Navigating

Neil Leibundguth

Associate Director of Financial Aid

Financial Aid

Financial Aid is money that you receive to help pay for your college costs.

Gift Aid

Scholarships

Grants

Self-Help

Work-Study

Financial Aid

Loans

What is Financial Aid?

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Gift Aid is money that is given to you which you do not need to repay or work a job to receive.

Scholarships

• Merit-based
• Academics
• Talent

Grants

• Need-based (FAFSA)
• Federal
• MN State
• Institutional

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Self-Help is money you repay later or earn while working a job

Student Employment

• Earned by working a job
• Can be used for personal expenses

Loans

• Federal Direct
• FAFSA required
• Parent PLUS
• FAFSA required
• Private Alternative

• Freshmen Dependent Students qualify for $5,500 for the year

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• Student’s name only – No cosigner

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• Repayment begins 6 months after graduation

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• Low fixed interest rate (current: 6.52%)

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• Subsidized: No interest in school ($3,500 max)

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• Unsubsidized: Interest accrues when it pays to the account

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• Borrow these before other options

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Federal Direct Loans: Subsidized vs Unsubsidized

Application Tips

Prioritize your applications

1. College applications
2. FAFSA
3. CSS Profile (if required)
4. College scholarship applications
5. External scholarship applications

Deadlines are important and it is always best to apply early!

Net Price Calculator

• All colleges in the US are required to provide a net price calculator on their website

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• Can provide an early estimate of your cost to attend the college

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• Great for planning purposes but don’t write off a school

• Most scholarships for high school seniors have deadlines in Jan. – April

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• Start locally, think globally

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• Set realistic goals and stick to them

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• Only use free searches, don’t supply SSN or Credit Card numbers

fafsa.gov

2027-28 FAFSA

Already open!

Free to complete!

• Universal application�
• 99.9% of students file online �
• Students must re-apply each year�
• Determines Student Aid Index (SAI)

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• Regardless of SAI, all students are awarded financial aid

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1. Required to participate in federal loan programs�
2. Colleges simply cannot provide a student with a complete picture of the aid available to help pay educational expenses without a FAFSA.�
3. Colleges focus resources on students who file the FAFSA because these students are perceived to be actively seeking assistance.�
4. Every school may use this information differently

With financial aid, the only thing that is guaranteed is that you will get nothing if you don’t apply!

1. Both the student and at least one parent need an FSA ID to sign the FAFSA�
2. Create your own FSA ID using your email (don’t use a high school provided email)

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• All contributors are required to consent to the Direct Data Exchange

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• Step-parents or unmarried and living together parents also contributors

Other FAFSA Tips

FAFSA Financial Information

2026-27

FAFSA

• Adjusted Gross Income

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• Wages

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• Taxes Paid

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• Tax Filing Status

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• Credits and other tax return info

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• Household Size (if different than exemptions)

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• Marital Status

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• Cash, Savings, Checking

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• Other assets

2025 Direct Data Exchange

Present

IRS Direct Data Exchange

**Some families will need to supply tax information to institutions separately.

1. Both parents are married and living in the same household: List both parents�
2. Parents are divorced/separated and living in separate households: List the parent who provided more financial support in the last 12 months�
3. Custodial parent is remarried: List both custodial parent and step-parent

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• Birth parents are unmarried but living together: List both birth parents

Which Parent(s) Do I List?

Which Parent(s) Do I List?

Reporting Assets on FAFSA

• Investment real estate (net value)
• Trust funds
• Money market funds
• Mutual funds
• Certificates of deposit
• Stocks and bonds
• 529 College savings plans
• Business value (101 or more employees)

Only current “unprotected” assets must be reported on the FAFSA

CSS / Financial Aid Profile

• Required by some colleges and scholarships.
• The Profile collects and uses information about assets, liabilities, and income not reported on the FAFSA, such as non-custodial parent income.
• The CSS Profile is available as of Oct. 1 each year.
• Cost is $25 for first school report and $16 for additional reports.

Used to Award Institutional Aid Only

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Students still must complete FAFSA to be considered for federal/state need-based aid

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Tuition and fees

Housing and food (living expenses)

Books, course materials, supplies and equipment

Transportation

Miscellaneous and personal

Cost of Attendance

Number calculated from the information reported on the student’s FAFSA and used to help determine financial aid.

Student Aid Index (SAI)

SAI

Student Contribution

Parent Contribution

Putting It All Together

Cost of Attendance – SAI = Financial Need

Financial Need helps determine

• Government Grants (Pell, MN State, etc.)
• Institutional Grants
• Federal Subsidized Loans
• Work-Study Funds

Colleges try to meet as much of a student’s Financial Need as possible using these financial aid sources.

SAI ≠ what you will pay. It is important to read each Financial Aid Offer carefully to know what you will pay.

Reading Award Letters

Reading Offer Letters

Includes Books, Travel, Personal expenses

Keep in mind that loans must be repaid

Costs after Gift Aid

+�Costs after Gift and Loans

Reading Offer Letters

Includes indirect costs

Remember:

EFC/SAI ≠ What you will pay

Total COA –

Scholarships + Grants

Options to reduce

Net Price

Special Circumstance Process

• File the FAFSA using prior-prior year tax data (2025 for the 27-28 FAFSA)
• Contact each school to talk about their process
• Provide documentation to each Financial Aid Office

Situations we can look at to adjust FAFSA results

• Reduction in income or unemployment of a parent 
• Medical or dental expenses paid out of pocket
• Private education expenses (K-12)
• Changes in household size (divorce, death, etc.)

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2025 FAFSA Income

Special Circumstance

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Updated 2026 Information

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Special Circumstances

1. Visit each campus (Explore Virtual Options)�
2. Speak with a financial aid counselor�
3. Think about what really concerns you and ask us – we’re on your side!!

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• Use a net price calculator to get more out of your visit

Do your research

www.studentaid.gov

www.studentaid.gov/aid-estimator

www.ohe.state.mn.us

bigfuture.collegeboard.org

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Other Resources

@FAFSA

Federal Student Aid