Financing Your Education
Financial Aid, FAFSA, and the MN Dream Act
Thinking about paying for college can be very overwhelming! However, there are resources available to make post-secondary education a reality for you and for anyone who wants to attend college after high school.
It's important to have a plan and set yourself up for success by understanding your education cost, what help is available, and what steps you need to take to get aid. The resources and information found under the tabs in this section can help you create a plan to pay for college.
Remember, you can always reach out to your counselor for general questions and resources or to the financial aid office at the college of your choice for more specific, individual assistance.
Financial Aid Resources
- Watch helpful videos about paying for college, completing the FAFSA, financial aid, creating a FSA ID, and more at this Paying for College YouTube channel.
- Check out the site Student Aid for all of the most up-to-date resources and information on financial aid.
- This guide by the Minnesota Office of Higher Education covers Financial Aid Basics and is a great place to start learning about paying for college: Financial Aid Basics
Financial Aid
What is financial aid?
Financial aid is any funding for students and families that helps them pay for post-secondary educational expenses. There are four main categories of financial aid for college: scholarships, grants, loans, and work study.
The majority of all grants, loans, and work study come from federal and state government funds. The only way to be considered for any of this aid is by filling out the Free Application for Federal Student Aid (FAFSA). All families, regardless of income, should complete the FAFSA, as many colleges and universities will require it to be considered for their own institutional aid.
FAFSA
​When do I complete the FAFSA?
The FAFSA must be completed annually and opens each year on October 1. A student does not need to know where they are attending college to complete the FAFSA. The general rule is the earlier, the better, so get it done as soon after October 1 of senior year as possible. The FAFSA is based on household income, so while it is the student's application, the parent is also responsible for providing information.
How do I complete the FAFSA?
- Step one of completing the FAFSA is to create an FSA ID, which is a unique ID that confirms your identity when you access and electronically sign financial aid documents. Both the student and one parent need an FSA ID. To create an FSA ID, go to: https://fsaid.ed.gov/npas/index.htm. Use this FSA ID worksheet to assist you in creating your FSA ID.
- Step two of completing the FAFSA is to visit https://studentaid.ed.gov/sa/fafsa, log in with your FSA ID, and complete the application. The application typically takes around 45 minutes to complete and using the IRS Data Retrieval Tool is highly recommended.
The FAFSA can be started, saved, and completed at a later time as well. So, if you have questions or need assistance, you are encouraged to contact the financial aid office of any of the schools in which the student is applying. Up to 10 schools can be listed on the FAFSA, so a student does not need to have confirmed admission to complete the application.
What happens after the FAFSA is submitted?
After you submit the FAFSA, you will receive a Student Aid Report (SAR) to the email you provided on the application. The SAR is just a summary of the information you provided and a chance to make sure no changes need to be made to your application. The SAR is then shared with any college or university the student listed on their FAFSA.
The student will then receive financial aid award letters from each school they applied to and listed on their FAFSA. This award letter will list the amount of grants, loans, work study, and institutional aid you could receive at their school based on their cost of attendance and your expected family contribution calculated from your FAFSA. It is smart to wait for all of your award letters to compare costs and see what the net cost for each school is before making a final decision on where to attend.
Scholarships
Scholarships are an excellent way to help pay for college. There is an abundance of money available, but there is also a lot of hard work that goes into applying for scholarships.
Students should create a separate email address specifically for scholarships if they are going to apply. Typically, the more local a scholarship is, the higher the likelihood a student might be the recipient of the award.
B.E.S.T. Scholarship Foundation
Seniors! The B.E.S.T. Scholarship Foundation application opens every spring!
The B.E.S.T. scholarships are ONLY for Simley students, and more than 100 scholarships are typically awarded each year. There is only one application to complete to be considered for lots of scholarships, and scholarships are available for students going to technical, community, or four-year schools.
Apply in the spring at www.ighbestfoundation.com, and see your counselor with questions.
Tuition Reciprocity
Tuition reciprocity is an agreement where Minnesota residents can pay lower tuition to attend public colleges and universities with neighboring states. Minnesota has reciprocity with Wisconsin, North Dakota, South Dakota, and with the Canadian province of Manitoba.
Typically, the cost for Minnesota students when reciprocity is applied is close to what a state resident will pay. Students must apply to receive reciprocity, but they do not need to reapply each year as long as they have received credits in the past 12 months and remain a Minnesota resident.
Minnesota Student Exchange Program
Minnesota residents may be eligible for reduced tuition at a number of Midwest colleges and universities through the Minnesota Student Exchange Program. States that participate in the program include Indiana, Kansas, Michigan, Missouri, Nebraska, and Wisconsin.
Minnesota Dream Act
Undocumented students that live in Minnesota are eligible to apply for the Minnesota Dream Act. This will allow students to be eligible to receive state grants as well as being qualified to receive in-state tuition costs and tuition reciprocity benefits, along with other benefits.
For more information and the MN Dream Act application, please see the:
- MN Office of Higher Education: MN Dream Act website
- Note: A Minnesota student who is a citizen but has parents who are undocumented should complete the FAFSA, as they are eligible to receive state and federal aid. Put all zeros for the parent social when filling out the application.
- MN Dream Act Factsheet (Spanish)