Paying for College��Practical advice to navigate the �2026-2027 financial aid process

• Presented by Nichelle Kaul, Financial Aid Counselor at Bethel University, Arden Hills, MN
• October 2025

Introduction – Nichelle Kaul

• Married with three kids
• Family has attended public universities, private college in state, private college out of state
• Ask questions and enjoy the journey
• Financial aid experts at colleges will help you
• Email with questions: n-kaul@bethel.edu

Paying for College: 2026-2027

Updated October 2025

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What You Need to Know About Financial Aid

Agenda:

• Types and Sources of Financial Aid
• Cost of Attendance (COA)
• Free Application for Federal Student Aid (FAFSA)
• Net Price Calculator Tool
• Special Circumstances
• Review and Questions

Paying for College: 2026-2027

Updated October 2025

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What Is Financial Aid?

• Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses.

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Paying for College: 2026-2027

Updated October 2025

Types of Financial Aid

*Financial Aid You Don’t Have to Repay

Paying for College: 2026-2027

Updated October 2025

Sources of Financial Aid

Paying for College: 2026-2027

Updated October 2025

Websites with More Information

• Federal Student Aid – studentaid.gov

• MN Office of Higher Education – ohe.mn.gov

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• College websites

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Paying for College: 2026-2027

Updated October 2025

Colleges Offer Institutionally-funded Gift Aid Differently

• Some schools only offer need-based grants (no merit scholarships) from institutional funds
• Some colleges offer both need-based grants and merit-based scholarships from institutional funds
• Some colleges offer only merit-based scholarships (no need-based institutional gift aid) from institutional funds

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Paying for College: 2026-2027

Updated October 2025

Where to find private scholarships

• Research what is available in school, community and parents’ employers
• To what organizations does student and family belong?
• Application process usually winter/spring of senior year
• Small scholarships add up!

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• Bethel’s Private Scholarship Resource Page
• Many Scholarship Search Engines
• Resources for students studying abroad
• Military Students
• Lost parents in the line of duty
• Other Organizations and Opportunities

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bethel.edu/undergrad/financial-aid/types/scholarships/private

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Paying for College: 2026-2027

Updated October 2025

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State of Minnesota Scholarship and Grant Programs

• Minnesota State Grant
• North Star Promise
• Fostering Independence Grant
• Specific Program Grants and Scholarships:

- Student Teacher Grants

- Health Professions

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Check out the MN Office of Higher Education Website:

https://ohe.mn.gov

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Paying for College: 2026-2027

Updated October 2025

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Minnesota North Star Promise (NSP) Program

• NSP will cover the full remaining cost of college tuition and fees, after other scholarships, grants, and tuition waivers have been applied.
• Eligibility Requirements:
• Minnesota Resident, and
• Have a family Adjusted Gross Income (AGI) as reported on the Free Application for Federal Student Aid (FAFSA) or Minnesota Dream Act Application below $80,000, and
• Attend a Minnesota PUBLIC higher education institution or Tribal College, and
• Enrolled in a program that applies to a degree or certificate, as well as other criteria

• New in 2024-2025
• New or Returning students
• Apply using Free Application for Federal Student Aid (FAFSA) or MN Dream Act

Find more information at:

https://ohe.mn.gov/northstarpromise

Paying for College: 2026-2027

Updated October 2025

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Minnesota Fostering Independence Grant Program�(Foster Grant or FIG)

Student Eligibility:

• Are or were in foster care in Minnesota after your 13^th birthday OR eligible for the Education Vouchers for Former Youth in Foster Care, and
• Minnesota resident, and
• Graduated from high school OR completed the equivalent as approved by the Department of Education, and
• Submitted a FAFSA or Minnesota Dream Act application, and
• Younger than 27 years of age, and
• Accepted for admission to, or are currently attending, an eligible MN public or participating private higher education institution,

• Began in 2022-2023 Academic Year
• Full Need Grant. The sum of grants and scholarships for eligible undergraduate students will total the difference between the annual Cost of Attendance and the Student Aid Index calculated on the FAFSA or MN Dream Act Application
• Apply using FAFSA or MN Dream Act Application
• 64 Eligible Institutions in 2025-26, includes MN public and participating MN private institutions
• More information can be found: https://ohe.mn.gov

