2022–2023 CATALOG AND STUDENT HANDBOOK ACADEMIC INFORMATION AND UNIVERSITY POLICIES 155 Financial Aid at Rasmussen University The University has a professionally staffed Student Financial Aid Office designed to help you apply for federal, state, and private assistance. The primary purpose of financial aid is to help students who otherwise may not be able to attend a post- secondary institution to meet the cost of higher education. The basic responsibility for financing your education lies with you and your family. Aid is based upon documented financial need – the difference between the cost of university and your ability to pay for it – and is subject to federal and state requirements and allowances. Potential costs include books, tuition, fees, supplies, room and board, transportation, miscellaneous expenses, and child care costs. There are three basic types of aid available to Rasmussen students: • Loan funding through various state and federal student loan programs. These funds must be repaid. • Gift Aid, also known as grants, is assistance you do not have to pay back and is usually based upon financial need. • Employment through work study programs may provide relevant work experience and decrease the necessity of borrowing student loans for living expenses. Once a student has had their financial aid eligibility determined, a payment plan will be created for any balance still owed the University. If a student has not submitted all requested financial aid eligibility documentation by the beginning of the fifth week of the quarter, a payment plan will be created for the full balance owed. The student still has the opportunity to submit all requested financial aid eligibility documents to have their aid eligibility determined; however, the payment plan will remain active until such time as the balance is paid in full. ALL CONTENT IS SUBJECT TO CHANGE BY ADDENDUM FINANCIAL AID * Gift aid and work study are awarded annually based on the award year dates of July 1 through June 30. Students attending in more than one award year must reapply for financial aid by completing a new Free Application For Student Aid (FAFSA). **These state programs are available only for residents of the identified state, based on the state’s residency rules. Primary Sources of Financial Aid PROGRAM TYPE OF AWARD AND ELIGIBILITY AMOUNT PER YEAR APPLICATION Gift Aid* Federal Pell Grant Grant; based on financial need. Eligibility & Terms/Conditions: www.studentaid.ed.gov $692 – $6,895 Free Application for Federal Student Aid (FAFSA) Federal Supplemental Educational Opportunity Grant (SEOG) Grant; based on financial need, awarded by the University. Eligibility & Terms/Conditions: www.studentaid.ed.gov $100 – $4,000, based on availability Free Application for Federal Student Aid (FAFSA) Florida Student Assistant Grant** Grant; based on financial need, FL residency, undergraduate, full time. Varies, based on availability Free Application for Federal Student Aid (FAFSA) North Dakota State Grant** Grant; based on financial need, ND residency, undergraduate. $1,950 Free Application for Federal Student Aid (FAFSA) Minnesota State Grant** Grant; based on financial need, MN residency, undergraduate. Eligibility & Terms/Conditions: www.ohe.state.mn.us Varies, based on State Grant award formula Free Application for Federal Student Aid (FAFSA) Employment* Federal Work-Study Part-time job; on- or off-campus; based on financial need and skill level of position, awarded by the University. Eligibility & Terms/Conditions: www.studentaid.ed.gov Varies, based on availability Free Application for Federal Student Aid (FAFSA) State Work-Study Part-time job; on- or off-campus; MN residency, based on financial need and skill level of position, awarded by the University. Eligibility & Terms/Conditions: www.ohe.state.mn.us Varies, based on availability Free Application for Federal Student Aid (FAFSA) Loan Programs Federal Direct Subsidized Loan Loan; based on financial need, undergraduate, payments deferred until six months after student is no longer enrolled or enrolled less than half-time. Eligibility & Terms/Conditions: www.studentaid.ed.gov 1st Year – $3,500 2nd Year – $4,500 3rd Year & above – $5,500 Graduate – Not Elig Free Application for Federal Student Aid (FAFSA), Master Promissory Note and Loan Entrance Counseling; Student Loan Acknowledgement suggested. Federal Direct Unsubsidized Loan Loan; principal and interest payments may be deferred until six months after student is no longer enrolled or enrolled less than half-time. Eligibility & Terms/Conditions: www. studentaid.ed.gov Same as subsidized limits, plus: Dependent Student: 1st Year & above – $2,000 Independent Student: 1st & 2nd Year – $6,000 3rd Year & above – $7,000 Graduate – $20,500 Free Application for Federal Student Aid (FAFSA), Master Promissory Note and Loan Entrance Counseling; Student Loan Acknowledgement suggested. Federal Direct PLUS Loan Loan; for creditworthy parents of dependent undergraduates and graduate students. Eligibility & Terms/Conditions: www. studentaid.ed.gov Up to student’s cost of attendance Student: Free Application for Federal Student Aid (FAFSA), Master Promissory Note and Loan Entrance Counseling; Student Loan Acknowledgement suggested. Parent: PLUS loan application and Promissory Note Veterans’ Benefits Veterans’ Benefits Benefits for veterans and dependents of veterans, including National Guard and Reserves. Monthly benefit based on service contributions Veterans Administration or Veterans Service Officer
