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Paying for Plans

Understanding Financial Aid

Career & College Center

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Employment

Apprenticeship

Military

Certificate

2-Year College

4-Year College

Earn

Earn and Learn

Learn then Earn

Full time employment directly after high school

Work and learn on a job site and/or training facility

Up to six-year program

Immediate work and multi-year commitment

Can be before or after pursuing a college degree

From couple of weeks up to 1-year training program in a very specific career field

2-years in a specific field

Can transfer to a bachelor program after completion

4-year degree program

Can be used to obtain further advanced degrees

What’s the cost?

$

$

$

$$

$$$

$$$$

$0

(May need to buy uniform)

$0

(May need to buy tools)

$0

Average cost per program:

$0-$2,000

Average cost per year:

$8,270

Average cost per year:

Public: $14,880 | Private: $27,290

Source1 Source2 Source3 Source4 What’s the average yearly salary? Source1 Source2 Source3 Source4

Average salary range:

$38,000 - 46,000

Minneapolis minimum wage - $30,380

Varies by industry/level:

$35,800-71,000

Varies by rank:

$20,000-90,000

(base pay without allowances like housing, uniform, medical, etc.)

Average salary:

$46,500

Average salary:

$50,000

Average salary:

$70,000

Is a credential earned?

Not usually

Yes

Yes

Yes

Yes

Yes

Highlights and Considerations

  • Ready to make some money right away
  • Want to be out of traditional classes
  • Usually lowest earning potential overtime
  • Learn best by doing
  • Want your studies to be a hands on experience
  • May have higher physical demands during career
  • Multi year commitment
  • Interested in learning career skills in service to the United States
  • Thrive in structure and okay with low autonomy
  • Able to commit to a multi year contract
  • A quicker credential is appealing
  • Want to gain skills that make you immediately employable
  • May need more training to increase pay overtime
  • Need a degree beyond high school to work within your career field
  • Want to transfer to a 4-year college
  • Not the traditional college experience
  • Want time and opportunities to explore majors
  • Anticipate needing a bachelor’s degree for career goals
  • Highest initial cost option

Examples of Careers

Child Care Worker, Service Industries, Retail

Plumbing, Welding, Construction

All civilian jobs + Combat

CNA, IT, Automotive, EMT

Dental Hygienist, Paralegal, Graphic Design

Engineering, Business, Edu, Psych, Pre-Studies (Med/Law)

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Today’s Agenda

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Types of Financial Aid

“Free Money”

Grants (federal, state, institutional)

Institutional Scholarships

  • Academic merit (sometimes have GPA requirement)
  • Athletic (DI, DII schools)
  • Artistic (sometimes require arts involvement)
  • Diversity

Outside Scholarships (Scholarship Tracker 2023-2024)

“Money You Have to Earn” - Work Study

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“Money You Have to Pay Back” - Loans

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Financial Aid Forms

FAFSA

  • FREE Application for Federal Student Aid
  • Students who are US Citizens, permanent residents, and refugees should complete FAFSA
  • Determines “Student Aid Index” (formerly the “Expected Family Contribution”) and Pell Grant/Federal Loan eligibility, state grant, and more!

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MN Dream Act

  • Non-citizens students can complete the MN Dream Act and qualify for state grants

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CSS Profile

  • Required by some colleges (typically more selective/expensive)
  • More detailed than FAFSA

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These are the forms, there might be other applications for scholarships, loans, etc.

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Financial Aid Checklist

Required

  • Student Social Security # / Student I-94 Green Card # / DACA #
  • Parent(s) Birth Date
  • Parents 2021 Federal Income Tax Return

If Applicable

  • Parent(s) Social Security
  • Parents Marriage Date
  • Parents Divorce Date
  • Students 2021 Federal Income Tax Return

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Financial Aid Process

  1. Apply to college(s)
  2. Gather parent tax forms from 2021
  3. Gather student tax forms from 2021 (if you worked)
  4. Create a FSA ID for student and parent �(only if you’re filling out the FAFSA)
  5. Fill out the FAFSA or MN Dream Act (maybe CSS)
  6. Receive your Student Aid Report (SAR) �(formerly Estimated Family Contribution (EFC))
  7. Government sends info to colleges you listed on the application
  8. Colleges will offer/send you a financial aid packages (award letters) in the winter or spring

Make your final college decision by May 1st!

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Estimated Financial Aid Timeline:

Dec: FAFSA/MN Dream Act Opens

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March-April: Receive full financial aid awards

Dec-March: Receive admission decision and some scholarships

May: Accept, decline, or appeal award

September: Start college—yay!

Ongoing: update the Financial Aid Form every year to keep receiving aid

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Other Important Tips:

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  • Don’t automatically dismiss schools with high “sticker prices”
  • If you qualify for free lunch, you will likely qualify for aid
  • Apply on time and stay aware of deadlines!
  • When you get your financial aid package, be sure to understand what is loan money and what is grant money Financial Aid Award Comparison Tool - Template
  • If it seems too good to be true—it probably is!
  • Don’t forget other costs: books, transportation, entertainment, etc.

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Click here to learn more about Paying for College from Khan Academy

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