Paying her way: one student's financial aid story
Just how important is the State Grant Program and other financial aid to Minnesota students? Consider the case of Heather Johnson, who attends the College of Saint Benedict in St. Joseph, Minn. Johnson is the first in her family to attend college and expects to graduate with an economics degree next spring. She says that her parents are very proud of her and wish they could help with finances, but her dad is retired and her mom’s earnings from Schwan’s in Marshall, Minn. are needed to support the family. Determined to get a college education, Johnson is paying her own way.
“I chose St. Ben’s/St. John’s because of their friendly atmosphere and beautiful outdoor setting,” Johnson says. “The classes are small, which means that the professors actually know your name. It is great to attend college where everyone’s goal is to help you succeed.”
She receives quite a bit of financial aid, and the largest single source is the State Grant. “Without financial aid, I would not be able to attend any college, let alone St. Ben’s,” she says.
Adding it up
Here’s how Johnson covers the annual costs of her tuition, fees and room:
$ 4,848 — Minnesota State Grant
$10,550 — 5 merit scholarships given by St. Ben’s
$ 2,800 — Federal Pell Grant
$ 5,500 — Stafford Loan
$ 2,500 — income from Work Study (she works 10-12 hours per week on campus in an administrative job and as a teaching assistant)
$ 2,952 — summer earnings and savings
$29,150 TOTAL
Additionally, Johnson spends about $3,500 for books, groceries, and miscellaneous expenses during the school year.
Despite the significant financial aid she receives, Johnson expects to graduate $30,000 in debt. “I hope to get a job as soon as I graduate, since loan payments start in June 2007. My goal is to pay off my debt in ten years.” She would like to work in a financial aid office or else in human resources — preferably in a southern state, “where it’s warm,” she laughs.
Working hard
It helps that Johnson is a very good student but she has had to hold two part-time jobs, says Jane Haugen, executive director of financial aid at the College of Saint Benedict and Saint John’s University. “Even with generous aid, she has had to make sacrifices and work hard,” Haugen says.
According to Johnson, it has definitely been worth it. “I did know when I was applying to colleges that I would have a large amount of debt no matter where I decided to go. Thanks to the generous financial aid of the state, federal government, and St. Ben’s, I will graduate with less debt than I could have if I had gone somewhere else,” she says.
For more information, see Financial aid 101