Types of Financial Aid

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Types of Financial Aid

Gift aid/grants (do not need to be paid back):

  • Alliss Two-Year Opportunity Grant: Available to students with a financial need who are enrolled in AA, AS, AAS, AFA, diploma, certificate and Minnesota Transfer Curriculum courses designed to transfer to baccalaureate programs. Enrolled students are automatically considered for the Allis Grant as part of the financial aid process. Students who have already earned a bachelor's degree are not eligible.
  • Federal Pell Grant: Available to qualified students.
  • Federal Supplemental Education Opportunity Grant (SEOG): Available to students with great financial need who are registered for six or more applicable credits. Funds are limited, and early applicants receive priority.
  • Minnesota State Grant: Available to qualified Minnesota residents.
  • Postsecondary Child Care Grant: This is a State of Minnesota program. If you are a Minnesota resident and will not receive TANF/MFIP benefits while attending college, you may be eligible for benefits to offset your costs of child care. An application is required. Student loses eligibility after four years of full-time enrollment. Funds are limited, and early applicants receive priority.

Other sources of financial aid

  • Work study: Part-time on-campus employment may be an option for students who are eligible for work study funds as part of their college financial aid package. Contact your campus financial aid office for information on the positions available and your eligibility.
  • Scholarships: Scholarship information is available on each campus.
  • Loans: Almost every student can qualify for some type of student loan. (Loans must be paid back.) All loan requests must be received at least 15 days prior to the student's last day of attendance. Loans are disbursed by term. Student must be enrolled for six credits or more per semester to receive a loan.

    1. Federal Direct Subsidized/Unsubsidized Loans: Eligibility is based on financial need. A freshman may
      borrow up to $3,500 depending upon eligibility. The maximum loan amount for a sophomore in the second year of a two-year program is $4,500. This loan has a fixed interest rate.

      • Subsidized: The federal government pays interest while the student is in school. Interest and loan repayment begin six months after leaving school or dropping below half-time enrollment.
      • Unsubsidized: Similar to the subsidized loan, but 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. Students who do not qualify for a subsidized loan will likely qualify for an unsubsidized loan.
    2. 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 30-60 days after the loan is disbursed. This loan has a fixed interest rate. Credit-worthiness of the parent/step-parent is required. Download the application here.
    3. 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 six credits or more per semester to receive this loan. Freshman limit is $7,500, and sophomore limit is $7,500per year.
    4. Dakota Education Alternative Loan (DEAL): North Dakota residents and non-residents are eligible to borrow through the Bank of North Dakota. A credit-worthy co-signer is required for borrowers under age 24. Student must be currently enrolled. The maximum amount a student can borrow is equal to the cost of attendance at the college minus all other financial aid received for the loan period.
  • 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. These include: Veterans Educational Benefits, Vocational Rehabilitation Services, Bureau of Indian Affairs, JTPA, Motivation Education Training, Workers Compensation, Indian Scholarship Assistance Program and Rural Minnesota CEP. For more information, contact the appropriate agency directly.

Last modified: November 27th, 2018 at 10:55am