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.

To receive financial aid, you must apply for it. Applying for admission to a college or university is not enough. Timing is also important in obtaining financial assistance. You need to stay within the financial aid application deadlines for the various awards.

To determine how much a student and his or her family will be expected to contribute to the student's education, students and their families must complete the Free Application for Federal Student Aid (FAFSA). The difference between the total price of attendance and the family contribution is your financial need.

FAFSA stands for Free Application for Federal Student Aid. This form is used to determine the amount of money a family is expected to contribute to the price of attending a postsecondary institution. The results of the FAFSA are used in determining student grants, work study, and loan amounts.

To apply for financial aid, you must complete the Free Application for Federal Student Aid, or the FAFSA. The FAFSA is used to apply for the Minnesota State Grant, federal Pell Grants, the Minnesota Indian Scholarship, a Direct Loan, and other financial aid available at specific schools. The form requires you to submit information about your family’s income and assets, and your status as a resident. Your completed FAFSA will be made available to all the schools you designate.

Deadlines vary among financial aid programs. The earliest you can submit the FAFSA application to apply for state and federal need-based aid is October 1 for the following academic year. You must reapply for financial aid each year.

(taken from: www.ohe.state.mn.us)