The state of Minnesota devotes most of its financial aid to students from low- and moderate-income families. In Fiscal Year 2014, Minnesota students received almost $164 million in state need-based aid:
- $172.6 million in Minnesota State Grants was made to 99,500 Minnesota residents attending Minnesota postsecondary institutions as undergraduates.
- $4.9 million in Postsecondary Child Care Grants were made to 2,421 undergraduates.
- $63,025 to the survivors of safety officers killed in the line of duty.
- $1.4 million in Minnesota GI Bill awards to 550 veterans.
The state subsidizes a number of work study programs at schools around the state. In 2014, about 10,442 students earned $18.9 million in state work study jobs (includes 25 percent employer share of earnings).
Minnesota also operates a state loan program, the Student Educational Loan Fund (SELF), for students and families who have exhausted or do not qualify for need-based aid. In Fiscal Year 2014, 9,416 Minnesota students borrowed approximately $60 million in SELF Loans.
In 2013, financial aid totaling $3.3 billion helped Minnesota students and families pay for postsecondary education. The money was provided by the state and federal governments, colleges, and private sources. Minnesota students received $1.5 billion in grants or scholarships, $1.7 billion in student loans, $140 million in parent loans, and $47.6 million through work study earnings.