aid package that they can offer to you.

Here is a link to more information about FAFSA

***UPDATE FOR 2024-2025 FAFSA***

The FAFSA Simplification Act has presented a vast change to this year’s process for applying for federal student aid. Bottom line up front, the timeline has been condensed and it is imperative that you and your family complete this in a timely manner should you with to receive federal aid. In the past, this portal has opened on October 1st for the following fiscal year. This year, the changes pushed that date and the 2024-2025 FAFSA form did not go live until January 1^st. This means that it is a much smaller window of time for you to complete the form and for college financial aid offices to turn around and give you the bottom-line cost for attending your school. Many school set their own deadlines for financial aid information to be submitted, so be sure to engage with the school(s) you are applying to about their deadlines. The federal government's deadline to complete the form and receive federal aid for the 2024-2025 academic year is June 30th, 2025.

What can you do now?

You can go to fafsa.gov and create an account to get your FSA ID *Make sure you are creating a form for 2024-2025 and NOT 2023-2024*

Engage with your parents for them to create an account to enter applicable and relevant household information.

Utilize the following resources to facilitate completion, or come to the counseling office if you have any questions:

FAQs:

https://www.salliemae.com/college-planning/financial-aid/fafsa/fafsa-guide/

Video Tutorials:

https://www.youtube.com/watch?v=Zkw463ke8ho

New FAFSA, what is the difference compared to years past?

https://www.collegedata.com/resources/pay-your-way/the-new-fafsa-9-big-changes-you-need-to-understand