There are several types of financial aid. Your eligibility is
determined by comparing your FAFSA-determined expected family
contribution (EFC) with your cost of attendance (COA). Financial aid
"need" is the difference between your COA and your EFC. Due to
program and funding limits, non-need types of aid may be offered in
place of need-based aid. The total of all types of
financial aid you receive cannot be more than your cost of
attendance.
- William Mitchell Scholarships
Need-based. Eligibility can be based on merit or need criteria.
Awarded in amounts up to the total annual cost of tuition. FAFSA, if required,
must be filed by March 15th priority deadline.
- Federal Work Study
Need-based. On- or off-campus employment with a work-study employer
allows you to earn a portion of your need-based financial aid
eligibility. Basic $4,000 eligibility is offered to full-time
students. Part-time students may request work-study eligibility.
- Federal Perkins Loan
Need-based. Program funds are limited. FAFSA must be filed by March 15th priority
deadline. Program funds are limited. Individual eligibility is
limited to $3,000 per semester/$6,000 annually/$40,000 aggregate.
First-time borrowers will receive a mailed application/promissory
note. Repeat borrowers must update their
promissory note in the Finance Office. Loan availability is subject to annual funding.
- Federal Subsidized Stafford Loan
Need-based. Program funds are unlimited. Interest is federally
subsidized. Individual annual eligibility is limited to
$8,500/$65,500 aggregate, including undergraduate borrowing. First-time borrowers must contact lender to complete application and
promissory note. First time Stafford Loan
borrowers must complete an online Stafford loan program entrance
counseling session.
Renewing applicants only need to return financial aid eligibility
letter.
- Federal Unsubsidized Stafford Loan
Non-need based. Program funds are unlimited. No federal interest
subsidy. Individual annual eligibility is limited to a maximum
amount of $20,500 minus any subsidized Stafford loan funds.
Aggregate limit is a maximum of $138,500 minus subsidized loan
total. First-time borrowers must contact lender and complete
application and promissory note. Renewing applicants only need to
return financial aid eligibility letter
- Federal PLUS loan
Non-need based. Program funds are unlimited. No federal interest subsidy. Credit based. Individual annual eligibility is
limited to the financial aid budget total minus the sum of all other
financial aid eligibility. First time borrowers must contact lender and complete application and promissory note. Requires annual
application and credit approval.
- Off-campus sources of financial assistance
Need-based. Includes employer tuition assistance, DRS, VA,
MN GI BILL, non-campus based scholarships, grants, tuition paid on student's
behalf.
