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Financial aid due tomorrow
Students must turn in their financial aid applications by tomorrow, September 16, if they want their application to be considered for Minnesota State Grants fall semester.
Applications are accepted year-round but will only be considered for spring semester after tomorrow. Students must re-apply once each for each academic year, which includes fall, spring and summer courses.
Students need their family's completed Federal Income Tax returns as well as SCSU's school code (002377) to apply.
The two-part application can be picked up at the financial aid office in the Administrative Services building or found online at www.stcloudstate.edu/financialaid
"The online application is faster and more accurate," said Frank Loncorich, SCSU director of Financial Aid. "It only pulls you through the questions you need."
One part of the application is the Free Application for Federal Student Aid (FAFSA) and the other part is for SCSU.
The application is for all forms of financial aid; state and federal grants, work study, childcare and loan assistance.
Last year 11,710 SCSU students received financial aid valued at $67,721,000. Of that, $2,580, 000 was for scholarships, $7,100,000 was for employment (like work study), $15,700,000 was through grants and $42,373,000 was through loans.
Work study will not be an option this semester for students applying now. The $1 million in the work study fund has already been awarded to prior applicants. The Perkins loans have been distributed as well.
Students who were not eligible for financial aid in the past may want to consider applying again if there's been a change in their parents' income. If a student's parents have experienced job loss or are retired, that may make them more eligible for need based aid.
"The need based programs were started with the parents' responsibility to help their kids," Loncorich said, "Second, is the kids responsibility. If between the two they still can't afford college, we bridge the gap."
Once a student turns 24 years old they are automatically independent from their parents. So, when someone 24 or older applies, need is determined by their own income, not their parents.
For students under 24 who are dependents, the amount the parents and student can contribute is subtracted from the cost of college. If there is a need, the Federal Pelle Grant is considered first. After that the Minnesota State Grant is considered followed by scholarships and part-time employment. The remaining needs are met with student loans.
"There's a need based loan where the government will pay the interest and non need based loans where the interest rates on student loans is very good now," Loncorich said.
Right now the interest rate for the Federal Stafford loan is 2.82 percent while the student is in school and 3.42 percent during repayment.
In addition, parents can fill in the gap with the Federal Plus loan with and interest rate of 4.22 percent.
"For all practical purposes it's very reasonable rates," Loncorich said.
Those who miss the deadline for Minnesota State Grants can still apply and be considered for other forms of financial aid.
"Even if they turn it in late it is not inordinate," Loncorich said. "The further we get into the year the fewer options we have."
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