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Types of Financial AidGift Aid/Grants (Do not need to be paid back):
- Federal Pell Grant: A Federal Grant available to qualified students.
- Federal Supplemental Education Opportunity Grant (SEOG): Available to students with great financial need. Funds are limited and early applicants receive priority.
- Federal Academic Competitiveness Grant (ACG): Academic Competitiveness grants are awarded to Pell eligible students who can demonstrate that they completed a rigorous high
school program of study before enrolling in college.
- Minnesota State Grant: Available to qualified MN residents.
- Post Secondary Child Care Grant: This is a State of Minnesota program. If you
are a resident of Minnesota and you will not receive TANF/MFIP benefits while attending college you may be eligible for benefits to offset your costs of childcare. An application is required. Student loses eligibility after 4 years of full time enrollment. Funds are limited and early applicants
receive priority.
Other sources of Financial Aid
- Work-Study: Part-time employment may be available to students who have financial need and a desire to work. Please contact your campus Financial Aid Office for information on
positions available and eligibility.
- Scholarships : Scholarship information is available on each campus.
- Loans(Must be paid back): Almost every student can borrow some type of student loan. All loan requests must be received at
least 30 days prior to the student�s last day of attendance. Loans are disbursed by term. Student must be enrolled for 6 credits or more per semester to receive a loan.
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- Federal Direct Subsidized/Unsubsidized Loans: Eligibility is based on financial need. A freshman may borrow up to $2625 depending upon eligibility. The maximum loan amount for
a sophomore in the second year of a two-year program is $3500. This loan has a fixed interest rate.
- Subsidized: The Federal Government pays interest while the student is in school. Interest and loan repayment begins six months after leaving school or dropping below half-time
enrollment. New for 2007-2008 yearly maximums: Freshman maximum $3500; Sophomore maximum $4500.
- Unsubsidized: Similar to the subsidized loan, but the difference is that the student is charged interest while in college. The borrower can accrue and capitalize the interest,
which will increase the amount borrowed. Repayment of interest begins during school enrollment unless deferred. If a student does not qualify for a subsidized loan then will
likely qualify for an unsubsidized loan. New for 2007-2008 yearly maximums: Freshman maximum $3500; Sophomore maximum $4500.
- Federal Direct Parent Loan for Undergraduate Students (PLUS): Parents of a dependent student may borrow up to the cost of education minus any financial aid received by the
student. Repayment begins immediately with the first payment due within 30 to 60 days after the loan is disbursed. This loan has a fixed interest rate. Credit worthiness of the
parent/step parent is required. Student must be enrolled for 6 credits or more per semester to receive this loan. Download the application here.
- Student Educational Loan Fund (SELF): Minnesota residents and non-residents are
eligible to borrow. The lender is the Minnesota Office of Higher Education. A credit-worthy co-signer is required. The borrower must pay the interest every three months from the
time of disbursement. Student must be enrolled for 6 credits or more per semester to receive this loan. Freshman limit is $6000 and Sophomore limit is $6000 per year.
- Agency Funding :Many organizations fund students who attend our college. Most of this funding is not controlled by the
individual college; we merely communicate and coordinate with these agencies. Some of these include: Veteran's Educational Benefits, Vocational Rehabilitation Services, Bureau
of Indian Affairs, JTPA, Motivation Education Training, Workman�s Compensation, Indian Scholarship Assistance Program, Rural Minnesota CEP, etc. For more information, contact the
appropriate agency directly.
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