Paying for College

various ways to pay for college including financial aid options, scholarships, savings plans, and programs like MN Dream Act. Learn about grants, scholarships, work-study, loans, family contributions, and other funding sources available for Somali families seeking higher education.

• College Education
• Financial Aid
• Scholarships
• Saving Strategies
• MN Dream Act

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Uploaded on Feb 24, 2025 | 0 Views

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Presentation Transcript

1. Somali Families

2. Why college?? Knowledge - Critical thinking skills Potential - Who are you? What are your interests? Opportunity - More doors open Income - 1 Million Dollars

3. Paying For College Video for Somali Families

4. FAFSA/Financial Aid - Video

5. Financial Aid Grants - Free money usually awarded based on need ie: Pell, MN State Grant, college funded grants Does not have to be repaid Scholarships - Free money awarded for special talents, grades, cultural or religious backgrounds etc. Do not have to be repaid Start locally www.finaid.org/scholarships to search for scholarships www.ohe.state.mn.us to see a list of MN institution scholarships Work Study - Money funded by the government that must be earned by working a part-time job on or off campus Jobs can sometimes provide good experience in your field of study Loans - Borrowed money from the government or private lenders that must be paid back with interest Government Loans vs. Private Loans

6. How can I help pay? Savings - The more you save, the less you'll have to borrow MN College Savings Plan - 529 Plan Visit: www.mnsaves.org for more information Family Contribution - Financial Aid is designed to assist families who are unable to contribute. Can include things like room and board, transportation. Can also include extended family and close friends.

7. Other Ways to Pay/Save Dual Credit - PSEO, CIS, AP, IB readysetgo.state.mn.us Military and Community Service - ROTC - 2, 3 and 4 year scholarships incl. full tuition, fees, books and living stipend in exchange for years of service. Americorps - Defer federal loans. Education Award per term. Qualifies for Public Service Loan Forgiveness. Peacecorps - Defer federal loans. Perkins Loan 15% balance cancellation per year of service.

8. MN Dream Act www.ohe.state.mn.us/mndreamact Eligible for: In-state tuition rates at MnSCU and University of MN campuses State financial aid programs Privately-funded scholarships administered by MnSCU or U of M campuses Requirements: Attend a MN high school for at least 3 years Graduate from a MN high school or earn a GED in MN If male, complied with Selective Service registration requirements Apply for lawful immigration status once federal process exists (does not refer to Deferred Action for Childhood Arrivals)

9. For more information: www.ohe.state.mn.us Includes information on: Reciprocity Tax benefits Tuition and Fees for 5 State Area Financial Aid Estimator Preparing, Selecting, Paying Plus: Additional videos in the Paying For College series.