The price of attending a post-secondary institution varies greatly depending on the type of school, its location, and so on. Total price of attendance usually includes tuition and fees, room and board,books and supplies, transportation, and a reasonable amount of personal expenses.
Student and family financial responsibility varies according to income, assets, number of children in the family, and the number of children attending post-secondary schools. Typically, you're only offered aid if the amount the family can contribute won't cover the price of attending a particular school.
Students and families are expected to meet their financial responsibility from savings, earnings, loans, or other private or institutional sources.
Student and Family responsibility is determined by assessing income, assets, and liabilities through the Free Application for Federal Student Aid (FAFSA) as established by the United States Congress. Most schools use the results of FAFSA to establish family financial responsibility.
Financial aid is designed to help pay for that part of the price of attendance that is not the responsibility of the student and family. The amount you receive depends on the availability of financial aid funds, state and school policies, and the number of students qualifying for assistance at your school.
Shared responsibility in the Minnesota State Grant Program divides the price of attendance between the student, his or her family, and, if necessary, the state's taxpayers. Here are two examples that illustrate shared responsibility in Minnesota:
St. Cloud State University is a public four-year institution. In 1998-99, the state recognizes that the price of attending the school is $7,895 a year. That includes tuition and fees of $3,010, plus $4,885 for living and miscellaneous costs.
Example 1: St. Cloud State University, Dependent Student
Price of Attendance:
Tuition & Fees ......................$ 3,010
Living & Misc. Allowance .........4,885
Total ...................................$ 7,895
The student is expected to contribute 47 percent of the yearly cost, or $3,711. The remaining 53 percent of the yearly cost, or $4,184, comes from the contribution of the student's parents, and from federal and state grants.
