Financing Your Education

College costs are a concern for many people and paying for classes, books, housing, and other expenses can be a source of stress. Keep in mind that college is an investment in your future and research shows that the more education one has, the more he/she is likely to earn. There are many ways to help pay for your education.

Financial Aid

The most common source of help to finance your education is the Federal Student Aid program. The FAFSA (Free Application for Federal Student Aid) and more information about this application and process can be found at Federal Student Aid. This application is used to apply for federal and state grants, loans, and work-study.

Grants

Grants are considered need-based aid and do not have to be repaid. They usually come from the state or federal governments and are paid directly to the school. For more information about Federal Student Aid Grant Programs, visit: Understanding Grant and Loan Programs Fact Sheets.

Loans

Loans are borrowed money that you are expected to repay. Federal student loans generally have lower interest rates than private loans and most do not have to be repaid until you leave school or drop below half-time status. Repaying loans is a serious responsibility so you should be sure to understand all the terms before taking out a loan. For more information about Federal Student Aid Loan Programs, visit: Understanding Grant and Loan Programs Fact Sheets.

If you have more than one loan, you may want learn more about loan consolidation. It is important to know what the limits are to loan consolidation before you take on this debt. For more information about Federal Student Aid Direct Consolidation Loans, visit: Direct Consolidation Loan Information Center.

Work-Study Programs

Work-Study Programs are financial aid that you will need to work to earn. Your school will determine how many hours and what jobs you are eligible for.

Additional Financial Aid Information

Financial Aid 101 View this site from ISEEK for more information about FAFSA eligibility and other financial aid planning.

Paying for College This resource from the Get Ready! site of the Minnesota Office of Higher Education provides financial definitions and related information.

Financial Aid Information The site provides general information on college costs, financial aid and scholarships search.

College Financial Aid Estimator This tool from the Get Ready! site of the Minnesota Office of Higher Education can help you estimate your financial aid eligibility amount.

Student Aid Publication Provides a complete guide to Federal Student Aid.