Grants
A grant is a type of financial aid that does not have to be repaid. Eligibility is based on need, cost of attendance, and enrollment status. Grants include:
- Federal Pell Grant (Pell)
- Federal Supplemental Education Opportunity Grant (SEOG)
- Minnesota State Grant (MNSG)
- Minnesota Child Care Grant Program
- Academic Competitiveness Grant (ACG)
- Alliss Educational Foundation Grant
Student loans
A loan is a type of financial aid that must be repaid, either while attending college or after the student stops attending at least halftime (depending on the type of loan). The most common student loans are:
- Federal Stafford Loans
- Federal Parent Loan for Undergraduate Students (PLUS)
- Minnesota Student Educational Loan Fund (SELF)
- Private loans
Student Employment
Student employment (work study) is part of the financial aid package. Student employment 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. See “Student Employment Options” for more information.
Federal Pell Grant
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.
Federal Supplemental Education Opportunity Grant
A Federal Supplemental Education Opportunity Grant (SEOG) is gift aid for undergraduate students enrolled at least halftime 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 at a specific college
For more information about Federal Grants, visit the U.S. Department of Education's Student Financial Assistance website.
Minnesota State Grant
The Minnesota State Grant Program (MNSG) is need-based gift assistance that does not have to be repaid. The grant is renewable for six 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 about the Minnesota State Grant Program, visit the Minnesota Office of Higher Education website.
Minnesota Child Care Grant Program
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.
An application is available in the Financial Aid Forms.
Alliss Educational Foundation Grant
The Alliss Grant helps adult learners begin or return to college. It is a non-renewable grant and and is not available to students who have applied for financial aid. In addition, the Alliss Grant:
- Is not based on family income.
- Is available to all new Minnesota community college students who qualify.
- Pays tuition for one course (up to five credits) and covers the cost of required textbooks for that course. (The course must be transferable and lead to a degree).
Grant recipients must:
- Be out of school for at least seven years.
- Be first-time community college enrollees who graduated from high school at least seven years ago or former college students who haven't been in college for seven years.
- Be a legal resident of Minnesota
- Pay for all student fees, above tuition, themselves.
Grant recipients must not:
- Hold a bachelor's degree
- Be receiving financial aid
The Alliss Grant application is available online in Financial Aid Forms. For more information about the Alliss Grant Program, visit Alliss Grant Program.
Academic Competitiveness Grant
An Academic Competitiveness Grant (ACG) may provide up to $750 for the first year of undergraduate study and up to $1300 for the second year of undergraduate study.
It is available to full-time students who are eligible for a Pell Grant and have successfully completed a rigorous high school program after January 1, 2006 if a first year student and after January 1, 2005 if a second year student. Eligibility is determined by the appropriate local or state education agency and recognized by the Secretary of Education.
To be eligible you must:
- Be a U.S. citizen
- Be a Pell Grant recipient
- Have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year (if a second year student).
- Be enrolled full time in a degree program
To be eligible, you must not:
- Have any previous enrollment in an undergraduate program (if a first-year student).
For more information on the ACG grant and rigorous programs of study, visit the Student Financial Assistance website.
Century Foundation Scholarships
Information and scholarship brochures may be obtained from the Century Foundation Office in Room 2511 on the East Campus or by calling 651-779-3356.
Federal Stafford Loans
You must submit a FAFSA online and have an award letter from Century College before you can request Stafford loan funds. There are two types of Federal Stafford loans:
- The Subsidized Stafford 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 halftime, during the six month grace period, and during authorized deferment periods.
- Repayment of principal and interest begins six months after withdrawal from school, graduation, or dropping to less than half time.
- The Unsubsidized Stafford Loan is not need-based and the interest accrues during the loan term.
- Students can choose to pay the interest while attending school or defer the payments until the loan repayment period. This begins six months after the student leaves school or drops to less than halftime status.
For either loan, the student must be currently enrolled in an eligible major, attend at least halftime (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.
The interest rate is currently 6.8 percent. There may be fees up to 3 percent, depending on the lender, taken equally out of each disbursement.
The maximum Subsidized and Unsubsidized Stafford loan amount combined for a first year dependent student is $3500. The maximum increases to $4500 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 $3500 and the maximum Unsubsidized loan amount is $4000. The maximum increases to $4500 Subsidized and $4000 Unsubsidized for a second year independent student. Students are second year if they have completed 30 credits, including transfer credits.
For more information on the Stafford loan program, visit the Student Financial Assistance website under “Federal Student Aid Programs.”
Federal Parent Loan for Undergraduate Students (PLUS)
The Federal Parent Loan for Undergraduate Students (PLUS) program provides loans to parents of dependent students.
To qualify, a student must:
- Complete a FAFSA online and be awarded financial aid
- Be enrolled at least halftime 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 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 PLUS loan is 8.5 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 PLUS loan due to an adverse credit decision determined by the lender, the student may be eligible for more funds through the Stafford 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 on the PLUS loan program, visit the Student Financial Assistance website.
Minnesota Student Educational Loan Fund (SELF)
The Minnesota Office of Higher Education administers the Minnesota Student Educational Loan Fund (SELF). Students are required to apply for other sources of aid through the Free Application for Federal Student Aid (FAFSA) before applying for the SELF Loan.
An eligible student is a Minnesota resident who is attending an eligible post-secondary school at least halftime in state or out of state, or a nonresident who is physically attending an eligible school in Minnesota. The student must maintain satisfactory progress and cannot be in default or delinquent in payments for a previous SELF loan or any other student loan program or owe a refund on an educational grant. An eligible co-signer is necessary to apply.
The maximum loan amount is $7,500 for grade level 1 and an additional $7500 for grade level 2. The loan amount awarded cannot exceed the student's cost of attendance, less all other types of financial aid awarded. There is no guarantee, origination or processing fee charged. There are no deferments available in the SELF Loan program. The interest rate varies quarterly.
For more information on the SELF loan program, visit www.selfloan.org.
Private (Alternative) Loan Options
Private loans are an available through various lenders. Students who do not qualify for a Stafford 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 is 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. A student should consider and compare all other options such as the Stafford, PLUS, and SELF loans before applying for a private loan.
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