UofM Students

Financial Aid

Two Types of Financial Aid

Need-Based

This type of aid is based on an evaluation of your financial need and is processed by the University of Minnesota Office of Student Finance. It includes the Minnesota State Grant, Federal Pell Grant, Ford Federal Direct Subsidized Loan, and assorted University of Minnesota Trust loans and grants.

Important: it is extremely difficult to receive financial aid for May or summer terms because a) students often use all of their aid during fall and spring semesters and b) you must be at least half time, which is 6 credits for the May/Summer term, in order to access most types of financial aid.

Supplementary

These are loans and are not need-based. They are designed to supplement the parent/student contribution to your educational costs. They can be used alone or in conjunction with need-based financial aid to finance your study abroad costs. Supplementary loans involve a separate application process through the Office of Student Finance and include the Ford Federal Direct Unsubsidized Loan, Student Educational Loan Fund (SELF), and Ford Federal Direct PLUS (i.e. loan for parents).

Financial Aid Process

Step 1: FAFSA

Submit a Free Application for Federal Student Financial Aid (FAFSA) as early as possible, but not before January 1 for the following academic year. Application deadlines are posted on the FAFSA website. There is no fee to apply. Complete the FAFSA as if you were planning to study on campus at the University of Minnesota. Allow at least one week for the data to be received by the Office of Student Finance.

Step 2: Financial Aid Preview Meeting (Undergraduate* UMTC Students Only)

If you plan to use financial aid, schedule a study abroad financial aid preview meeting before you have paid any non-refundable deposits or fees to your program. You may even schedule the meeting before you have applied for a program. This meeting allows you to plot your options before you commit financially. At the meeting, the adviser can also answer any questions about accessing financial aid for study abroad.

*The financial aid preview process is reserved for undergraduate students only.  If you are a graduate student, contact Jim Parker directly.

Note: If you have already paid your deposit and confirmed your participation in a program, you can move on to step three without first scheduling a Preview Meeting.

Financial Aid Preview Process 

Step 3: Study Abroad Cost Estimate

After your financial aid preview meeting, and at least a month prior to departure, request the official Study Abroad Cost Estimate (SACE) from the Learning Abroad Center. The SACE is the official document used to modify your aid eligibility. You need to be accepted and confirmed on your program prior to requesting a SACE.

*Students Participating on the Carlson School's Global Enrichment or Global Immersion Programs: Request your SACE directly from the Carlson Global Institute.

*This process is only for University of Minnesota Twin Cities students. Students from other institutions need to contact their home institution's study abroad and financial aid office for information on the process for accessing financial aid while abroad.

 

Step 4: Submit the SACE to One Stop Student Services, in 333 Bruininks

By submitting the SACE to OSF, you are making an official request for OSF to adjust your award amount. No aid eligibility adjustments are made without providing a completed SACE issued by the Learning Abroad Center. An appointment is not necessary to submit the SACE if you have already completed your financial aid preview meeting. Students who choose not to complete a preview meeting must call 612.624.1111 to schedule an appointment to submit the SACE to one of the designated study abroad financial aid counselors.

Step 5: Clear Holds

You must clear any holds on your University of Minnesota student record prior to your departure by working directly with the University of Minnesota college or office issuing the hold. Holds prevent your credit from being processed and your financial aid (if applicable) from being released. Learning Abroad Center advisers are not able to clear or override holds for you.

Step 6: Power of Attorney

Grant your contact person Power of Attorney and submit a copy of the notarized paperwork to the Office of Student Finance.

Step 7: Web FAAN

When you are notified via email that your Financial Aid Award Notification (FAAN) is available on the web, follow the online instructions to accept or decline the different forms of aid you have been offered.

Step 8: Promissory Notes

Complete and submit to the OSF promissory notes for any loans. Be aware that your Attorney-in-Fact (person who is granted Power of Attorney) cannot sign for all types of loans.

Step 9: Loan Deferment

If you need to defer past student loans, it is your responsibility to complete deferment forms and notify the direct loan servicer that you have returned to school. It is a good idea to provide your contact person with a copy of your completed deferment forms. If you need assistance with loan deferment, consult with OneStop Student Services.

Step 10: Satisfactory Academic Progress Policy

Read and understand the Office of Student Finance Satisfactory Academic Progress Policy.

Step 11: Taxes & Next Year’s FAFSA

If you will be abroad during spring semester, remember to file your taxes and complete your FAFSA for the following year. Your Attorney-in-Fact may be able to assist you with this paperwork.