| Information on Grants
Grants and scholarships are awards given to students; they do not have to be repaid. These include federal Pell Grants, state grants and a wide range of scholarships awarded from colleges and organizations.
Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.
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How Much Can A Student Receive?
The maximum award for the 2005-06 award year (July 1, 2005, to June 30, 2006) is $4,050. The maximum can change each award year and depends on program funding. The amount a student receives will depend not only on financial need, but also on the cost of attendance at the school, as well as the enrollment status (full-time or part-time) of the student, and whether the student plans to attend school for a full academic year or less.
If a Student is Eligible, how will he/she receive the money?
The school can apply Pell Grant funds to the cost of attendance, pay the student directly (usually by check), or combine these methods. The school must tell the student in writing how much the award will be and how and when the student will be paid. Schools must disburse funds at least once per term (semester, trimester, or quarter). Schools that do not use semesters, trimesters, or quarters must disburse funds at least twice per academic year. |
State Grants
State Grants help students from low- and moderate-income families pay for educational expenses at eligible Minnesota colleges or universities. In 2005, approximately:
- 32 percent of State Grant funds goes to students with family incomes below $20,000,
- 51 percent goes to those with incomes between $20,000 and $50,000, and
- 17 percent goes to those with incomes over $50,000.
What Is the Application Process?
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There is no charge for applying to the Minnesota State Grant Program. Students can apply for a State Grant by completing the Free Application for Federal Student Aid (FAFSA). This form is used to determine the student's and family's expected financial contribution, and is the same form used to apply for the Federal Pell Grant and other types of aid from institutions. To receive a State Grant for a term, the FAFSA must be submitted to the federal processing center within 30 days of the school's term start date. How Much Money You Can Receive?
The maximum award for 2006-2007 will range from about $5,393 at a public technical college to $8,202 at a private four-year college. The average award during 2004-2005 was $1,695. The minimum award is $100 per year.
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