Minnesota undergraduates received $3.3 billion financial aid in Fiscal Year 2013 from all sources. Loans are the largest type of aid.
More information on More information on financial aid awarded to Minnesota undergraduates.
How many Minnesota students receive assistance under each of the state-funded financial aid programs?
For Fiscal Year 2013 (2012-2013 academic year):
- 99,445 students received a State Grant (Minnesota's largest need-based program; $173 million was awarded)
- 10,633 students earned income under the State Work Study program
- 3,666 students received a Child Care Grant
- 750 students received an Indian Scholarship
- 601 students received a Minnesota GI Bill award.
In Fiscal Year 2011, 75 percent of the 88,800 undergraduates who received State Grants came from families earning less than $40,000. Most recipients, 47,200, were classified as dependent students, which generally means they were under age 24 and had not formed their own households by marrying or having children. Of the independent students, 24,800 had responsibilities for their own children while 16,900 independent recipients were over age 24 or married but did not have children or other dependents.
In 2013-2014, 9,416 Minnesota students borrowed $60 million under the SELF Loan Program. The average loan amount was $6,375. In addition to Minnesotans attending in-state institutions, borrowers included Minnesota residents attending institutions in other states and residents of other states attending Minnesota institutions. The SELF program does not receive state appropriations. SELF Loans are financed by the sale of revenue bonds, loan repayments, and interest earnings on funds in the program.
The Minnesota State Grant Program is the state's largest financial aid program providing need-based grant assistance to Minnesota undergraduates. In fiscal year 2013 (academic year 2013-2014) the Minnesota State Grant Program awarded $173 million to 99,501 grant recipients.