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Financial Assistance Programs

Find your financial support

Support

The guidance you need

Financing your education is a big commitment. Academy College will connect you with a range of federal, state, and institutional financial assistance programs that make college more accessible.

From grants and scholarships to loan opportunities, our Financial Aid team works with you one-on-one to determine eligibility and guide you through the application process.

Assistance

Opportunities for financial help

Grants (no repayment required)

A Pell Grant is the primary federal grant program designed to help undergraduates with significant financial need. Award amounts vary each year and are based on your Expected Family Contribution (EFC), enrollment status (full-time or part-time), and the cost of attendance. To apply, complete the FAFSA using Academy College’s school code 013505.

The Minnesota State Grant program helps Minnesota residents from low- and moderate-income families cover educational expenses at eligible colleges or universities within the state. Award amounts change annually and depend on your income, family size, and enrollment level. You must be a Minnesota resident and file the FAFSA to be considered.

The FSEOG program provides additional federal aid to undergraduates with exceptional financial need. Priority is given to students who also receive a Pell Grant. Awards vary depending on the college’s funding level and student demand. Apply by filing the FAFSA early, since funds are limited.

This state grant supports low-income students who have dependent children. To qualify, you must be a Minnesota resident, enrolled at least half-time, and have a child age 12 or younger (14 or younger if the child has a disability). Students must also meet income and eligibility requirements. Apply by completing the Child Care Grant Application (PDF) and submitting it to the Academy College Financial Aid Office.

This program provides financial assistance to Minnesota residents with one-fourth or more American Indian ancestry. Eligible undergraduates may receive up to $4,000 per year, while graduate students may receive up to $6,000 per year. Students can apply online using the MISP Online Application or submit a printable application (PDF).

Created in 2007, the Minnesota GI Bill® provides postsecondary financial assistance to veterans, service members, and eligible dependents. Full-time students may qualify for up to $1,000 per semester, while part-time students may receive up to $500. Applications can be completed online at Minnesota Veterans Affairs or by using the Minnesota GI Bill Application (PDF).

Academy College participates in the Yellow Ribbon Program to help eligible Post-9/11 GI Bill® students cover tuition costs that exceed the annual VA tuition cap. Through this program, Academy College may contribute up to $4,000 in additional funding each year, and the Department of Veterans Affairs will match that amount.

Vocational Rehabilitation Services through the Minnesota Department of Employment and Economic Development (DEED) provide funding to eligible students with disabilities. Assistance may cover tuition, fees, books, or other costs needed to support educational and career goals. Learn more at the Minnesota DEED website.

Some tribes provide their own scholarships for eligible students of American Indian descent. Award amounts and application procedures vary depending on the tribe. Students must apply directly through their tribal education office.

Loans (must be repaid)

Stafford Loans are low-interest federal student loans available through the U.S. Department of Education. Students may qualify for Subsidized (interest paid by the government while in school) or Unsubsidized (interest accrues while in school) loans. Annual borrowing limits vary by dependency status and grade level:

  • Independent students: $9,500 (freshman), $10,500 (sophomore), $12,500 (junior/senior)
  • Dependent students: $5,500 (freshman), $6,500 (sophomore), $7,500 (junior/senior)

To apply, complete the FAFSA. More details are available at studentaid.gov.

Parent PLUS Loans are available to parents of dependent undergraduate students. Eligibility requires a credit check, though options exist for parents who do not meet credit requirements (such as using an endorser). Repayment begins once the loan is disbursed, unless deferred until after the student graduates. Apply using the PLUS Credit Consent Form (PDF) and submit it to the Academy College Financial Aid Office.

The SELF Loan is a state-sponsored loan that requires a creditworthy co-signer. Interest must be paid while the student is in school, and repayment of principal and interest begins 12 months after graduation or dropping below half-time enrollment. Learn more and apply through the Minnesota Office of Higher Education.

The Sallie Mae Smart Option Loan is a private, credit-based loan designed to supplement other forms of financial aid. Repayment options vary, and students may defer payments while enrolled at least half-time. More information is available at Sallie Mae.

Local and military programs (special eligibility requirements)

Local workforce grants are available to students needing retraining due to a layoff or disability. Programs include:

  • Department of Employment and Economic Development (DEED)
  • HIRED
  • Trade Adjustment Assistance (TAA)
  • Workforce Investment Act (WIA)

These programs are typically accessed through Minnesota CareerForce.

FTA provides tuition assistance for eligible service members, covering up to 100% of tuition and authorized fees with a maximum of $4,500 per fiscal year (and $250 per credit hour). There are limits of 150 undergraduate and 45 graduate credit hours. Contact the Minnesota National Guard education office at ngmneducation@ng.army.mil.

All Academy College programs are approved for the GI Bill® and Veterans Rehabilitation Program. Benefits depend on your period and type of military service. Learn more at the VA Education Benefits site.

Connect

Financial aid contact and support

The Academy College helps you with FAFSA applications, scholarships, private loans, and military benefits, and provides financial literacy resources.

Your financial aid contact

FinAid@academycollege.edu(952) 851-066

FAQs

Good questions

The first step in applying for financial aid is completing the Free Application for Federal Student Aid (FAFSA). This application is available at studentaid.gov, and you’ll need to enter Academy College’s school code 013505 so we can receive your information.

To ensure your FAFSA results are sent directly to Academy College, use the school code 013505 when completing your application.

Your eligibility for aid is primarily based on financial need. This need is determined by comparing the cost of attendance (tuition, fees, books, room and board, and other expenses) with your Expected Family Contribution (EFC) as calculated from the FAFSA.

Whether you are classified as dependent or independent affects the way your FAFSA is reviewed. In general, students under 24 who are unmarried, do not have children, and are not veterans are considered dependent. Independent students may qualify for additional aid.

An FSA ID is a unique username and password that allows you to log in to U.S. Department of Education websites and electronically sign your FAFSA. Parents of dependent students will also need their own FSA ID, which can be created at studentaid.gov.

Your credit history generally does not prevent you from receiving federal grants or loans. Many education loans, including Federal Direct Loans, are not credit-based, so even students who have filed bankruptcy may still qualify.

A grant is considered gift aid and does not have to be repaid, making it an excellent option for students who qualify. A loan, on the other hand, is borrowed money that must be repaid with interest.

Both types of Stafford Loans are part of the Federal Direct Loan program, but they differ in how interest is handled. With Subsidized Loans, the government pays the interest while you’re in school. With Unsubsidized Loans, interest begins accruing immediately, though you may choose to defer payments until after graduation.

You do not need to send a paper copy of your SAR if you listed Academy College on your FAFSA. By using our school code, your information will be sent to us electronically.

Loan repayment depends on the type of loan you receive. For most Federal Direct Loans, repayment begins six months after you graduate, withdraw, or drop below half-time enrollment. For PLUS Loans, repayment begins within 60 days of the loan’s final disbursement.

Some student files are chosen for verification to ensure accuracy of the FAFSA information. This selection may be random or triggered by certain discrepancies. If your file is selected, you’ll need to provide the requested documentation promptly.

Yes, financial aid is tied to academic performance. Both federal and state regulations require students to maintain Satisfactory Academic Progress (SAP), which includes completing courses successfully and maintaining a minimum GPA. Poor grades or frequent withdrawals may put your eligibility at risk.

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