U - Orientation and First-Year Programs - University of Minnesota

Financesand TuitionFor many students, college meansmanaging their personal finances to agreater degree. Financial planning, financialaid, and work opportunities can help youmake the most of your time and money.One StopFor answers to all your financial questions, look to OneStop Student Services. Our professional counselors give youindividualized service in person, by phone, or online. Whenvisiting the Web site, make sure to check out the MoneyManagement section for more great advice on budgeting,saving, and borrowing wisely. onestop.umn.eduTuition discountsIf you are from North Dakota, South Dakota, Wisconsin, or Manitoba, you can apply forreciprocity tuition. Obtain an application from your high school guidance counselor or onthe Web site. admissions.tc.umn.edu/costsaid/residency.htmloactionSix steps to financial aidThere are six steps to receiving financial aid. To find out what step youare on, go to the One Stop Home page and log in to the “Financial AidStatus” Quick Link. The six steps are:step descriptiontimeline expectation123Complete a Free Application for Federal StudentAid (FAFSA)ASAPSubmit additional documents if asked ASAPReview paper estimated Financial Aid AwardNotice (FAAN)April–July45E-mail asking you to respond to the electronicFinancial Aid Award Notice (eFAAN)Complete entrance counseling and promissorynotes for any accepted loanslate Julyearly August6Disbursement of funds 1 week prior to the semesterstart dateTips from students like youI wish someone had told me….1. To budget carefully and track my spending regularly. Don’t assume there’s enough inthe bank at the start of the semester to last until the end!2. To have “rainy day” funds available at all times.3. To live within my means. It’s tempting to try and keep up with the campus ‘Joneses’but certainly not worth going into credit card debt.Now that I am a senior, I have realized that:1. There are so many scholarships out there and to get them, you have to apply for them.2. I should not be shy to take advantage of free items. They help save money in the long run.3. My student job didn’t disconnect me from social activities on campus. In fact, itgave me more campus connections, taught me some valuable skills, and evenmade my social activities more enjoyable because I had more money to spend onentertainment.4. You do not have to go off campus to have fun. Fun activities on campus are verycheap and free in some cases.14