Grants
A grant does not have to be repaid. Eligibility is based on need,
cost of attendance, and enrollment status. Grants include:
Student loans
A loan must be repaid, either while attending college or after the student stops
attending at least half time (depending on the type of loan). The most common student loans are:
Student Employment
Student employment (work-study) is
a form of financial aid, and allows students to earn extra money, gain valuable work experience, and pay for extra
school-related expenses. Many positions are available in a variety of disciplines. They require minimal experience
and offer a flexible work schedule.
A Federal Pell Grant is gift assistance that does not have to be repaid. It is awarded only to undergraduate students who demonstrate financial need and who have not earned a bachelor's or professional degree (a professional degree is usually earned after earning a bachelor's degree in a field such as medicine, law, or dentistry).
For more information about federal grants, visit the U.S. Department of Education's Student Financial Assistance website.
Pell Grant Recipients: Your class schedule must be firm at the beginning of each term. Your Pell Grant cannot be increased if you decide to add a course after the 10th day of the term. If you drop a late start course,
your Pell Grant may be adjusted to reflect the reduction in the total credit load even if you add another course of the same credit number.
A Federal Supplemental Education Opportunity Grant (SEOG) is gift aid for undergraduate students enrolled at least
half time who have exceptional financial need and have not earned a bachelor's or a professional degree. In addition:
- Pell Grant recipients with the lowest expected family contribution will be the first to receive the SEOG
- These funds do not have to be repaid
- The amount awarded is based on the date of the application, financial need and availability of funds.
For more information about SEOG:
The Minnesota State Grant Program (MNSG) is need-based gift assistance that does not have to be repaid.
The grant is available for the equivalent of eight full-time semesters. To be eligible for this grant, you cannot have a bachelor’s degree and must:
- Meet the Minnesota residency requirement (as defined by the Minnesota Office of Higher Education)
- Be a graduate of a secondary school or equivalent
- Be at least 17 years old
- Attend at least three credits per semester and maintain satisfactory academic progress
- Submit a Free Application for Federal Student Aid (FAFSA) online within 30 days of the school’s semester start date
If you are in default on a student loan or are more than 30 days behind in child support payments, you are not
eligible for a Minnesota State Grant (unless satisfactory payment arrangements have been made with the appropriate
agency).
For more information:
The Child Care Grant Program provides financial assistance to Minnesota State Grant eligible students who:
- Have children 12 years of age and under, and are not receiving assistance under the Minnesota Family Investment Program (MFIP).
- Demonstrate financial need to pay for child care while pursuing a post-secondary education.
Application
The Alliss Grant helps adult learners begin or return to college. It is a non-renewable grant and is not available to students who have applied for financial aid. In addition, the Alliss Grant:
- Pays tuition for one course (up to five credits). (The course must be transferable and lead to a degree.)
- Is not based on family income.
- Funding IS LIMITED and is available on a first-come, first-served basis.
- The grant does not cover the application fee, course fees or books.
Grant recipients must:
- Be a legal resident of Minnesota
- Be out of school for at least seven years.
- Be first-time community college enrollee who graduated from high school at least seven years ago or former college
student who hasn't been in college for seven years.
- Enroll in a college course that is a transferable course that would be accepted as an integral part of a degree program.
- Pay for all student fees, above tuition, themselves.
Grant recipients must not:
- Hold a bachelor's degree or higher
- Be receiving financial aid or any other grant funding or tuition waivers
Application
Century Foundation Scholarships
Contact the Century College Foundation
(E. Campus, Rm 2511,
651.779.3356) for information about scholarships.
You must submit a FAFSA online and
have an Award Letter from Century College before you can request Direct loan funds. There are three types of Federal
Direct loans: Subsidized Direct Loan, Unsubsidized Direct Loan and Direct PLUS Loan."
- The Subsidized Direct Loan is a need-based loan.
- The government pays all of the interest on the loan while the student is enrolled in school at least half time,
during the six-month grace period, and during authorized deferment periods.
- Repayment of principal and interest begins six months after the student graduates, withdraws from college or enrolls less than half time or 6 credits.
- The Unsubsidized Direct Loan is not need-based and the interest accrues during the loan term.
- The student can choose to pay the interest while attending school or defer the payments until the loan repayment period.
- Repayment of principal and interest begins six months after the student graduates, withdraws from college or enrolls less than half time or 6 credits.
- Federal Parent Loan for Undergraduate Students (PLUS)
- The Federal Parent Loan for Undergraduate Students (PLUS) program provides loans to parents of dependent students.
Subsidized Direct Loan and Unsubsidized Direct Loan
For either loan, the student must be currently enrolled in an eligible major, attend at least half time (6 credits per semester), and maintain satisfactory progress.
Loan funds must be requested online at least three class days prior to the end of the term for which the loan is requested.
For more information on current interest rates, visit Student Aid on the Web. There will be a fee of 1 percent, taken equally out of each disbursement.
The maximum Subsidized and Unsubsidized Direct loan amount combined for a first year dependent student is $5,500. The maximum increases to $6,500 for a second year dependent student. Students are second year if they have completed 30 credits, including transfer credits.
The maximum Subsidized loan amount for a first-year independent student is $3,500 and the maximum Unsubsidized loan amount is $6,000. The maximum increases to $4,500 Subsidized and $6,000 Unsubsidized for a second year independent student.
Students are second year if they have completed 30 credits, including transfer credits.
Federal Parent Loan for Undergraduate Students (PLUS)
To qualify, the student must:
- Complete a FAFSA online and be awarded financial aid
- Be enrolled at least half time in an eligible program and maintain satisfactory progress
- Be less than 24 years old, unmarried, with no dependents
- Not be in default on a student loan or owe a refund on an educational grant
To qualify, a parent must:
- Be a U.S. citizen, national or eligible non-citizen.
- Be current in payments, and not in default on any federal student loans.
Parents may apply for the Direct PLUS loan up to three days prior to the end of the term for which the loan is requested.
There are no annual or aggregate borrowing limits in this program. However, funds borrowed cannot exceed the student's annual cost of attendance minus all other financial aid awarded.
The current interest rate on the Direct PLUS loan is 7.9 percent. Origination fees are charged and are deducted equally out of each loan disbursement. These fees will vary depending upon the lender but will not exceed a total of 3 percent.
A credit check is performed on the parent by the lender before approval. If a parent is denied a Direct PLUS loan due to an adverse credit decision determined by the lender, the student may be eligible for more funds through the Direct Unsubsidized Loan program.
Please contact the Financial Aid Office for more information.
Deferments and forbearances may be available, which allow the borrower to temporarily suspend or reduce payments on their loan for a specified period of time.
For more information:
Private loans are available through various lenders. Students who do not qualify for a Direct Loan or find that they need additional funding may want to consider this alternative. Students should learn about a private loan before completing an online application.
Become familiar with the terms of the loan such as the interest rate and how it is calculated, any fees associated with the loan, repayment terms, whether or not a co-signer is required, deferment and forbearance options available, rights and responsibilities for borrowing this loan, and if there may be a look-back feature available for financing past due balances.
Carefully review which loan is the best fit, whether you are a student or parent. Each has a different interest rate, may have additional fees assessed, and different eligibility requirements.
Information and applications are available through the lender and on their website. Students should consider and compare all other options such as the Direct Loan, and PLUS loans before applying for a private loan.
