Types of Financial Aid
Grants
A grant is a type of aid that does not need to be repaid. Award amounts are based on enrollment levels for each semester.
- Pell Grant - A federal need based grant awarded to students who have not received a bachelor’s degree. Completion of the FAFSA is required for this grant.
- Federal Supplemental Educational Opportunity Grant (SEOG) – A federal grant for Pell eligible students with exceptional financial need. Limited funds are available so complete the FAFSA early. Completion of the FAFSA is required for this grant.
- Minnesota State Grant – A state need based grant awarded to MN residents who have not attempted more than four academic years of post secondary education. Completion of the FAFSA and the State Grant Questionnaire are required for this grant.
- Post Secondary Child Care Grant Program – A state need based grant to assist students with child care costs. Completion of the FAFSA and the Post Secondary Child Care Grant Application are required for this grant.
Loans
Loans are financial aid that requires repayment. All applicants for loans, except parents applying for PLUS loans, are required to file a Free Application for Federal Student Aid (FAFSA). Loan eligibility cannot be determined until the information from the FAFSA is returned to our office by the federal processor, and has been reviewed. A minimum of six credits each semester is required for the federal and state loan programs.
- Federal Direct Subsidized Stafford Loan - A subsidized loan is awarded on the basis of financial need. Students won’t be charged any interest before repayment begins or during deferment periods. The federal government “subsidizes” the interest during these periods.
- Federal Direct Unsubsidized Stafford Loan - An unsubsidized loan is not awarded on the basis of need. Students will be charged interest from the time the loan is disbursed until it’s paid in full. If a student chooses not to pay interest while in school or during other periods of nonpayment, it will be capitalized. This means the interest will be added to the principal amount of the loan, and additional interest will be based on that higher amount.
The chart below shows the maximum award amounts based on credits earned for Dependent and Independent Students. Courses for which a grade of W or a grade of F, were received are not included in credits earned. The award for one term is the maximum yearly amount divided by two.
| Dependent Students Who Have Earned: | Maximum Yearly Stafford Loan Amount: (Subsidized and/or Unsubsidized) |
| Up to 30 Credits (Grade Level 1) | $5,500 |
| 31 or more Credits (Grade Level 2) | $6,500 |
| Independent Students Who Have Earned: | Maximum Yearly Stafford Loan Amount: (Subsidized and/or Unsubsidized) |
| Up to 30 Credits (Grade Level 1) | $9,500 |
| 31 or more Credits (Grade Level 2) | $10,500 |
- Parent Loan for Undergraduate Students (PLUS) Loan – This is a loan for parents to take out in their own name. They may apply for this loan to help finance their child’s education up to the cost of attendance. A credit check may be required. Repayment begins shortly after the loan is fully disbursed.
Work Study
Work study is a form of financial aid paid to a student as wages from working at an on campus job. A minimum of six credits each semester is required for the work study program.
Scholarships
A scholarship is a type of aid that does not need to be repaid. Students may apply for scholarships to help with their cost of education. These scholarships are provided by the college or outside contributors to students based on criteria determined by the donor.
For more detailed information please refer to: