Financial Aid

We believe that making our world-class education affordable for families is the right thing to do. We are committed to helping you understand all of the resources available to make your U of M education affordable. At the University of Minnesota, you will learn from world-renowned professors at a top research university, all for a great value.

Here are answers to some frequently asked questions about financial aid. If you have questions about the University of Minnesota and financial aid, please don't hesitate to contact us! You can speak with a One Stop counselor at One Stop Student Services:

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What types of financial assistance are available?

We are here to provide you with great academics, great opportunities, and great value to support you and help you achieve your academic, personal, and professional goals. There are a number of things we do to help make the U of M a great value for you and your family:

  • Each semester, every credit after 13 is free of charge, keeping costs down for families and helping students achieve graduation in four years.
  • At the U of M, we work hard to make sure your financial aid package reflects the best financial aid options available to you. Based on your Free Application for Federal Student Aid (FAFSA), your package will include the combination of aid that is most favorable for you, because we first consider you for gift aid (grants and scholarships that do not need to be repaid), then work-study, and then loans. Each student will be packaged with the maximum amount of aid for which they are eligible.
  • Merit scholarships are gifts of money that do not need to be repaid. Scholarships typically recognize special achievements in academics and leadership, and they can come from a variety of sources. The University of Minnesota awards a variety of highly competitive scholarships.
  • Student employment does not require a FAFSA, but you may be eligible for work-study through the FAFSA. Every year, the University Job Center posts thousands of part-time jobs, both on campus and off.

How do I apply for financial aid?

Families can apply for financial aid from the University of Minnesota using the Free Application for Federal Student Aid (FAFSA). One application is all it takes to be considered for aid at the U of M and at any other schools you are considering. We strongly encourage every family to submit the FAFSA, even if they think they may not be eligible for aid. Regardless of your income level, the best resources for financial aid (University, state and federal aid) are only available through the FAFSA.

We use the FAFSA to determine your eligibility for federal, state, and University aid programs. A financial aid package might include grants, loans, scholarships, and/or work study. Note: The Department of Education is currently making significant changes to the FAFSA. This will change how financial aid is calculated as well as when the FAFSA is available to students. The Department of Education has not confirmed an exact release date, but the 2024-2025 FAFSA will likely be available in December 2023. For up-to-date information, visit the Federal Student Aid website or the U of M's FAFSA Simplification website.

The FAFSA will be available online (it was previously offered in Spanish and English but will be expanding to the 11 most common languages spoken by students and their parents). Be sure to release your information to the University of Minnesota Twin Cities by including the U of M Federal School Code of 003969 when you are completing the form.

 

When can I apply for financial aid?

We anticipate the 2024-2025 FAFSA will be available in December 2023, and we encourage you to apply as soon as possible. The sooner you apply, the sooner you will receive notification of your financial aid eligibility. Estimated financial aid packages will be sent starting in spring 2024 for students who have a FAFSA on file and a complete financial aid record.

You may apply for aid before you receive an admission decision from the University of Minnesota. However, you won't learn what aid you've been awarded until you have been admitted.

What happens after I have submitted my FAFSA?

When we receive your FAFSA information, we will customize a financial aid package based on your eligibility and estimated costs. We encourage you to submit the FAFSA as soon as possible. Estimated financial aid packages will be sent starting in spring 2024 for students who have a FAFSA on file and a complete financial aid record.

Note, we encourage an early FAFSA application so you have all of the information needed to proceed by the May 1 confirmation deadline!

Where does financial aid money come from?

When your FAFSA is complete, you will be considered for federal and state aid programs, as well as for those funded by the University.

Throughout high school and especially in the fall of your senior year, you should also check with your high school, public library, local businesses, and community organizations for scholarships. One Stop Student Services offers a webpage scholarship resources for you to explore.

How is financial aid calculated?

Your financial aid is calculated based on the information you reported on your FAFSA and the federal need analysis formula.

The need analysis formula calculates your Student Aid Index (SAI). The SAI determines the type of aid that will be offered in your financial aid package, such as need-based aid (grants, work-study, subsidized loans) and non-need-based aid (certain grants, unsubsidized loans).  Scholarships may be need-based or merit-based.

Your cost of attendance for attending the University minus the SAI determines the amount of need-based aid for which you are eligible during the school year. You will be considered for need-based aid first when your financial aid package is calculated.

We encourage you to use the University's Net Price Calculator to get a sense for the need-based aid for which you might be eligible.

How can I use my financial aid?

Financial aid money can be used to cover many educational expenses, such as tuition, housing, books, and transportation.

Most financial aid is set up to pay directly toward the costs that are billed to your University student account, such as tuition, fees, and on-campus housing.

Where can I get more information about financial aid?

If you have questions about financial aid, contact the U of M's One Stop Student Services. Our One Stop counselors are happy to answer your questions:

One Stop Student Services
[email protected]
(612) 624-1111 or 1-800-400-8636
TTY 612-626-0701 (for hearing impaired)

For further information, you may also wish to visit these sites:

Is financial aid available for international students?

The University of Minnesota cannot offer financial aid to international undergraduate students. Please visit our page with Costs, Visa, and Scholarship Information for International Students for more details.