Many students ask: "If I am interested in exploring what my financial aid options are, what do I need to do?"
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Let your Assistant Director of Admissions (ADA) know that you are interested in applying for aid, so that he/she can set up an appointment for you to talk to the school's Admissions Coordinator and/or Student Financial Services Department.
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2ND--
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We may be able to estimate your financial aid if you do the following:
If you plan on starting school between July 2008 and June 2009, find and bring in a copy of your 2007 US Income Tax Return. (if you cannot locate your copy, let us know immediately and we can tell you how to get a copy)
You will also be asked about your untaxed income and assets.
* If you are starting school in July 2009 or later, see below.
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3RD--
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You will also need a copy of your parents' 2007 tax return, and information about their untaxed income and assets, if you:
- Are not married
- Do not have legal dependents, and
- Are under 24 years old, and
- Are not a veteran of the US armed services, and
- Are not an orphan or ward of the court.
If you need your parents' information, we recommend that they visit the school with you, or that they are available by phone during the time that you are scheduled to be with the Admissions Coordinator or the Student Financial Services department.
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* If you plan on starting school between July 2009 and June 2010, the official US Department of Education forms are not available until January 2009. As a free service, we will assist you in completing a 2009/10 Financial Aid Estimator. If you complete and submit this form, we can estimate the amount of your financial aid, and give you and estimated Financial Plan, so that you can finalize your plans to attend school. When the Official forms are available, you will need to complete them.
OUR APPROACH TO FINANCIAL AID AND STUDENT FINANCIAL PLANNING
Many students receive some form of financial aid to assist them in financing their education. The Art Institutes International Minnesota provides "financial planning" for its students. This means that we can provide a payment plan that will allow you to budget for your entire program. Our goal in Student Financial Services is to make your monthly payments as affordable to you as possible. After you complete the application forms, your Student Financial Planner will review them using a federally required calculation to determine your eligibility for financial aid. The Planner will then work with you and your family to devise a Student Financial Plan to help you cover your educational expenses, based on your financial aid eligibility and your family circumstances. This is an outline of our process:
1. We estimate the total cost of your education. Your total costs are broken down into direct and indirect costs.
Examples of "direct" costs include tuition, fees, and some supplies. NOTE -- We have chosen to show you, up front, an estimate of the entire tuition and fee charges for your program of study because we believe it is in your best interest to have this information prior to starting any classes. We hope that helps you make an informed decision. The school actually charges tuition, fees and school sponsored housing for each quarter separately and a student is never obligated to pay for charges beyond the quarter they have started.
"Indirect" costs include food, transportation, personal expenses, and some supplies. Standard budget figures (available for review in the Student Financial Services department) are used to estimate indirect costs, based on where you will live when you attend The Art Institutes International Minnesota. These budget standards may be adjusted to meet unusual personal circumstances.
Housing expenses can be considered direct or indirect costs, depending on your living arrangements. The Housing Services office can provide you with information on school-sponsored as well as independent apartments.
2. We add up all available resources that can be used to pay educational costs. This can include scholarships, veteran's benefits, federal and state aid, for which you are eligible, private loans, etc.
3. We subtract all of the available resources from the total estimated cost of your education. The difference is the amount that can be covered through the Student Financial Planning process.