Quick Facts about Financial Matters
Keep your Financial Aid Award Letter for information on eligibility. Visit www.AnokaRamsey.edu “Financial Matters” to view awards and print required forms.
Paying Tuition and Fees – Important Reminders
v Tuition invoices are not mailed.
v Students are responsible to monitor their student account balance at www.AnokaRamsey.edu/StudentHome.aspx
v Students are financially responsible for any and all course registration activity.
Tuition/Fee Payment Deadlines : Last Day to Drop Courses with No Financial Obligation:
Fall Semester August 14, 2009 August 28, 2009
Spring Semester December 18, 2009 January 15, 2010
Payment Options
1. Pay in full online, in person or by mail. (ARCC does not accept credit card payment by phone).
v Online: Go to How to Pay
v In-person : The Business Office accepts cash, check, money order, Visa, MasterCard or Discover.
v By mail: Print your billing statement from your student account, clearly print your Customer ID on your check and mail both to the Business Office at least five business days before the payment deadline:
o Cambridge Campus: 300 Spirit River Dr S, Cambridge, MN 55008
o Coon Rapids Campus: 11200 Mississippi Blvd NW, Coon Rapids, MN 55433
2. Apply for a FACTS payment plan online at How to Pay
3. Financial Aid – Please read your Award Letter carefully to determine your financial aid eligibility and instructions for applying for a Student Loan.
When Can I Get My Books?
To avoid long lines at the bookstore and opportunity for used books, you should plan to purchase your books from your own funds two to three weeks prior to the start of the semester.
In the event you are unable to purchase books from your own funds, you may charge books against your financial aid.
Ø Book Charges are allowed one week prior to the semester and the first four days of the term (excluding holidays).
Ø Please use the charge process only on an emergency basis. Charge only once per term.
Ø Your financial aid must exceed your tuition and fee charges.
Ø Student Loans require 3 business day processing time prior to book charging.
Ø Students will be responsible for all book charges regardless of financial aid received.
Refunds & the “Return of Title IV Funds”
Financial aid recipients who completely withdraw from a term or stop attending prior to the 60% point of that term are subject to the Title IV funds rules for any federal aid not earned and the State refund calculation for MN State Grant, Child Care Grant and SELF Loan. Students “earn” financial aid in proportion to the time they are enrolled up to the 60% point. The unearned share of financial aid is returned in the following order: Federal Unsubsidized Stafford Loan, Federal Subsidized Stafford Loan, PLUS Loan, Federal Pell Grant, Academic Competitiveness Grant, Federal SEOG. The student will be required to repay all unearned financial aid. Please contact the Financial Aid Office prior to withdrawing if you have any questions regarding your possible repayment obligation. For additional information, please visit www.AnokaRamsey.edu/financialMatters/.
Additional Financial Aid Policies and Information
· Pell Grant awards are determined by registered credits as of the 5th business day of the semester. Your Pell Grant will not adjust up, but may adjust down for late (after the 5th day) add/drop registration activity.
· Students can receive federal financial aid for developmental work (below 1000 level) with a limit of 30 credits.
· Not all programs are eligible for financial aid. An eligible major must be declared for a student to receive financial aid.
· Students may receive financial aid from no more than one college during each term or period of enrollment.
· Annual loan limits are prorated for borrowers who are completing their degree/certificate program in an enrollment period that is shorter than an academic year.
· ARCC will monitor all credits for all students in accordance with federal and state regulations and MnSCU Policy 2.9 Satisfactory Academic Progress. For the complete Satisfactory Academic Progress Policy please visit www.AnokaRamsey.edu .
Full-time: 12+ credits; Three-fourths time: 9-11credits; Half-time: 6-8 credits; Less than half-time: 1-5 credits.
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FINANCIAL PROGRAMS |
AWARD AMOUNTS |
STUDENT ELIGIBILITY & INFORMATION Note: Unless specified, all financial aid programs below require students to complete the annual FAFSA process and complete their financial aid file at ARCC. |
GRANTS AND SCHOLARSHIPS |
Federal Pell Grant |
$486-$5350/year |
Need-based.
Enrolled at least one (1) credit/term. |
MN State Grant |
$100-$6052/year less Pell award Note: Grant changes for each credit – see grid on Award Letter for actual award. |
Need-based, Minnesota resident, Enrolled at least 3 credits per term.
