Financial Aid

Think of college as a way to gain independence and get the skills and education you need for a good career. Going to college is an investment in your future.

The cost of attendance — which includes tuition, fees or other expenses — depends on the type of school you attend. Although college costs are increasing, they're usually not as high as people think.

For most Minnesotans, higher education continues to be affordable. Remember, it's an investment that will pay off in future earnings.

Minnesota has a wide range of affordable public and private institutions. The table below demonstrates the average tuition and fees at Minnesota institutions for the 2007-2008 school year. These figures do not include room and board, books, supplies or other expenses.

Use caution when estimating costs — some additional expenses (like room and board at public institutions) can exceed the price of tuition and fees. Typically, theses expenses add up to about $7,500 each year.

Find out about more at: www.getreadyforcollege.org.

Annual Tuition and Fees in Minnesota*

Private Colleges	$25,237
Private Career Colleges	$11.520
University of Minnesota	$10,084
State Universities	$6,175
Technical & Community Colleges	$4,432

*Tuition and fees vary slightly among individual state universities, community colleges and tech schools. The tuition and fees listed for the University of Minnesota is for the Twin Cities, College of Liberal Arts campus; it excludes fees charged by individual colleges. The tuition and fee figures listed for private colleges and private career colleges are averages.

Most programs expect you and your parents to pay a reasonable share of your education costs. Your financial need is the difference between the total cost to attend a particular school and the amount you and your family can reasonably contribute. This total usually includes tuition and fees, room and board, books and supplies, transportation and personal expenses.

Most students receive a financial aid package combining the four different types of aid described below.

Types of Financial Aid

Grants and scholarships are awards you don’t have to pay back. Common grants are Federal Pell Grants and the Minnesota State Grant. Scholarships can come from a school, community group, business or the government. They’re awarded on financial need, athletic merit, academic performance or other ability. Check where you plan to attend for opportunities in your area of study.

Loans are borrowed funds you have to repay — with interest — usually after completing school. There are several different kinds, with different interest rates and rules, including Stafford, Perkins, PLUS (Parent Loans for Undergraduate Students) and SELF (Student Educational Loan Fund).

Work study is a pre-arranged part-time job, on- or off-campus, where you earn money to help pay for your education.

Out-of-State Reciprocity
Reciprocity means that Minnesota residents pay lower tuition than other out-of-state residents when they attend a public institution in certain states or provinces. Because state schools generally charge higher rates to students who are not residents, reciprocity helps you afford public institutions in neighboring states.

If you're thinking about going to school in Wisconsin, North Dakota, South Dakota, the Canadian province of Manitoba or select schools in Iowa, you're eligible for reciprocity.

More information about reciprocity can be found at: www.getreadyforcollege.org. Also, check out the Midwest Student Exchange Program (www.mhec.org), which provides tuition reduction information for students who attend participating public and private institutions in eight Midwest states.

Lessen Your Worries with Financial Aid
College costs still seem too high?

Don't worry. You might not have to pay the whole amount if you receive financial aid. In one year, financial aid totaling nearly $1.9 billion helped Minnesota undergraduate students and families afford the institution of their choice.

Getting Financial Aid
There are two things to remember about financial aid: You have to apply to receive it. And you need to apply early.

Unfortunately, applying for admission to schools isn't enough. The financial aid process is different at each school, so be sure to contact the school's financial aid office for more information. In most cases, you'll need to complete a form called the Free Application for Federal Student Aid.

The FAFSA is available from school counselors, financial aid offices, the Minnesota Office of Higher Education (1.800.657.3866) or online at: www.fafsa.ed.gov.

CareerOneStop's "Financial Aid Advisor" calculates your college costs and helps you learn where to find scholarship information and other important links (www.CareerOneStop.org).

You can also use the "Financial Aid Estimator" at: www.getreadyforcollege.org.

Be sure to watch out for scholarship scams.

Some financial aid search companies offer to match students with sources of financial aid for a fee, but the actual chance of getting money is small. Refer to MCIS for a list of current national and state scholarships.

Or check the Internet for free scholarship search sites like FastWeb (www.fastweb.com) or CareerOneStop's Scholarship Search" tool.