Financial aid basics
Use this page to orient yourself to the steps in the financial aid process.
Financial Aid Status
Log in to manage your University financial aid online.
One Stop counselors
Contact One Stop counselors, the University's financial aid experts.
Step 1. Apply for financial aid
Complete a Free Application for Federal Student Aid (FAFSA).
Every student should complete this application, regardless of her or his family's financial status. FAFSA information determines the amount each student is eligible to receive from a broad range of financial aid, including federal and state grants, federally-subsidized student work-study, and/or loans. Even if FAFSA results do not demonstrate financial need, everybody qualifies for some form of financial aid.
School code 003969
Include the code for the University of Minnesota on your FAFSA. Results will be sent here automatically.
Priority deadlines, every year
Apply as soon after January 1 as possible of each academic year in which you want to receive the aid.
- Priority deadline for incoming freshmen: March 1
- Deadline to ensure that new, incoming freshmen receive an estimated award prior to the May 1 enrollment confirmation deadline.
- Priority deadline for returning students: April 15
If you submit your FAFSA by these priority deadlines, you increase the likelihood that you will receive grants and/or scholarships that do not have to be repaid.
Your financial aid at the University of Minnesota
Access your financial aid information online
Financial Aid Status is our personalized tool for guiding you through each step in the financial aid process. Instructions for first-time users are available here.
Estimated awards for incoming freshman
If you are new to the University, you will be sent a paper estimated award letter before you have access to our online services.
Do you qualify for financial aid?
Orient yourself to the legal, academic, and financial requirements for different forms of financial aid.
Step 2: Complete additional requirements
You will receive a request for additional documentation by mail or email, if anything is required.
Verification
If your application is selected for a process called verification, submit all requested documentation so your application can be verified as accurate and truthful.
Other examples
You may be asked to document your citizenship status, Selective Service registration, dependency status, transcripts from previous schools, or other information.
Step 3: Financial aid under review
Your financial aid file may remain at step 3 for an extended wait while the University finalizes the cost of attendance for the new year. Once the review process is completed, you will be offered a package of financial aid awards that is as favorable as possible, given the University's resources and your financial situation.
Financial aid packaging
This slide show explains how the University combines cost information with financial need information from your FAFSA information to put together a fair financial aid package for every applicant.
Step 4: Complete your eFAAN
What is an eFAAN?
The eFAAN is your formal offer of financial support from the University of Minnesota. It lists the financial aid you may be eligible to receive to attend full time for one academic year (fall and spring semesters). The total aid is divided equally between semesters, one-half for fall expenses and one-half for spring expenses.
How do you get an eFAAN
As soon as your financial aid awards are determined, you will receive an email directing you to Financial Aid Status, a secured website where you view your Financial Aid Award Notice (eFAAN) and respond to your award offers electronically.
Respond to your Financial Aid Award Notice (eFAAN)
You will receive an email notice that your Financial Aid Award Notice (eFAAN) is available online. Indicate which of the aid awards you accept after you receive your eFAAN.
Step 5: Complete loan documents
You must complete a promissory note for any loans you accepted. A promissory note is the legal agreement that you will repay your loan(s).
You may also need entrance counseling or to complete truth in lending documents.Parent borrowers will also need to complete an Active Confirmation form for a pending Parent PLUS loan.
Step 6: Disbursement of funds
Disbursement is the process by which financial aid funds are transferred into your student account to pay your bill. The amount transferred depends on your award and your credit load.
Credit requirements for undergraduates
Undergraduates must be enrolled for a minimum of 6 credits to qualify for most financial aid.
Credit requirements for graduate students
Most graduate students need to be enrolled for a minimum of 3 credits to qualify for financial aid, but these requirements vary by program.
Direct deposit online
Provide routing information and authorize the University to send you funds electronically.
Optional steps: modifying your awards or eligibility
There are a few cases in which you may want to change your awards or explain extenuating circumstances that may impact your financial aid.
