148 rasmussen.edu | 888-5-RASMUSSEN ACADEMIC INFORMATION AND UNIVERSITY POLICIES 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, living expenses, transportation, miscellaneous expenses, and childcare 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 All Schools except Nursing School of Nursing - MSN Average Direct Costs Living With Parent Not Living With Parent Living With Parent Not Living With Parent Tuition $5,535 $5,535 $7,020 $7,020 Fees $2,097 $2,097 $2,097 $2,097 Books, course materials, supplies, and equipment $360 $360 $360 $360 Administrative Fee4 $0 $0 $495 $495 TOTAL Average Direct Costs1 (For illustration purposes only) $7,992 $7,992 $9,972 $9,972 Estimated Indirect Costs Living Expenses2 $4,986 $9,936 $4,986 $9,936 Personal Costs $3,114 $3,114 $3,114 $3,114 Transportation $2,673 $2,673 $2,673 $2,673 TOTAL Estimated Indirect Costs3 $10,773 $15,723 $10,773 $15,723 Total Estimated COA $18,765 $23,715 $20,745 $25,695 EXAMPLES of 2023-2024 Graduate Financial Aid Cost of Attendance (COA) 1 Actual tuition, fee, and book charges vary by student, credit load, and program of study. To view your actual charges, go to the Student Account Center. 2 Military students receiving Basic Allowance for Housing (BAH) will have a reduced living expense due to it only including the food allowance within this component. 3 Actual costs vary by student, based on student choice, and travel habits. 4 One-time administrative fee charged for Master of Nursing - Nurse Practitioner, Post-Graduate Certificate and Doctor of Nursing Practice programs. For detailed information on the program administrative fee, visit the Program Administrative Fee page. * 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 FAFSA. ** These state programs are available only for residents of the identified state, based on the state’s residency rules.
