These programs are an important part of overall funding for higher education in Minnesota. They assist students and families in paying the tuition and fees charged for postsecondary education.
Financial aid totaling $3.3 billion helps Minnesota students and families pay for postsecondary education, money that is provided by the state and federal governments, colleges, and private sources. Minnesota students receive $1.5 billion in grants and scholarships, $1.6 billion in loans and $48 million in work-study earnings.
Minnesota devotes most of its state-funded financial aid to students from low- and moderate-income families via several grants and scholarships:
- Minnesota State Grants, awarded to eligible Minnesota residents attending Minnesota postsecondary institutions as undergraduates
- Postsecondary Child Care Grants, which assist eligible students who need help paying the costs of child care
- Minnesota Indian Scholarships, awarded to eligible Minnesota students of American Indian ancestry
- Public Safety Officer's Survivor Grants, awarded to eligible survivors of safety officers killed in the line of duty
- Minnesota GI Bill, which provide postsecondary financial assistance to eligible Minnesota veterans and service members
Additional student financial aid is available to Minnesota students through work and loans:
- The state subsidizes a number of work study programs at schools around the state.
- 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 response to 2014 legislation (Laws of Minnesota, Chapter 312, Article 1, Section 13) requiring OHE to assess the feasibility of creating a SELF Loan Refinancing program, OHE tentatively plans to offer long-term, low-interest educational student refinancing loans on a pilot basis. The report outlines OHE's tentative plan to offer the proposed pilot SELF Loan Refinancing program's framework, proposed timeline, and recommendations.
Find staff reports on student financial aid and data about Minnesota's student financing programs.