Financial Aid Basics

     Financial Aid

The Financial Aid Resource Guide: 

Designed to provide you with resources for your toolbox in “Understanding the Cost of College” with topics and websites to answer your questions as your student transitions to life as a University student — meet the UMD Financial Aid Educator who is here to help you navigate through the financial aid process.

Federal Student Aid: Check out our UMD One Stop page for steps on how to fill out your FAFSA. You may also want to view or print off this FAFSA checklist Links to an external site., which tells you what information and forms you need to have on-hand to help you fill out the FAFSA.

  • FAFSA: Students need to create a Federal Student Aid ID Links to an external site. (FSA ID) by logging onto this website. If you are a supporters (parents, grandparents, guardians, etc.) of student who you file as a dependent on your taxes, be sure the student logs onto the website gives you access to their account. You'll need to create an FSAID as well. You will want to connect your two accounts to share information! Then complete your Free Application for Federal Student Aid Links to an external site. (FAFSA) using financial and tax information from 2021.
    • UMD Federal School code: 002388

Financial Aid Offer: For information on Financial Aid go to z.umn.edu/umdfinances. Use the 2023-2024 UMD Cost of Attendance Worksheet to calculate your estimated costs (Note: the costs listed on this worksheet are annual estimates, not semesterly).

 

Financial aid comes in three forms:

Aid the student does NOT repay (Grants & Scholarships)

Grants and scholarships are gift aid or funding the student does not have to pay back. There is the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant (SEOG). For Minnesota residents only, there is Minnesota State Grant and the Promise Programs. For details on grants, go to the One Stop Student Services grants & waivers website. The four different collegiate units at UMD offer scholarships for continuing students. These collegiate scholarship applications open in the December/January time frame.  For details on collegiate unit scholarships, go to One Stop Student Services scholarship website. 

Aid the student must repay (Loans)

Does the student have questions regarding borrowing money? Loans are funding that is borrowed from a lender and has to be paid back. There are two type of Federal Loans:

  1. Federal Direct Student Loan program and
  2. Parent Federal PLUS loan

The Federal Student Loan program has a "subsidized loan" meaning they are interest free while the student is in school (must demonstrate financial need based on the Free Application for Federal Student Aid) or "unsubsidized loan" meaning the interests accrues while the student is in school. Neither loan begins repayment until six month grace period after graduating or as long as the undergraduate student is enrolled for six or more credits.

Parent PLUS loans are offered to a parent of a dependent student. Private loans are from outside lenders and require the student to have a creditworthy cosigner to obtain the loan. For details and comparisons on the Federal Direct Student loan, Parent PLUS loan, and private loan programs, go to One Stop Student Services loans overview website.

Aid the student earns (College Work Study)

Students with a Federal and State college work study offer need to apply for on-campus employment by securing a position through UMD Human Resource website. The hours worked and the money earned pays directly to the student for their living expenses. The funding does not pay to the student billing account. For details on student employment and college work-study, go to One Stop Student Services student employment website.

Questions?

If a student is using Veterans Administration (VA) education benefits, they should directly contact our Veteran Services Program Coordinator (second tab) in the Bulldog Resource Center regarding their military benefits and the possible impact on changing course schedules.

For all other questions regarding financial aid, billing & payment, and records & registration - contact UMD’s One Stop Student Services in the Bulldog Resource Center.