Where does the money come from?
Financial aid comes from four key sources:
- The federal government, the largest source of financial aid for undergraduates.
- The state government.
- The school itself.
- Private organizations and corporations.
The school will draw upon funds from all available sources to create a financial aid package.
In the 2012-2013 academic year, students attending Minnesota institutions received financial aid totaling $3.4 billion from state and federal governments, colleges, and private sources. This included:
- $1.5 billion in grants, scholarships, or price discounts
- $1.7 billion in student loans
- $140 million in parent loans
- $47.6 million in work-study earnings