New Minnesota State Grant policy - All students seeking eligibility must complete the FAFSA, and the Federal Processing Center must receive it no later than 30 calendar days from the start of the term. The FAFSA receipt deadlines: Fall Semester – 09/22/09; Spring Semester – 02/09/10; & Summer Semester - 06/30/10. |
Federal SEOG Grant |
$100 6 – 8 credits/semester $200 9 – 11 credits/semester $300 12 credits or more/ semester |
Exceptional need-based.
Early applicant.
Enrolled at least six (6) credits/term. |
Federal Academic Competiveness Grant |
Up to $750 first year Up to $1350 second year |
U.S. citizen or eligible non-citizen; Federal Pell Grant recipient for the same award year; Enrolled at least half-time in a degree program Completed a rigorous secondary school program of study after 1/1/06 for first year student or 1/1/05 for a second year student |
MN State Post-Secondary Child Care Grant |
Up to $2600/child/year |
Need-based.
Minnesota resident.
Enrolled at least six (6) credits/term.
Requires additional application. Applications are mailed out with Award Statements to students who appear to be eligible for this program. Funding is limited, may be placed on waiting list. |
Scholarships |
See Foundation for award amounts. |
FAFSA application is optional. Check ARCC website for scholarships and deadlines at www.AnokaRamsey.edu “Financial Matters.” |
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NOTICE TO LOAN APPLICANTS: You must be enrolled for at least six (6) credits per term. To receive a loan requires an additional application and loan counseling. Please refer to your Award Letter for instructions. |
STUDENT LOANS |
Federal Stafford Subsidized Loan |
Freshmen - $3500/year Sophomore - $4500/year
(30+ credits earned at ARCC or transferred to ARCC) |
Need-based. 5.6% fixed interest rate. Must be enrolled half-time or more at the time of disbursement (6 credits or more). |
Federal Stafford Unsubsidized Loan |
Combination of subsidized and unsubsidized can not exceed amounts below: Dependent Freshman - $5500/year Dependent Sophomore - $6500/year Independent Freshman - $9500/year Independent Sophomore - $10,500/year |
Non-need-based. Must use Stafford Subsidized (need-based) eligibility before using Stafford Unsubsidized eligibility. 6.8% fixed interest rate. Must be enrolled half-time or more at the time of disbursement (6 credits or more). |
Federal Perkins Loan |
$2400/year |
Exceptional need-based, Early applicant. Requires additional application. 5% interest rate. Must be enrolled half-time or more at the time of disbursement (6 credits or more). |
MN State SELF Loan (Student Educational Loan Fund) |
$7500/year With Phase IV applications
Two-week process time |
Non-need-based. Requires a credit-worthy co-signer. Variable interest rate – changes quarterly. Visit: www.selfloan.org for more information. Must be enrolled half-time or more at the time of disbursement (6 credits or more). |
Federal PLUS Loan (Parent Loan for Undergraduate Students) |
Cost of attendance less all other financial aid. |
Non-need-based. Parent is the borrower. 8.5% fixed interest rate. Must be enrolled half-time or more at the time of disbursement (6 credits or more). If PLUS Loan is denied, contact the Financial Aid Office regarding other loan options. |
Alternative Loans |
Cost of attendance less all other financial aid. |
These loans should be considered ONLY after the other loan options listed above have been exhausted. |
EMPLOYMENT |
Federal Work Study |
$1000-$4000/year, this can be earned working 5-15 hours/week $8.00/hour.
Students receive an hour’s pay for an hour’s work.
Students are not entitled to sick pay, study time, overtime, vacation or holiday pay. |
Need-based. Check www.AnokaRamsey.edu “Financial Matters”
Enrolled at least six (6) credits/term. for current work study openings. |
MN State Work Study |
Need-based. Check www.AnokaRamsey.edu “Financial Matters”
Minnesota resident. for current work study openings.
Enrolled at least six (6) credits/term. |
Institutional Work Study |
Non-need-based. Check www.AnokaRamsey.edu “Financial Matters” Enrolled at least six (6) credits/term. for current work study openings. Limited to highly skilled or hard-to-fill jobs of the College. |
ARCC is an affirmative action, equal opportunity educator/employer. To receive this information in an alternate format, 763-433-1450 |