11/12/18 College & Career News
Paying for College
Although college prices continue to rise, they may not be as high as you might think. And few students or families are expected to pay, out of pocket, the full two- or four-year price of attendance. So don't let the apparent cost turn you away.
Financial aid is available to most students and comes in three forms:
- financial aid you don't repay (grants and scholarships)
- financial aid you must repay (loans)
- financial aid you earn (work study and community or military service)
Most students receive a combination of these in what's called a financial aid package that is put together by the school the student plans to attend or is attending.
Financial aid is intended to fill the gap between the actual price of the school and what students and their families can realistically contribute from savings and income to pay for this education. This is called financial need. It allows students to attend schools that they otherwise might not be able to afford.
The student, the student's family, and taxpayers (through financial aid) share responsibility for paying for higher education.
How much will it cost, anyway?
The costs to attend college for a full year go beyond the institution's advertised tuition. Don't forget there are additional costs such as:
- room and board
- books and supplies
- personal and transportation expenses
Don't let these costs scare you from determining your college choice. Costs of attendance vary by institution and within institutions and the final net cost you pay depends on any financial aid or institutional discounts you may receive.
So, make sure you check what financial aid is available to help pay for college. Few students will be required to pay the full cost of attendance. Make an informed decision, plan ahead and check out the estimated net price you would pay to attend specific Minnesota or out-of-state institutions.
Three Steps to Applying for Financial Aid
- Apply to 3-4 colleges
- Complete and submit the Free Application for Federal Student Aid (FAFSA) online - Sign up to attend the FAFSA Night on December 6th with your parents
- If you are selected for verification, you will need to turn in additional documentation
(Verification is a random process by the Department of Education that requires each college you will be attending to verify that the information you reported on the FAFSA matches the Federal tax returns you or your parents filed, and any other documentation that they might need.)
When you receive your Student Aid Report (SAR), it will show if you have been selected for verification.
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