Financial aid

Financial aid significantly impacts a student’s ability to pursue higher education. Prior to federal student aid, financial support for higher education depended on scholarships provided by the wealthy, which was not always awarded based on need or merit. This made higher education inaccessible to low-income students until the Serviceman’s Readjustment’s Act (G.I. Bill) and Higher Education Act.

Roughly 60% of undergraduate students take out student loans to attend college today. This number increases when you look at low-income students or students of color. 80.6% of Black or African American students receive grant aid to help fund their education. Despite the availability of financial aid, the cost of college is still the largest barrier to higher education and 1 in 6 Americans have federal student loan debt.

The University of Minnesota offers need-based grants, such as Promise Plus and U Promise Scholarship. The state of Minnesota created the North Star Promise to increase higher-education access and decrease student loan debt. Individuals can also help low-income students reach their education goals:

• Donate to the University of Minnesota Foundation (UMF)
• Direct students to the University’s UGRD Scholarship tool