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First Generation Families

First Generation Families. Why college??. Knowledge - Critical thinking skills Potential - Who are you? What are your interests? Opportunity - More doors open Income - 1 Million Dollars. Paying For College Video First Generation Families. Average Tuition and Fees 2014-2015.

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First Generation Families

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  1. First Generation Families

  2. Why college?? • Knowledge - Critical thinking skills • Potential - Who are you? What are your interests? • Opportunity - More doors open • Income - 1 Million Dollars

  3. Paying For College VideoFirst Generation Families

  4. Average Tuition and Fees2014-2015 • Technical & Community Colleges $5,370 • State Universities $7,700 • University of Minnesota $13,620 • Private Career Colleges $14,270 • Private Colleges & Universities $35,177

  5. FAFSA/Financial Aid - Video

  6. Financial Aid • Grants - Free money usually awarded based on need ie: Pell, MN State Grant, college funded grants • Does not have to be repaid • Scholarships- Free money awarded for special talents, grades, cultural or religious backgrounds etc. • Do not have to be repaid • Start locally • www.finaid.org/scholarships to search for scholarships • www.ohe.state.mn.us to see a list of MN institution scholarships • Work Study - Money funded by the government that must be earned by working a part-time job on or off campus • Jobs can sometimes provide good experience in your field of study • Loans - Borrowed money from the government or private lenders that must be paid back with interest • Government Loans vs. Private Loans

  7. How can I help pay? • Savings - The more you save, the less you'll have to borrow • MN College Savings Plan - 529 Plan • Visit: www.mnsaves.org for more information • Family Contribution - Financial Aid is designed to assist families who are unable to contribute. • Can include things like room and board, transportation. • Can also include extended family and close friends.

  8. Other Ways to Pay/Save • Dual Credit - PSEO, CIS, AP, IB • readysetgo.state.mn.us • Military and Community Service - • ROTC - 2, 3 and 4 year scholarships incl. full tuition, fees, books and living stipend in exchange for years of service. • Americorps - Defer federal loans. Education Award per term. Qualifies for Public Service Loan Forgiveness. • Peacecorps - Defer federal loans. Perkins Loan 15% balance cancellation per year of service.

  9. MN Dream Actwww.ohe.state.mn.us/mndreamact Eligible for: • In-state tuition rates at MnSCU and University of MN campuses • State financial aid programs • Privately-funded scholarships administered by MnSCU or U of M campuses Requirements: • Attend a MN high school for at least 3 years • Graduate from a MN high school or earn a GED in MN • If male, complied with Selective Service registration requirements • Apply for lawful immigration status once federal process exists (does not refer to Deferred Action for Childhood Arrivals)

  10. For more information: www.ohe.state.mn.us Includes information on: Reciprocity Tax benefits Tuition and Fees for 5 State Area Financial Aid Estimator Preparing, Selecting, Paying Plus: Additional videos in the Paying For College series.

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