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Facts About Financial Aid


 

How much do Minnesota undergraduates receive in financial aid?

Minnesota undergraduates received $1.57 billion in grants and $1.85 billion in student and parent higher education loans in Fiscal Year 2011 (2010-2011 academic year). They earned an additional $46 million from federal and state work study jobs.

The federal government provided $2.2 billion of the $3.4 billion in student aid to undergraduates. State financial aid totaled $287 million. Institutions and private sources provided $904 million.

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 2011 (2010-2011 academic year):

  • 88,800 students received State Grants,
  • 10,700 students earned income under the State Work Study program.
  • 3,000 students received Child Care Grants through the Office of Higher Education.
  • 600 students received $1.8 million in Indian Scholarships.
  • 600 students received awards in the Minnesota GI Bill Program.

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.

More information on recipients of state-funded student financial aid programs.

How many students borrow under the Student Educational Loan Fund (SELF) Program?

For Fiscal Year 2011 (2010-2011 academic year), 16,300 undergraduates borrowed $85 million under the SELF Loan Program. 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.

More information on SELF Loans.

What are the characteristics of students served by the State Grant Program?

Seventy-five percent of the 88,800 undergraduates who received State Grants in Fiscal Year 2011 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 dependent children while 16,900 independent recipients were over age 24 or married but did not have children or other dependents.

More information on the State Grant Program.