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  Section III

 

Other Financial Assistance Programs

Financial Aid Office
114 Deputy Hall
218-755-2034

Financial aid for graduate students consists primarily of student loan opportunities from federal and state sources. A student in need of assistance to pursue a master's degree should contact the Financial Aid Office directly for an application and information.

Loan Programs

A. Federal Direct Subsidized Loan

Type of aid: Need-based federal loan, fixed 6.8 percent interest rate. Interest free while in college at least half-time.

Approximate annual award range: $500 to $8,500 (not to exceed cost of attendance less student contribution, resources, and other aid).

Student eligibility: Must be at least half-time (5 graduate credits per semester), admitted into a graduate program, U.S. citizen or permanent resident, and demonstrate financial need.

Application form: Free Application for Federal Student Aid; other forms will follow.

B. Federal Direct Unsubsidized Loan

Type of aid: Non-need-based federal loan, fixed 6.8 percent interest rate. Interest accrues while in college, which student may pay or add to principal.

Approximate annual award range: $500 to $12,000 (not to exceed cost of attendance less other aid and resources).

Student eligibility: Must be at least half-time (5 graduate credits per semester), admitted into a graduate program, U.S. citizen or permanent resident.

Application form: Free Application for Federal Student Aid; other forms will follow

C. Federal Direct Consolidation Loan

Federal Stafford Loans, Direct Loans, and Perkins Loans may be consolidated into one loan upon completion of program. Application forms available from U. S. Department of Education.

D. Federal Perkins Loan

Type of aid: Low interest loan to highest need students.

Approximate annual award range: $500 - $4,000 (graduate). Funds are extremely limited.

Student eligibility: Lowest family contribution, must be at least half-time (5 graduate credits per semester), U.S. citizen or permanent resident.

Application form: Free Application for Federal Student Aid; other forms will follow.

E. SELF Loan

Type of aid: State loan to U.S. citizens enrolled in Minnesota institutions, variable interest, credit check of cosigner required.

Interest while in college: Paid quarterly by student.

Approximate annual award range: $500 - $9,000 (not to exceed cost of attendance less other aid and resources).

Student eligibility: Must be at least half-time (5 graduate credits per semester), admitted into a graduate program, U.S. citizen or permanent resident.

Application form: Free Application for Federal Student Aid; other forms will follow.

Tuition Reciprocity Programs

North Dakota and South Dakota residents must have approved tuition reciprocity through the Higher Education Board of their home state to receive the reduced reciprocity tuition rate. Beginning with the 2005-06 school year, all other non-resident students will pay the in-state rate.

Satisfactory Academic Progress for Financial Aid

To be continued on financial aid, a student must meet all of the following standards at the end of each term.

  1. Qualitative Standard. A graduate student must maintain a 3.00 ("B") cumulative grade point average to remain on financial aid.
  2. Quantitative Standard. A graduate student must maintain a minimum completion rate of 67 percent.
  3. Maximum Time Frame. A student who reaches or exceeds the maximum number of credits listed below, without completing a graduate program, will have aid terminated at the end of that term.

Master's degree: 45 semester credits

Return of Title IV Funds Policy

Repayment requirements for students who cease attending all of their classes: Financial aid recipients who withdraw or cease attending all of their classes prior to 60 percent of the term being completed (including courses with a grade of “F” for non-attendance) are subject to the federal rules for the Return of Title IV Funds for any federal aid not earned. The percentage of unearned aid is equal to the number of calendar days remaining in the term divided by the total number of calendar days in the term. The calculation of Title IV funds unearned has no relationship to the student’s incurred institutional charges as determined by the university’s refund schedule for students that officially withdraw from a term. The Records Office is the university’s designated office to accept notification of official withdrawals. In the event that the last date of attendance cannot be determined, the mid-date (50 percent) of the semester will be used.

The Business Office will determine the repayment based upon federal and state procedures, the last date of attendance, type of aid awarded, and charges for tuition, fees and residence hall. The repayment amount is considered unearned aid that a student was not eligible to receive because of not completing the term, necessitating the repayment of funds. The university may have an obligation to return funds to an aid program that was previously applied to the student’s account. The student may have an obligation to repay funds that were paid directly to him/her. If the university returns funds that were applied to the student’s account, a balance due the university by the student will result. Federal student aid may not cover all unpaid institutional charges due to the university upon withdrawal. Failure to repay will prevent future registration at the university and initiate delinquent collection procedures, which will adversely affect the student’s credit rating.

Actual Sample Withdrawal Case: (1) Student received $1,970 Federal Direct Loan and $2,025 Federal Pell Grant. (2) Student completed only 27 percent of the semester. (3) Student was required to repay $2,535 of the $3,995 total aid received. A student may contact the Accounting Office in Deputy Hall 202 to receive an estimation of the required financial aid repayment, if any.
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