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Paying for College: 2026-2027

Updated October 2025

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Cost of Attendance (COA)

Tuition and fees

Housing and Food Costs (Living Expenses)

Books and supplies

Transportation

Miscellaneous personal expenses

Paying for College: 2026-2027

Updated October 2025

Average Annual Expense for a Resident Undergraduate �Attending Full-Time at a Minnesota College, 2021-2022

SOURCE (retrieved 10/02/2023): www.ohe.state.mn.us/mPg.cfm?pageID=94

Paying for College: 2026-2027

Updated October 2025

How America Pays for College

• Sallie Mae Survey: 2008 through 2024
• 2024 Study
• Ipsos conducted online survey in English between April 8 and May 14, 2024
• Over 2,000 individuals interviewed for 2024 study:
• 1,000 parents of 18 to 24-year-old undergraduate students, and
• 1,000 undergraduate students, ages 18 to 24-year-old
• https://www.salliemae.com/about/leading-research/how-america-pays-for-college/

Paying for College: 2026-2027

Updated October 2025

How the Typical Family Pays for College,�Funding Source Share

SOURCE: Sallie Mae Inc, & Ipsos Public Affairs. (2023). How America Pays for College 2023. Newark, DE. Retrieved from https://www.salliemae.com/research/how-america-pays-for-college

Paying for College: 2026-2027

Updated October 2025

How to Apply for Financial Aid

• Free Application for Federal Student Aid (FAFSA)
• College Board CSS Profile
• MN Dream Act (if not eligible to complete FAFSA)
• College Admissions Applications
• Scholarship Applications

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Paying for College: 2026-2027

Updated October 2025

Free Application for Federal Student Aid (FAFSA)

• Form completed each year to apply for aid
• Collects demographic and financial information
• Information used to calculate the Student Aid Index (SAI)
• Colleges use SAI to offer financial aid
• For the 2026-2027 academic year, the FAFSA may be filed after October 1, 2025

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Paying for College: 2026-2027

Updated October 2025

�Benefits of Using Online FAFSA�

• Online FAFSA or Manual PDF Form
• Many benefits of using online FAFSA
• Built-in edits to prevent costly errors
• Skip-logic allows student and/or parent to skip unnecessary questions
• No need to manually enter federal tax information (FTI)
• More timely submission of application

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Paying for College: 2026-2027

Updated October 2025

FAFSA�Federal Student Aid ID Required

• Student and Parent must each create own Federal Student Aid ID (FSA ID) with username and password to complete the FAFSA

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• Create an FSA ID as early as possible

https://studentaid.gov/fsa-id/create-account/launch

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Paying for College: 2026-2027

Updated October 2025

What is needed to complete FAFSA

• Verified account username and password (FSA ID)
• Parent contributor name, date of birth, Social Security Number, and email address
• Income and asset information (if required)
• Federal tax information or tax returns including IRS W-2 information, for you (and your spouse, if you are married), and for your parents if you are a dependent student
• Assets - Information on cash, savings and checking account balances; net worth of investments including stocks, bonds and real estate (not required to report the value of primary home in which you live); and business and farm assets for you, and for your parents if you are a dependent student

Paying for College: 2026-2027

Updated October 2025

Dependent Student FAFSA^® Form Landing Page

This is the main FAFSA^® form landing page. On this page, students are directed to "Start a New Form" or "Edit Existing Form.

Dependent Student Roles

After logging in, the student can select the applicable role to fill out the FAFSA^® form: “Student,“ or "Parent.“ The student selects “Student."

Student Onboarding

When the student starts the FAFSA^® form for the first time, they are taken through the FAFSA onboarding process. The first onboarding page provides an overview of the FAFSA form and an accompanying video.

Dependent Student Onboarding

The second FAFSA^® onboarding page provides information about the different roles that may be required to participate in the student’s FAFSA form and documents that may be needed to fill out the form.

Dependent Student Onboarding

The third FAFSA^® onboarding page provides information about what to expect when completing the FAFSA form. This includes information about providing consent and approval.

Dependent Student Onboarding

The last FAFSA^® onboarding page provides information about what to expect once the FAFSA form is completed and submitted. On this page, the student can select "Start the FAFSA form" to begin.

