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Winter 2006
In This Issue
» Focusing on Financial Aid
» Did You Know?
» Financial Aid 101
» FAFSA 411
» Show up. Cash in. Minnesota College Goal Sunday
» Useful Financial Aid Links
» Minnesota Private College Week
» Quicklinks
Focusing on Financial Aid
Welcome to the winter 2006 edition of Protégé, an information source for high school counselors and others who guide and mentor students in their post-secondary educational choices. As high school seniors enter the second half of their school year, paying for college becomes a more pressing concern. In this issue of Protégé, you’ll find tips and resources that will help you navigate the financial aid process with your students. We invite you to contact us with comments and story ideas at colleges@mnprivatecolleges.org.
Did You Know?
Did you know that more than 25 percent of private college students in Minnesota come from families with incomes less than $50,000? That’s about the same proportion as at the state’s public four-year colleges and universities. In spite of the higher cost of tuition—a private college education is more affordable than you may think.
Some interesting facts:
- 84 percent of private college undergraduates receive some form of financial aid that does not need to be paid back
- Minnesota's Private Colleges enroll a higher percentage of undergraduate Pell Grant recipients than the University of Minnesota.
- Our institutions provide more than $229 million in grants and scholarships each year—three times more than all government financial aid programs combined.
View research reports, “Financing Higher Education Today” and "The Facts: 2006"
Financial Aid 101
If you are like most high school counselors, you wear many hats and have little time to study the intricacies of financial aid. Knowing the basics though, will help you better serve your students.
Financial aid comes from the federal and state government, corporations, foundations and college and universities. There are three main types of aid:
- Merit- and need-based grants and scholarships that do not need to be repaid
- Low-interest loans that must be repaid within a certain timeframe after a student graduates
- Employment on or off campus (work study)
Financial aid can seem daunting and complicated, but we’ve assembled some helpful resources to make it easier. For additional information on specific programs, visit our Financial Aid 101 primer.
FAFSA 411
The Free Application for Federal Student Aid (FAFSA) is the must-do form for any student who would like to be considered for financial aid. The information students submit in this form is used by schools, states and the federal government to determine financial need.
Although most students complete the online FAFSA form, the paper version is still available and recommended for use as a worksheet before going online. Before beginning the process, students should visit the Federal Student Aid Web site where they will be assigned a PIN that will act as their electronic signature on their online FAFSA form.
Tips for students completing the FAFSA:
- Ask your parents to file their taxes early. The FAFSA requires a lot of information from the previous year’s tax returns.
- Comply with requests for additional information as soon as possible. Failing to do so will likely delay the receipt of the aid award and may reduce eligibility for some types of aid.
- Plan ahead. The whole application process from start to finish takes several weeks.
- Completing the FAFSA is free of charge.
- Know the FAFSA codes for the schools you want to receive your information (see Minnesota's Private Colleges FAFSA codes).
- Complete the form every year of enrollment.
Show up. Cash in. Minnesota Goal Sunday
College Goal Sunday is a national, one-day event that provides free information and assistance to families who are filling out the Free Application for Federal Student Aid (FAFSA) — the federally required form for students seeking financial aid such as grants and loans. Completing the FAFSA is the first and most important step in qualifying for aid.
In Minnesota, College Goal Sunday takes place on February 12, 2006, at 2 p.m., at 18 locations throughout the state.
Useful Financial Aid Links
The Minnesota Office of Higher Education's Get Ready for College Web site provides in-depth information on the Minnesota State Grant Program and other government-funded aid. It also features tools on financial planning and saving for college.
The U.S. Department of Education offers information on the entire decision-making process from preparing for college all the way through paying back your student loans.
CollegeBoard.com features a Financial Aid Easy Planner, along with a variety of other articles, resources and tools for students, parents and counselors immersed in preparing for college.
Minnesota Private College Week
Students and their families who are just getting started with their college search are invited to visit our campuses during Minnesota Private College Week (MPCW), June 26 – 30. Mark your calendars, tell your students and help us get the word out now. MPCW provides prospective students and their families the opportunity to visit any or all of our campuses in one week.
There are many benefits to attending MPCW:
- It gives students an opportunity to test the “gut factor” and discover a school that fits
- Campus tours and information sessions help students decide which schools they’d like to consider or revisit.
- Students and families will hear from current students, faculty and staff about what makes each campus unique.
- It gives families a chance to spend time together before students go off to college.
- Students who attend four campuses will receive application fee waivers.
Registration opens soon! Learn more about MPCW
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When I was looking at colleges, my mom, who attends the College of St. Catherine, encouraged me to look into its “brother school” — the University of St. Thomas. St. Thomas was appealing to me right away because of its business school. And, growing up Catholic, it was also very important to me that St. Thomas was a Catholic Christian university.