Financial Aid
Programs
Most of the financial aid programs below require
that you complete the annual FAFSA in order for
the Financial Aid Office to determine if you are
eligible. Some programs will require additional
applications. In addition, most programs require
that you remain enrolled for at least six (6) credits,
maintain satisfactory
academic progress and be pursuing an aid-eligible
major. We encourage you to check out all the details
behind your federal
or state
aid awards!
Grants
Loans
- Federal
Subsidized Stafford—need-based; maximum award
of $3,500/year for freshmen and $4,500/year for sophomores;
6.0% interest rate (beginning July 1, 2008) and
a six-month grace period; requires an online loan application and loan counseling.
- Federal
Unsubsidized Stafford Loan—Non-need-based;
interest accrues immediately on borrower's account;
the borrower has the option of repaying the interest
while in school; total (sub & unsub) maximum award
of $5,500/year for dependent freshmen, $9,500/year for
independent freshmen, $6,500/year for dependent sophomores
and $10,500/year for independent sophomores; 6.8% interest rate and a six-month
grace period; requires an online loan application and loan counseling.
- Federal
Perkins Loan—Maximum award of $2400/year;
carries a simple interest rate of 5% and a nine-month
grace period; requires exceptional need and an early
application
- Minnesota
State SELF Loan—Non-need-based; maximum award
of $7,500 per grade level; carries a flexible interest
rate which varies on a quarterly basis; requires a credit-worthy
co-signer and an additional application and loan
counseling; See Financial Aid for an application
- Federal
PLUS Loan—Non-need-based; maximum award is
up to cost of attendance less all other financial aid;
parent is the borrower; See Financial Aid for an application
- Alternative (Private)
Loans – A private student loan is a nonfederal loan issued by a lender such as a bank or credit union. private student loans often have variable intrest rates, require a credit check and do not provide the benefits of federal student loans. These loans should be considered ONLY
after the other loan options listed on this page
have been exhausted.
Work-Study
- Federal Work-Study—Maximum award of $4000/year,
which can be earned working 5-15 hours/week starting
at $8.00/hour
- Minnesota State Work-Study—Maximum award
of $4000/year, which can be earned working 5-15
hours/week starting at $8.00/hour
- Institutional Work-Study—Non-need-based;
limited to highly-skilled workers or hard-to-fill
jobs
- Work-Study: What You Need to Know
- Student Employment Opportunities
Scholarship Opportunities
The following scholarship opportunities require separate
application procedures from the FAFSA. Scholarship
Tips including Information on College Grant Scams
- Alliss
Educational Foundation Grant
—The Alliss Grant covers the cost of tuition
and books for one class during the first term
of enrollment; it’s designed for adult learners
who have been out of college for at least seven
years and have not earned a bachelor’s degree
- Anoka-Ramsey Community College Scholarships —The Foundations on each campus award scholarships
to students based on criteria such as, academic
success, leadership skills, major field of study
or potential for success; financial need may not
be a consideration; applications are due at the
end of March and recipients are notified in May
of each year
- Scholarship Opportunities —Community
agencies, businesses and other organizations sponsor
many scholarships for students attending college
- Scholarship Search Database —For
students who wish to conduct additional searches
using a scholarship search program
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