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What Is Financial Aid?
Introductionto financial aid.
Minnesota North College financial aid is available to help students finance the cost of an education. Most students are eligible for financial aid.
Minnesota North College School Code: 002355
Financial aid comes in the form of grants (money that the student does not have to pay back), loans (money that the student must pay back), and college work-study (money the student earns through employment).
Eligibility is determined from the results of the Free Application for Federal Student Aid (FAFSA).
Financial Aid Resources
Have more questionsabout financial aid?
A variety of financial aid sources are available to help you pay for college or career school. Financial aid can come from federal, state, school, and private sources to help you pay for college or career school.
Scholarships
Please notify the Financial Aid Office of any outside scholarships you anticipate receiving through your e-Services offer notice acceptance process.
Grants and scholarship funds in excess of your tuition/fee costs, plus books is taxable income and must be reported on your tax return.
Please visit the Scholarships page for opportunities,
Beginning in fall 2024, the North Star Promise (NSP) Scholarship program will create a tuition and fee-free pathway to higher education for eligible Minnesota residents at eligible institutions as a “last-dollar” program by covering the balance of tuition and fees remaining after other scholarships, grants, stipends and tuition waivers have been applied.
Federal Direct Loans
Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. Subsidized loans do not accumulate interest until six months after the student has stopped attending or has dropped below half-time enrollment.
Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need. Unsubsidized loans begin to accumulate interest at the time of disbursement.
Students are required to have completed the following on the Federal Student Aid site before federal loans can disburse:
- Master Promissory Note (MPN) for undergraduates,
- Financial Awareness Counseling
- Loan Entrance Counseling
- Annual Student Loan Acknowledgement
Federal Direct Parent Plus Loan
Direct PLUS Loans are loans made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Click here to apply.
*If your Parent Plus application is denied, please contact the financial aid office for information on how we can turn that denial into more Federal Direct Unsubsidized Loan for the student.
Alternative Student Loans
Alternative student loans may be used to supplement federal student loans, grants, and other forms of financial aid not sufficient to cover the full cost of education. These loans are made available to students or parents through lending institutions. Funds may be used for any education related expense.
https://choice.fastproducts.org/FastChoice/home/235500/1
MN SELF Loans
The State of Minnesota offers the Minnesota SELF Loan and requires a credit-worthy co-signer. You may choose between a variable or fixed interest rate. Visit the Minnesota SELF Loan website to view loan information, including Frequently Asked Questions, SELF Entrance Counseling, and to apply.
Manage Your Loans
You can manage your federal loan balance and complete Loan Exit Counseling, as well as find information regarding loan repayment, consolidation, and answers to questions about loan deferment, forbearance, default, and others on the Federal Student Aid – Manage Loans website.
Grad Ready – Helpful resources, tools, and tips to help you succeed.
Setting up Direct Deposit – This will allow any financial aid overages or money earned through work-study to be deposited directly into your bank account, rather than having to get a paper check.
Work-Study – Work-study and other types of student employment offer eligible students the opportunity to work part-time on or off campus. Work schedules can be built around class time to allow for greater flexibility and student success, while earning a paycheck.
Summer Financial Aid – Financial aid situations can be very unique in the summer. Please visit our page and contact us for assistance.
The General Education Provision of the Act of 1974, as amended by the Family Educational Rights and Privacy Act of 1974, provides privacy safeguards for students and families by setting up guidelines for disclosing education records and personally identifiable information. The law provides that financial assistance records of a student may be inspected by that student only.
