FINANCIAL AID TERMS

FAFSA: 
    All financial aid starts here!  You must complete this application for any type of financial aid you are seeking.  If you intend to begin school July 1, 2011 to June 30, 2012, you will need your 2010 Federal Income Taxes, and, if you are classified as dependent, your parents 2010 Federal Income Taxes to complete your FAFSA online at www.fafsa.gov.
   
Financial Aid Package:
    The combination of scholarships, grants and loans that the student receives for payment of tuition, books and fees.

Need Analysis:
    Using information provided on the FAFSA application, the income and assets of the student and parents are reviewed.  Many variables that affect the students and parents financial situation are considered, including the number of people in the household, children in college, age of parents, etc.

Expected Family Contribution:
    This is the amount the family and the student could be expected to contribute toward the cost of a college education.  This amount is determined by the Need Analysis.
   
Need-based Aid:
    Financial aid award based on the financial need of the family, as determined by the Need Analysis.

Merit-based Aid:
    Financial aid award based on factors other than financial need.  This usually covers scholarships awarded for academic performance or special talents.

Comprehensive Fee:
    The total cost of tuition, room & board, and fees charged by the school.  Other expenses that may be included in the Comprehensive Fee are books and transportation.  This is also referred to as 'Cost of Attendance'.

TYPES OF FINANCIAL AID

GRANTS:
    Pell Grant
    Minnesota Grant
    Grants are typically based on the students financial need and do not require
    repayment.

SCHOLARSHIPS:
    Minnesota Indian Scholarship Program
    Achieve Scholarship Program
    Scholarships may be awarded based on academics, special achievements or
    involvement in community activities, associations or organizations.
    Scholarships are considered a gift, and do not require repayment.

LOANS:
    SELF Loan (Minnesota Office of Higher Education)
    Loans are a significant portion of most financial aid packages.  The loan must
    be repaid, usually after graduation from school.  Interest rates are commonly
    lower than other types of loans.  Repayment periods vary from two years up
    to 30 years.

MORE INFORMATION:
    Minnesota Indian Scholarship Program
        http://www.getreadyforcollege.org/indianscholarship

    GI Bill
        http://getreadyforcollege.org/military

    Achieve Scholarship Program
        http://getreadyforcollege.org/achieve

    WIA (Workforce Investment Act)
        http://positivelyminnesota.com/JobSeekers/WorkForce_Centers