Paying for College

We want to help you understand and plan for your college investment and explain the resources that are available to you.

Attend a Financial Aid Night

Let us help you through the financial aid application process.   Join us for dinner from 5:45 – 6:30 p.m., then let our experienced financial aid staff walk you through the details from 6:30 – 7:30 p.m. Call Admissions at 612-330-1001 to reserve a spot. These seminars are offered the evenings of:

  • Tuesday, November 12, 2013
  • Tuesday, January 14, 2014

 

Apply for Financial Aid

All students should apply for aid; this is a very important step if you wish to be considered for institutional, state, and/or federal grants or loans. To begin the financial aid process, complete the 2013-2014 FAFSA (www.fafsa.ed.gov).  Students can begin the process starting January 2013 – and the sooner you complete your application, the better. The Augsburg FAFSA code is 002334.

Upon receiving your FAFSA, the Student Financial Services office will follow up with you to let you know what additional information is needed to complete your financial aid application. Financial aid award letters will be mailed beginning in mid-March. Find forms and more information on the Financial Aid website or call 612-330-1046.

Types of Aid

Augsburg awards several types of financial aid including “gift aid” (scholarships and grants, both merit and need-based, from federal, state, or institutional sources), student loans, and work study.

Scholarships
Augsburg recognizes students who have demonstrated outstanding academic, leadership, service, and extracurricular achievements through a comprehensive scholarship program.

Grants
Grants are “free money” that does not need to be repaid. They are awarded based on financial need as determined by your FAFSA. They may come from the federal or state government or from Augsburg College.

Loans
Loans are a type of financial aid that must be repaid with interest, usually after you stop attending or graduate from college. The federal student loan programs (FFELP and FDSLP) are a good option to help finance the cost of your college education. Go to the Enrollment Center to learn more about federal and private loan programs.

Work Study
Working on campus — in the library, on the grounds crew, or as an office assistant in atheltics — is a great way to build connections on campus while earning money for school. On-campus employment opportunities are posted on the Human Resources website. The College encourages students to work no more than 15 hours per week.Federal and state on-campus employment awards are need-based financial aid and will not be included in your earnings for purposes of financial aid requests in subsequent years. Augsburg on-campus employment is non-need based and will be reported as income on your financial aid application in subsequent years (as would any off-campus earnings). While all earnings are subject to federal and state income taxes, no Social Security taxes need to be withheld. A W-2 form will be issued to you at the end of the calendar year.

Estimating your Aid

Your need-based financial aid is calculated using information gathered from the FAFSA which provides our financial aid office with your Estimated Family Contribution (EFC). The EFC will be the same for every school to which you apply. We compare your EFC to the total cost of attendance (tuition, fees, room and board, estimated cost of books, transportations costs, and personal expenses) to determine your demonstrated need at Augsburg.

It is important to note that although the FAFSA is a nationwide tool that takes certain prescribed numbers and runs them through a standard formula, we look at each student and family individually. If your family has a unique circumstance, such as impending loss of a job, health issues, etc, that is not reflected on the FAFSA, contact our Financial Aid office for instructions on how to communicate these circumstances.

Other Financing Options

Augsburg offers payment plans that may be used to finance the portion of tuition, fees, room and board not covered by financial aid.

Payment Plan Options 2013-2014

Full pay: Pay fall costs in full by August 1, 2013; Pay spring costs in full by January 2, 2014.

Semester Payment Plan: Students are eligible to enroll in a monthly payment plan to bridge any gaps between financial aid and their educational expenses. While on the plan, no-interest will accrue but there is an enrollment fee of $30 per semester. Log onto your Augsburg student account through Augnet, Records and Registration to sign up!