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Student is Dependent if “no” to all of the following questions

Age 24+

Married as of today?

Graduate Student. Working on master’s or doctorate program at beginning of 2026-2027 school year (such as an MA, MGA, MD, JD, PhD, EdD)?

Military Currently active duty U.S. Armed Forces (other than training)

Veteran Veteran of U.S. Armed Forces

Parent Have (or will have) children who will receive more than half of their support from student between July 1, 2026 and June 30, 2027?

Other Dependents Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2027?

Orphan/Ward of Court At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?

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Legally emancipated minor As determined by a court in your state of legal residence, are you or were you an emancipated minor?

Legal Guardianship Does someone other than your parent or stepparent have legal guardianship of you, as determined by a court in your state of legal residence?

Homeless At any time on or after July 1, 2025, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

Unaccompanied Youth. At any time on or after July 1, 2025, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

Paying for College: 2026-2027

Updated October 2025

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Student Dependency Status: Dependent Student

Based on the answers provided by the student, the student is considered a dependent student. The student is asked if a financial aid administrator should determine their eligibility for a Direct Unsubsidized Loan only. This is an option if the student’s parents are unwilling to provide information.

In most cases, the student selects "No." 

Dependent Student: Tell Us About Your Parents

• The FAFSA^® form considers their “Parent” to be their legal (biological or adoptive) parent.
• The student is asked if their parents are married.
• The student selects "Yes" and is required to invite their parents to their FAFSA form to complete the required parent sections. 

Dependent Student Invites Parents to FAFSA^® Form

The student is asked to enter personal information about their parents in order to send them an invite to their FAFSA^® form. In this scenario, the student invites one parent. 

Who is considered a Parent Contributor?�2026-2027 FAFSA

SOURCE: FAFSA Update: 2024-25 (nasfaa.org)

Paying for College: 2026-2027

Updated October 2025

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2026-2027 FAFSA�Parent of Record, Dependent Definition

• Which Parent Must Complete the FAFSA? When parents are divorced, separated or never married, and do not live together, only one parent must complete the FAFSA – This will be the parent who provides more financial support to the student (No longer based on where the student lived the most)
• If this parent has remarried as of the date the FAFSA is filed, the stepparent’s income, assets and dependents must be reported on the FAFSA

Paying for College: 2026-2027

Updated October 2025

Dependent Student Selected Colleges: 20 max

Dependent Student Signature

• Student acknowledges the terms and conditions of the FAFSA^® form and signs their section.
• After agreeing and signing, the student is able to submit their section of the FAFSA form.
• Since parent information has not been provided, the FAFSA form is not considered complete and can’t be processed yet.

Dependent Student Section Complete

Next steps

• Tracking FAFSA^® form.
• FAFSA can’t be submitted until the parent completes the contributor section of the form and signs it.

Dependent Student’s Parent Contributing to the FAFSA^® Form

• Email invitation to complete parent portion of student’s FAFSA
• Parent must use FSA ID to access FAFSA

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2026-2027 FAFSA�Parent provides consent

• Consent for Federal Tax Information to be transferred from IRS

By providing consent, the parent’s federal tax information is transferred directly into the FAFSA form from the IRS to help complete the Parent Financials section. The parent selects "Approve" to provide consent and is taken to the next page. 

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Paying for College: 2026-2027

Updated October 2025

Introduction: Dependent Student’s Parent Financials

This is the first page within the Parent Financials section. It provides an overview of the section.

Dependent Student’s Parent Assets

The parent is asked about their assets, as of the date the FAFSA is completed.

Reporting 529 Plans

• For dependent students, beginning in 2024-2025, the value of a 529 Plan is only counted as a parental asset if the account is designated for the student.  This is a change from 2023-24 and earlier FAFSA years.
• Example - We have 3 kids, and we have three 529 plans, one benefiting each of our kids. If there was $20,000 in each of the three 529 plans ($60,000 total), then...

For 2026-27 FAFSA we would report a value of $20,000 under parents' net investments (529 plan) for that specific student.

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Paying for College: 2025-2026

Updated October 2024

� Parent Signature

On this page, the parent acknowledges the terms and conditions of the FAFSA^® form and signs their section.

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Since all required sections are complete, the parent can both sign and submit the student’s FAFSA form.

