146 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: • 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. • Loan funding through various state and federal student loan programs. These funds must be repaid. 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. Financial Aid Disbursement A student must be officially accepted to Rasmussen University in an eligible degree, diploma or certificate program as one of the eligibility requirements to receive and have financial aid disbursed to their student account. Rasmussen University begins disbursing financial aid no earlier than three weeks into the term. Funds are first applied to your tuition and fee charges. Any remaining funds (excess funds) are disbursed to you, the student. All financial aid excess funds and other school refunds are delivered to students through a partnership between Rasmussen University and BankMobile. Your student account will show an unpaid balance until this disbursement occurs. If the aid you are eligible to receive does not cover your charges, a Student Payment Plan is created and can be viewed on the Student Account Center. Institutional Scholarship and Grant Programs Rasmussen University offers the following institutional scholarship and grant programs. All scholarships are non-cash awards. Some campuses have additional scholarships available, contact your campus for details. Additional information on grants is available at www.rasmussen.edu/tuition. Rasmussen University reserves the right to add, discontinue or amend scholarship and grant programs at its discretion. Any student currently receiving scholarship or grant funds at the time of the amendment will be notified. The following University grants and scholarships cannot be combined with other University grants and scholarships: • Affiliation Grant • Medical Assisting Inspire Grant • Alumni Grant • Professional Achievement Grant • LPN Care Grant • Early Honors Program The following University grants and scholarships may be combined with other University grants and scholarships as noted below: • Corporate Alliance Grant (1) • RN to BSN Get Started Grant (4) • Military Grant (2) • RU Ready Grant (5) • Pass the Torch Grant (3) • Start Strong Tuition Savings (1) Corporate Alliance Grant may not be combined with other University grants or scholarships, with the exception of the RN to BSN Get Started Grant, Pass the Torch Grant and Start Strong Tuition Savings. (2) Military Grant may not be combined with other University grants or scholarships, with the exception of the Pass the Torch Grant and RN to BSN Get Started Grant for students starting February 7, 2024 and later. (3) Pass the Torch Grant may be combined with other University grants and scholarships, with the exception of the Alumni Grant, LPN Care Grant, Medical Assisting Inspire Grant and Light the Fire Grant. ALL CONTENT IS SUBJECT TO CHANGE BY ADDENDUM Program Type of Award & Eligibility Amount Per Year Application Gift Aid* Federal Pell Grant Grant; based on financial need. Eligibility & Terms/Conditions: https://studentaid.gov/understand-aid/types/grants/pell $740-$7,395 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: https://studentaid.gov/understand-aid/types/grants/fseog $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. Eligibility & Terms/Conditions: https://www.floridastudentfinancialaidsg.org/PDF/factsheets/FSAG.pdf Varies, based on availability Free Application for Federal Student Aid (FAFSA) North Dakota State Grant** Grant; based on financial need, ND residency, undergraduate. Up to $3,668 Free Application for Federal Student Aid (FAFSA) Minnesota State Grant** Grant; based on financial need, MN residency, undergraduate, full-time. Eligibility & Terms/Conditions: https://www.ohe.state.mn.us/mPg.cfm?pageID=888 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: https://studentaid.gov/understand-aid/types/work-study 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: https://www.ohe.state.mn.us/mPg.cfm?pageID=1300 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: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized 1st Yr - $3,500 2nd Yr - $4,500 3rd Yr & above - $5,500 Graduate – Not Eligible 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: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized Same as subsidized limits, plus: Dependent Student: 1st Yr & above - $2,000 Independent Student: 1st & 2nd Yr - $6,000 3rd Yr & above - $7,000 Graduate - $20,500 FAFSA, Master Promissory Note and Loan Entrance Counseling; Student Loan Acknowledgement suggested. Federal Direct PLUS Loan Loan; for credit-worthy parents of dependent undergraduates and graduate students. Eligibility & Terms/Conditions: https://studentaid.gov/plus-app/ Up to student’s cost of attendance Student: 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 Primary Sources of 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 FAFSA. ** These state programs are available only for residents of the identified state, based on the state’s residency rules.
