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About Federal Aid
Eligibility
To receive federal aid, you must meet the following eligibility requirements. If you have any questions about these requirements or if you think you may not meet one of them, please contact the school's Student Financial Services office at 800-777-3643.
- Not be in default on a prior Federal education loan, or owe a repayment on a prior Federal grant
- Possess a High School diploma or GED
- Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program
- Be a US citizen or eligible non-citizen
- Have a valid Social Security number
- Make satisfactory academic progress (continuing students)
- Be registered with Selective Service, if required
- Not have been convicted of certain drug offenses
- Sign a statement of educational purpose and a certification statement on overpayment and default (both found on the FAFSA)
Determining Dependency Status
If you can answer "Yes" to any of the questions below, you will be considered "independent" for Federal Financial Aid purposes, and your parents will not need to answer the parent questions on the FAFSA. If you answer "No" to all of these questions, you are considered to be "dependent" for Federal Financial Aid purposes.
- Were you born before January 1, 1984?
- Are you married?
- Do you have children who receive more than half of their support from you?
- Do you have dependents (other than your children or spouse) who live with you and who receive more than half their support from you, now abd through June 30, 2008?
- Are you an orphan or ward of the court until age 18?
- Are you a veteran of the US Armed Forces?
- Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
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How Federal Aid is Awarded
When you complete the FAFSA (Free Application for Federal Student Aid), and indicate The Art Institutes International Minnesota as one of your school choices, we will be able to receive an ISIR (Institutional Student Information Report) electronically. The ISIR will contain an EFC Expected Family Contribution. The EFC is determined by a set Federal formula, and relates to the amount that you (and your parents, if you are a dependent student) might be expected to pay for direct and indirect costs for one academic year. The EFC, in relation to your costs, is used by the school to determine your eligibility for the Federal Pell Grant, the Federal SEOG, and the Federal Subsidized Stafford Loan. These aid types are referred to as "need based" aid.
Return of Federal Title IV Aid:
A percentage of Federal Title IV Aid will be returned if the student withdraws during the first 60% of the quarter. The amount returned will be based on the percentage of days remaining in the quarter. The school will determine the calendar days completed in the quarter/semester divided by the total number of calendar days in the quarter/semester. If the amount is less than or equal to 60%, then that percent of the Federal Title IV Aid received is the amount that can be retained. The difference will be returned to the Federal Title IV Aid program from which funds were received in this order: Unsubsidized Stafford Loan. Subsidized Stafford Loan, Perkins Loan, PLUS Loan, Pell Grant, SEOG.
If Federal Title IV Aid funds have been given to the student, and if the student withdraws during the first 60% of the quarter/semester, the student may need to return some of those funds. If the student needs to return funds, the school will notify the student regarding how much is owed, and how it is to be returned.
Non Federal Refund Policy
Refunds for state aid programs are calculated on a proportional basis using the state mandated or institutional refund policy. To calculate the minimum refund due to the Minnesota State Grant program, the SELF Loan Program, and other Aid Programs, with the exception of the State Work Study Program, the Minnesota Office of Higher Education Refund Calculation Worksheet, Appendix 14, of the Minnesota State Grant manual is used.
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