FINANCIAL AID FOR POST-SECONDARY EDUCATION
WHAT IS FINANCIAL AID?
Financial aid is any funding for students and families that helps them pay for post-secondary educational expenses. There are four main categories of financial aid for college: scholarships, grants, loans, and work study.
The majority of all grants, loans, and work study come from the federal and state government funds. The only way to be considered for any of this aid is by filling out the Free Application for Federal Student Aid (FAFSA). All families, regardless of income, should complete the FAFSA, as many colleges and universities will require it to be considered for their own institutional aid.
Undocumented students that live in Minnesota are eligible to apply for the Minnesota Dream Act. This will allow students to be eligible to receive state grants as well as being qualified to receive in-state tuition costs and tuition reciprocity benefits, along with other benefits. For more information and the MN Dream Act application, please see the:
MN Office of Higher Education: MN Dream Act website.
Please note: a Minnesota student who is a citizen but has parents who are undocumented should complete the FAFSA, as they are eligible to receive state and federal aid. Put all zeros for the parent social when filling out the application.
MN Dream Act Factsheet (Spanish)
WHEN DO I COMPLETE THE FAFSA?
The FAFSA must be completed annually and opens each year on October 1. A student does not need to know where they are attending college to complete the FAFSA. The general rule of thumb is the earlier, the better, so get it done as soon after October 1 of senior year as possible. The FAFSA is based on household income, so while it is the student's application, the parent is also responsible for providing information.
HOW DO I COMPLETE THE FAFSA?
Step one of completing the FAFSA is to create an FSA ID, which is a unique ID that confirms your identity when you access and electronically sign financial aid documents. Both the student and one parent needs an FSA ID. To create an FSA ID, go to: https://fsaid.ed.gov/npas/index.htm. Use this FSA ID worksheet to assist you in creating your FSA ID.
Step two of completing the FAFSA is by going to https://studentaid.ed.gov/sa/fafsa, logging in with your FSA ID and completing the application. The application typically takes around 45 minutes to complete and using the IRS Data Retrieval Tool is highly recommended.
The FAFSA can be started, saved, and completed at a later time as well. So, if you have questions or need assistance, you are encouraged to contact the financial aid office of any of the schools in which the student is applying. Up to 10 schools can be listed on the FAFSA, so a student does not need to have confirmed admission to complete the application.
WHAT HAPPENS AFTER THE FAFSA IS SUBMITTED?
After you submit the FAFSA you will receive a Student Aid Report (SAR) to the email you provided on the application. The SAR is just a summary of the information you provided and a chance to make sure no changes need to be made to your application. The SAR is then shared with any college or university the student listed on their FAFSA.
The student will then receive financial aid award letters from each school they applied to and listed on their FAFSA. This award letter will list the amount of grants, loans, work study, and institutional aid you could receive at their school based on their cost of attendance and your expected family contribution calculated from your FAFSA. It is smart to wait for all of your award letters to compare costs and see what the net cost for each school is before making a final decision on where to attend.
FINANCIAL AID RESOURCES
- Check out this site: Student Aid for all of the most up-to-date resources and information on financial aid.
- This guide by the MN Office of Higher Education covers Financial Aid Basics, and is a great place to start learning about paying for college. Financial Aid Basics