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Financial Aid

Paying for college

Financing your education is seldom easy, but our Financial Aid Office has the tools, resources and know-how to help you find your best opportunities for financial assistance. We are dedicated to providing you with the highest quality service to make sure you achieve your academic and career goals.

Types of Aid

Federal Grants and Loans

Minnesota Grants and Loans

Scholarships

The Inver Hills Foundation provides private scholarships for Inver Hills students. Scholarships are sponsored by staff, faculty, corporations, communities, organizations and individuals. To learn more, visit Scholarship Information.

Travelers Foundation Programs

Since 2006, Travelers has provided more than $470,000 in grants to support unique and holistic programs to enhance the academic and professional experience for underrepresented students at Inver Hills Community College.

Programs funded through the Travelers Foundation:

  • Empowering Dreams for Graduation and Employment (EDGE)
  • CareerWays
  • Inver Experience

Federal Direct Loan process

Eligibility

To apply for loans, you must have received your financial aid award notification letter from Inver Hills for the appropriate term. Your award notification indicates your eligibility for federal student loans. Login to E-services to view your award notification letter.

  • You must complete Student Loan Entrance Counseling and Master Promissory Note (MPN) before your loan application will be processed
  • Your Pell Grant eligibility must be determined
  • You must be registered for and complete a minimum of 6 credit hours (half-time) during each term of the loan period
  • You must be registered for at least 6 credits at the time your loan is certified and disbursed by Inver Hills
  • Your loan may require proration (a reduction in what you are eligible to borrow) if your final period of enrollment at Inver Hills is just one semester
  • You must declare a major and be enrolled in an eligible certificate or degree program at Inver Hills
  • You must maintain satisfactory academic progress
  • Very important: Contact the appropriate offices, i.e., Counseling and Advising, Financial Aid Office, Enrollment Center and/or Business Office, if you decide to completely withdraw before completing your Inver Hills program of study to understand how withdrawing will affect your loan eligibility and repayment
  • You must complete Student Loan Exit Counseling before leaving Inver Hills

Application

Under the Direct Loan program, you will apply for and receive your loan funds directly from the U.S. Department of Education rather than through a private lender. When you borrow a Direct Loan, you must complete Student Loan Entrance Counseling and a Master Promissory Note (MPN). Visit Federal Student Aid to learn more, including how your parents can apply for a direct loan on your behalf as a dependent child through a Federal PLUS Loan.

Types of Direct Loans

  • Subsidized loan: Federal government pays the interest while you are in school
  • Unsubsidized loan: Accrues interest throughout the life of the loan, accumulating and later added to the loan’s principal balance

Maximum loan limits

Annual loan limits for the academic year are listed in the table below.

Federal Direct Annual Loan Limits
Grade Level Subsidized Stafford:
Dependent and Independent Students
Unsubsidized Stafford:
Dependent Student
Unsubsidized Stafford:
Independent Student
Grade 1 $3,500 $5,500* $9,500*
Grade 2 $4,500 $6,500* $10,500*
* less total Subsidized Stafford for same enrollment period

Repayment

  • A federal loan is a loan, not a grant
  • You must repay the funds you borrow
  • You must repay any fees associated with the loan
  • You must repay any interest that accrues on the loan
  • All fees are deducted from your loan prior to disbursement; however, you remain responsible for repaying the entire loan amount
  • You have a choice of repayment plans
  • Your monthly payment will depend on the size of your debt and length of your repayment period

Federal Student Aid Direct Loan payment plans explain available repayment options while providing a loan repayment calculator. You can also retrieve your loan information at National Student Loan Data System Student Access. Your Federal Direct Loan will not automatically be discharged in bankruptcy. On average, students at Inver Hills borrow nearly $8,900 in federal student loans.

Deferment

With subsidized direct loans, principal payments are deferred while you are in school period; the federal government pays all interest. Unsubsidized direct loans can be deferred while you are in school, but interest accrues to you, the borrower, and must either be paid or added to the principal balance of loan.

Grace period

With Direct Loans, you have a six-month grace period before you must make your first payment. The grace period begins the day after you cease half-time enrollment.

Student jobs on campus

Getting a job on campus begins when you receive an award notification letter that lists your student employment eligibility.

  • You may still be eligible if you do not receive a student employment award
  • Check your eligibility with the Financial Aid Office
  • Amount listed on award letter is maximum you may earn for academic year
  • Due to limited student employment funds, awards are disbursed first-come, first-served
  • Receiving a student employment award is not a guarantee of employment
  • You can view available campus jobs online
  • Contact job’s supervisor via e-mail to start application process
  • Supervisor will set up an interview with you on receiving your application
  • You and your supervisor must complete the required portions of the Student Employment Authorization
  • Bring your social security card and driver’s license (or other acceptable documentation as listed in Section C of the Authorization) to the Financial Aid Office to complete your W-4 and I-9
  • You will also be required to do Security Awareness Training on D2L
  • Training must be completed before you can begin working

To learn more about working on campus, contact:

Carol Day
Work-Study Coordinator
cday@inverhills.edu
651-450-3354

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