Understanding Financial Aid. What is Financial Aid?. Grants Scholarships Employment Opportunities Loans. Goal of Financial Aid. Primary goal is to assist students in paying for their educational investment and is achieved by: Evaluating family’s ability to pay for educational costs
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The FAFSA results (Student Aid Report or SAR) will be mailed to you and an electronic SAR will be sent to all of the schools you listed on the FAFSA. The Be sure to review the SAR for accuracy, and also read the eligibility information listed on the first page. If there are errors on your SAR, contact the Financial Aid Office for instructions on how to make corrections.
The VERIFICATION Process: The US Department of Education (DOE) selects 30% of all financial aid applicants at every school in the nation for “VERIFICATION”. The Verification process requires the school to compare the information you submitted on your FAFSA to documents pre-determined by DOE (tax forms and Verification Worksheet). Your SAR will tell you if you have been selected. The Financial Aid Office also will send you a letter and Verification Worksheet informing you that you have been selected. To complete the Verification process you must submit a signed copy of Federal tax forms and the signed, completed Verification worksheet to the Financial Aid Office.
If there is any additional documentation needed, a letter along with the required forms will be mailed to you. After you have completed, signed, and returned all required documentation to the Financial Aid Office, your eligibility will be calculated and an Award Letter listing your Grant, Work Study, and/or loan eligibility will be mailed to you.
The information you list on the FAFSA is put into a very large mathematical formula, and the result is called the EFC (Expected Family Contribution). The EFC is used to determine eligibility for all Federal and MN State financial aid programs.
Tribal Scholarships: If you are Tribally enrolled, contact your Tribal Scholarship Office regarding their application process.
Cost of Attendance (COA for one year)
- Expected Family Contribution (EFC)
= Financial Need
on a first come-first served basis
and receive the Federal Pell Grant
Remember to apply online through your home state’s website.
Get the application from your high school counselor in the spring.