Parent Section Completion

Upon submitting the student’s FAFSA^® form, the parent is presented an abbreviated confirmation page. This page displays information about tracking the student’s FAFSA form and next steps. The student will receive an email with the full, detailed confirmation. With the student and parent sections completed and signed, the FAFSA form is now considered complete and submitted for processing.

Making FAFSA Corrections

If necessary, corrections to FAFSA data may be made by:

• Using online FAFSA
• Updating paper FAFSA form and mailing to FSA Office
• Submitting documentation to college’s financial aid office

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Paying for College: 2025-2026

Updated October 2024

College Board CSS Profile

Type of Financial Aid Application used by certain colleges

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2024-2025 Data

• 166 colleges* use Profile for non-custodial parents
• 182 colleges* use Profile for international students
• 217 colleges* use Profile for domestic students
• Carleton College
• Macalester College
• St. Olaf College
• When to submit CCC Profile?
• Should submit no later than two weeks before the EARLIEST priority filing date specified by your colleges
• https://cssprofile.collegeboard.org

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* colleges refers to “colleges, universities and scholarship programs”

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SOURCE: https://profile.collegeboard.org/profile/ppi/participatingInstitutions.aspx, retrieved 10/3/2023

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Paying for College: 2026-2027

Updated October 2025

MN Dream Act�for Minnesota’s Undocumented Students

• Qualifying undocumented students eligible for:
• In-state tuition rates at Minnesota public colleges and universities
• State financial aid to students who meet state residency requirements
• Private scholarships administered by public institutions
• To meet MN Dream Act requirements:
• Attend MN high school for at least 3 years; and
• Graduate from a MN high school or earn MN GED; and
• Males 18-25 registered with the U.S. Selective Service, and
• Provide documentation to show they have applied for lawful immigration status once a federal process for doing so exists (not yet applicable)
• More Information: https://ohe.mn.gov/mn-dream-act

Paying for College: 2026-2027

Updated October 2025

Net Price Calculator

• Use Net Price Calculator tool to estimate how much you might pay for one year at a specific college
• Look on college website and search for “Net Price Calculator”
• Please remember this tool does not represent an actual financial aid offer. Students will need to apply for admission and apply for financial aid before they will receive a financial aid offer from the school.

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Paying for College: 2026-2027

Updated October 2025

�Understanding Financial Aid Offers�

• Financial Aid Offer Letter at each school may look a little different
• Important to understand the “net cost”
• If you are offered scholarships or merit aid, is it renewable each year? Is there a minimum GPA or other criteria to meet?
• Some offers will include loan options. Be sure to evaluate comparable net costs.
• Once decision is made, be sure to notify colleges. Understand deadlines for acceptance.

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Paying for College: 2026-2027

Updated October 2025

Special Circumstances

• Common examples include:
• Significant change in income from past tax year based on unemployment, underemployment, death, divorce, military service or natural disaster
• Loss of employment
• Unusually high medical expenses
• Extraordinary dependent care
• Dependency override

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• Family should contact financial aid administrator to discuss circumstances and request appeal review

Paying for College: 2026-2027

Updated October 2025

Review: Costs and Aid

• College costs vary by school, and by the amount of grants and scholarships students receive
• By completing the FAFSA, and applying for school-specific grants and scholarships, you’ve tapped in to 95% of available gift aid
• Explore private scholarship options – local high school, community, employer, national search engines
• Colleges, where you’re admitted and send your FAFSA, will send you financial aid offers – mostly likely late winter/spring 2026

Paying for College: 2026-2027

Updated October 2025

Review: Resources

• Federal Student Aid website: studentaid.gov
• MN Office of Higher Education: ohe.mn.gov

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Paying for College: 2026-2027

Updated October 2025

Review: Next Steps

• Explore college options, take visits and review Net Price Calculators
• Search: “name of school” and “net price calculator”
• 2026-2027 FAFSA Available October 2025 (complete now/winter)
• https://studentaid.gov/h/apply-for-aid/fafsa
• Create Federal Student Aid Account (FSA ID) now
• https://studentaid.gov/

Paying for College: 2026-2027

Updated October 2025

Questions?����

Nichelle Kaul

Financial Aid Counselor, Bethel University

Email: n-kaul@bethel.edu