Know Your Resources
Each student has a different set of options available to finance a college education. While some will have the ability to draw from a savings account or can fit the new costs into their household budget many seek out other financial resources such as those offered through part-time employment and a variety of financial aid programs.
Part Time Employment
Students interested in working part-time on campus can view job postings and apply online through the Career Development Center’s Handshake site. Many employers in the greater Mankato area post part-time job opportunities on sites such as Indeed, Snag, CareerBuilder, and others.
Private Scholarships
New first-year students often learn about scholarship opportunities from their high school guidance counselors. Private scholarships provide an excellent source of funds as well as other benefits such as the research and writing experience and networking that happens throughout the application process. Review more information about private scholarships.
The University administers scholarship programs for new first-year and transfer students as well as currently enrolled students who can benefit from generous donors with a passion to help others in their pursuit of a college education.
Financial Aid
Many students benefit from federal and state programs designed to provide financial support for the cost of higher education. To gain access to these programs, submit a Free Application for Federal Student Aid (FAFSA) each year.
Financial aid awards may include grants and scholarships, also known as gift aid. Most grants and scholarships are awarded based on financial need and as long as you remain eligible there is no expectation to pay those funds back to the program.
Some students may qualify for part-time employment in positions funded by state or federal work-study programs. Similar to grants and scholarships, there is no expectation to pay those funds back; however there is a time commitment required to work before receiving these payroll earnings.
Finally, the ability to borrow from student loan programs is determined through the financial aid award. There are benefits to borrowing from loan programs designed specifically for educational costs, but unlike grants, scholarships, and work-study awards, there is a requirement to pay back the funds borrowed as well as additional fees and interest charges. Nearly all students will be eligible to borrow Federal Direct Loans. In addition, students whose awards don’t meet the full cost of attendance may need to pursue other loan options. These options require a separate loan application that will include a credit approval decision and co-signor requirement, and include Federal Direct PLUS Loans, Federal Direct Graduate PLUS Loans, and Private Educational Loans.
Other Financial Assistance
Depending on your individual background or circumstance you may qualify for other types educational financial assistance.
529 College Savings Plan
If a 529 college savings plan was set up to pay for your qualified education expenses, the account owner should submit a distribution/withdrawal request to the plan administrator in time to meet the payment timelines each semester. To view or print your semester invoice if needed, log in to E-services and select View Account Detail within the Bills and Payment menu.
