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Home > Paying for College > Financial Aid You Don't Repay > Minnesota State Grant > Private College Example

 

Private College Example

An example of a student's expenses.

 

Shared Responsibility: Example 2

This is an award calculation for a typical private 4-year college. In 2013-2014, the state recognizes the price of attending the school at $20,900 a year. That includes tuition and fees of $13,000*, plus $7,900 for living and miscellaneous costs.

*IMPORTANT NOTE: The total tuition and fees at a typical private college are actually $34,000 in 2013-2014. But for the State Grant Program, only $13,000 is recognized in the award calculation. Therefore, a student may have to provide an additional $21,000 in tuition and fees not recognized by the state.

Example 2: Private College, Dependent Student

Tuition & Fees$13,000
Living & Misc. Allowance$7,900
Total$20,900

The student is expected to contribute 50 percent of the yearly cost, or $10,450. The remaining 50 percent of the yearly cost, or $10,450, comes from the contribution of the student's parents, and from federal and state grants.

If the student comes from a family that can't afford to contribute to the education (based on its financial need analysis as determined by the FAFSA application), then the student would be eligible for federal and state grants totaling $10,450, the 50 percent share not provided by the student.

Source of Funds:

Student's Share$10,450
Parent's Share$0
Federal Pell Grant$5,645
State Grant$4,805
Total$20,900

If the student comes from a family that is able to contribute $1,000, (again, based on its financial need analysis as determined by the FAFSA application), then the student would be eligible for federal and state grants totaling $9,490 (the 50 percent share less the parent's $960 contribution).

Source of Funds:

Student's Share$10,450
Parent's Share$960
Federal Pell Grant$4,695
State Grant$4,795
Total$20,900

The student may receive additional grant assistance from private or institutional sources that are under the control of the campus financial aid administrator. Receipt of these additional grants does not affect the size of the State Grant or the Federal Pell Grant. This additional assistance can be used to help meet the student's required contribution.