FINANCIAL AID
Availability Of Financial Aid
The financial aid program provides financial assistance to eligible
students whose personal and family resources are insufficient to meet the minimum expense of attending college. Whenever possible, the college will attempt to meet a part of each student’s financial need through a combination of grants, scholarships, loans and/or work-study. Students must have a high school diploma or GED certificate in order to receive financial aid. Students may not receive financial aid at two colleges at the same time.
The financial aid year includes fall semester, spring semester and summer session. Students must re-apply each year they attend college. The FAFSA is available on the Web at studentaid.gov.
Aid Based On Financial Need (Full- And Half-Time Students)
Financial need is determined from a student’s own income and assets and those of their family. Students can apply online at studentaid.gov. If a student is eligible for need-based aid, Inver Hills will help the student create a financial aid package that may include:
- Grants (do not usually have to be repaid)
- Loans (must be repaid)
- Work-study (part-time jobs on campus)
Financial Aid For Students With Fewer Than Six Credits
Financial aid may be available for students who plan to take fewer than six credits per term. Contact the Office of Financial Aid for more information.
Non-Need-Based Aid
Several loan programs are available to students at almost any income level. Students must apply for need-based financial aid before applying for these special programs.
Campus Employment
A number of employment opportunities are available on campus. Contact the Office of Financial Aid for current openings.
Office Of Financial Aid
Phone: 651-423-8299
E-mail: finaid@InverHills.edu
Student Financial Aid Programs
The FAFSA determines eligibility for the following programs: Federal Supplemental Educational Opportunity Grant (FSEOG): This is a federal grant that does not usually have to be paid back. The awarding of funds is based on need and application date. Students must be Pell-eligible to receive an FSEOG.
Minnesota State Grant Program: This is a state grant that does not usually have to be paid back. It is available to Minnesota residents only.
North Star Promise Scholarship: This is a state grant program that does not have to be paid back. It is available to Minnesota residents who have a family Adjusted Gross Income as reported on the (FAFSA) below $80,000.
Minnesota Post-Secondary Child Care Grant Program: A limited amount of funds are available on a first-come, first-serve basis through the Post-Secondary Child Care Grant Program. To be eligible, students may not be receiving TANF/MFIP and meet additional eligibility guidelines.
Student Employment: This program allows students to work while they go to school. Positions are available on campus and at certain non-profit agencies.
Federal Direct Student Loan: This loan allows students to borrow money for education related expenses. The Direct Loan must be paid back. Students are strongly encouraged to limit the amount they borrow. As with other types of financial aid, all students must complete the FAFSA before applying for the Direct Loan. All students must complete a loan entrance counseling session before applying for a student loan. This can be done at studentloans.gov. Additionally, students must complete a loan exit counseling session before leaving school.
SELF, PLUS, and Alternative Loans: These are additional loans for students and parents of students. Information on these loan programs is available from your advisor in the Enrollment Services Center. The student must complete the FAFSA to access these loan programs.
Student Loans
Federal Stafford Loan (subsidized): The Federal Stafford Loan is a federal loan that offers freshman students (under 30 semester credits earned) up to $3,500, and sophomores (30 semester credits or more earned) up to $4,500. The interest rate on this loan varies annually, but is capped at 8.25 percent. Eligibility for the Subsidized Stafford Loan is based on financial need; therefore, some students may not qualify. In order to determine eligibility, students must apply for financial aid by submitting a FAFSA. First-time Stafford Loan recipients must attend a loan counseling session prior to having the loan proceeds disbursed. Funds received from the Subsidized Stafford Loan must be repaid. However, interest is paid by the federal government and no repayment of interest or principal is required as long as the student is enrolled in college on at least a half-time basis.
Federal Stafford Loan (Unsubsidized): Students who do not qualify for a maximum Subsidized Stafford Loan may borrow funds through the Unsubsidized Stafford Loan program. Eligibility for this loan is not based on financial need. The interest rate is the same as that of the subsidized Stafford Loan, but interest accrues and must be paid while the student is in college and during the grace period and repayment periods. These funds must be repaid.
Federal Parent Loan For Undergraduate Students (PLUS): With a federal Parent Loan for Undergraduate Students (PLUS), parents of a dependent student may borrow funds to pay for the student’s educational expenses. Family income is not taken into consideration; therefore, the program is open to almost any family who qualifies based on credit. Parents can borrow up to the cost of education, less other financial aid received. The interest rate is variable, not to exceed 9 percent. Repayment begins immediately. To determine eligibility, the student must apply for federal financial aid using the FAFSA. Funds are made in multiple disbursements and given to parents after tuition and fees have been paid. These funds must be repaid.
