UPDATE FROM THE COUNSELING CENTER
All About Financial Aid
In the Counseling Center, I recently wrapped up our Senior Meetings, taking time to connect with each of our seniors individually, along with many of their parents. We talked through graduation progress, plans for the next year, and next steps. Throughout these conversations with students and parents, there were many questions about Financial Aid and paying for college. Murray County Central will be hosting a Financial Aid night in January to walk through the process, but in the meantime, here are the answers to some of our most Frequently Asked Questions.
The costs of college can add up quickly when considering all that is accounted for in the price: tuition and fees, housing and food, books and supplies, transportation and personal expenses. However, there are many ways to pay for college; there are grants, scholarships, work study, and loans. Grants include money awarded from the state or federal government based on need. This money does not need to be repaid. Scholarships are awarded based on financial need, academic merit, or other special circumstances and abilities. Work study is money that is earned from an on- or off-campus job that enables you to help pay for the cost of attending college. And lastly, student loans are money borrowed from federal or state governments or private entities that must be repaid with interest.
The difference between the sticker price and net price can be significant. When looking at the sticker price of a college, remember that this is the amount before any grants, scholarships or work study are considered. Focus on the net price instead which takes into account all of those other factors and shows what families will actually pay.
The Free Application for Federal Student Aid, or FAFSA, opens this year on December 1. studentaid.gov is the best place to go for updates about the FAFSA. To prepare for filling out the FAFSA, families are encouraged to create a studentaid.gov account, determine dependency status, and become familiar with the documents available on the website. Filling out the FAFSA will determine a family’s eligibility for grants and loans and help make the actual price of college clearer. The individual schools will send out a financial aid package after a student has filled out the FAFSA and been accepted. This package will include the amounts a student is eligible for in scholarships, grants, and loans.
One new program in Minnesota is called the North Star Promise. The North Star Promise was created to provide free tuition and fees to make education after high school possible for more Minnesota students and families. Free tuition for qualifying students is available at all Minnesota State Colleges and Universities. To qualify, Minnesota residents must have a family income below $80,000 as reported on the FAFSA. To apply, all families need to do is fill out the FAFSA when it becomes available and list the institution(s) you are planning to attend. If you and your family are eligible, the institution will award you with free tuition and fees as part of your financial aid offer. The only academic requirement is to continue to meet your school’s Satisfactory Academic Progree standards.
As more information becomes available, I will be posting resources on our School Counselor page on the MCC website. Please, don’t hesitate to reach out with any questions, and I look forward to seeing you at our Financial Aid Night January 20th at 7:00 p.m.!