Student Educational Loan Fund (SELF): The state of Minnesota provides the Student Educational Loan Fund (SELF) through the Minnesota Office of Higher Education. The loan is a variable interest rate loan. The interest is subject to change throughout the life of the loan. Students have a maximum eligibility of $7,500 each year for their
first and second years of college. This loan requires a credit-worthy co-signer. Students must have their eligibility for federal and state financial aid determined before they can be considered for a SELF loan. These funds must be repaid
Work-Study Programs
Federal Work-Study (FWS): The Office of Financial Aid awards Federal Work-Study (FWS) funds to students interested in working to help meet their financial need through on-campus work-study jobs. Students are paid an hourly wage and provided the number of hours that they work. Students receive only that portion of the award they earn. If a student earns more than he/she has been awarded, other aid will be reduced. Students must apply for federal financial aid in order to be considered for FWS and must be enrolled for a minimum of six credits each term.
State Work-Study (SWS): The Office of Financial Aid awards State Work-Study (SWS) funds to students interested in working to help meet their financial need through on-campus work-study jobs. Students are paid an hourly wage and provided the number of hours that they work. Students receive only that portion of the award they earn. If a student earns more than they have been awarded, other aid will be reduced. Students must apply for federal financial aid in order to be considered for SWS and must be enrolled for a minimum of six credits each term.
Institutional Work-Study (IWS): Institutional Work-Study (IWS) funds are Inver Hills funds used to employ students. These funds are very limited and must be approved by an administrator. Students must have applied for federal financial aid to be considered.
Scholarships
For information on scholarships, visit the Foundation’s college scholarship page or contact the Office of Financial Aid.
Refund/Earned Aid Policy
The federal formula requires a return of Title IV aid if the student received federal financial aid and withdrew or stopped attending all classes on or before completing 60% of the semester. The percentage of Title IV aid to be returned (that which is unearned) is equal to the number of calendar days remaining in the semester divided by the number of calendar days in the semester. Scheduled breaks of more than four consecutive days are excluded.
The responsibility to repay unearned aid is shared by the institution and the student in proportion to the aid each is assumed to possess. The institution’s share is allocated among the Title IV programs, before the student’s share, in the following order: Federal and Federal Direct Unsubsidized Stafford Loan, Federal and Federal Direct Subsidized Stafford Loan, Federal and Federal Direct PLUS Loan, Federal Pell Grant and Federal SEOG. Any remaining unearned aid is the responsibility of the student, must be collected from the student, and then allocated among the Title IV programs in the order indicated above.
The college will calculate and return its share of unearned Title IV funds and notify the student no later than 30 days after it determines that the student withdrew and return the funds within 45 days. Students return their share of unearned aid attributable to a loan under the terms and conditions of the promissory note. The college may allow the student to repay unearned aid attributable to a grant under a payment arrangement satisfactory to the college. However, the student is not
responsible for returning funds to any grant program to which they owe $50 or less.
If the student who totally withdrew (officially or unofficially) from classes received State financial aid funding (including State Grant, Child Care Grant, SELF Loan, Safety Officer’s Survivor’s Grant, Indian Scholarship, ACHIEVE Scholarship, and Learn and Earn), a portion of the unearned funds must be returned if the total withdrawal took place within the first 20 business days of the semester (full semester classes).
Satisfactory Academic Progress
In accordance with the U. S Department of Education Regulations (Public Law 94-482) and Minnesota State Board Policy 2 .9, the Office of Financial Aid has established the minimum standards of progress for financial aid recipients of federal and state financial aid programs . The purpose of the Satisfactory Academic Progress policy is to ensure that financial aid recipients are attending to receive an education and not only to secure financial aid funding. To view the current policy, visit inverhills.edu/sap.
Applying for Financial Aid
Students should complete the following steps to apply for financial aid from Inver Hills:
- Fill out the FAFSA. Students may access the application on the web at studentaid.gov. This form will be used to award federal and state aid. Students may also obtain and complete the paper version, but filing online is faster for students. The college code for Inver Hills is 006935.
- Apply for admission and declare an eligible program of study. This enables Inver Hills to establish a computer file for each student.
- Students will receive a Student Aid Report (SAR) approximately five days after completing the FAFSA on the web. Students should review the SAR and notify the Office of Financial Aid immediately if the report contains errors.
- Students should respond quickly to any request(s) for additional information from the Office of Financial Aid.
- The student will receive notification by e-mail when their award letter is ready to be viewed online using their e-services account. The online award notification will indicate the amount and types of aid he/she is eligible to receive. The student will be provided with all necessary information regarding applying for a student loan in the award notification.
|