Financial Aid Frequent Questions

Welcome to Anoka Technical College from the Office of Financial Aid.

The information provided here is designed to answer some of the questions asked by students and parents and to ease some of the anxiety often associated with financial aid.

If, after reading the information you still have questions, please feel free to contact our office at 763-576-4760.

When/How/Where is Financial Aid Disbursed?

Financial aid will disburse to Anoka Tech beginning the third Tuesday of the term. If the amount of financial aid received exceeds institutional charges, the credit balance overage will apply via direct deposit or mail beginning the 14th day of the term. If your financial aid award is not complete by the initial disbursement, the financial aid office disburses funds every Tuesday. If the institutional charges exceed your financial aid, the funds will be credited to your account and you must pay the remaining balance.

Permanent Address

Make sure your permanent address is current at all times with the Records Office of Anoka Tech.

Records Office 763-576-7740

Change your Address in eServices or bring the physical form to the Records Office.

If your financial aid exceeds your tuition and fee charges, the excess is refunded to you via Bank Mobile. For more information on direct deposit options, please contact the Business Office.

If your charges exceed your financial aid, you are required to pay the difference by the tuition due date identified in the College Calendar. Please contact the Business Office for more information regarding this due date or if you wish to make payment arrangements for your balance due.

When financial aid funds are disbursed, the system does a final review of your status, and disburses the financial aid that is appropriate for the number of credits for which you are enrolled.

How do I request a Tax Transcript

You can request a tax transcript from the IRS free of charge by calling 1-800-908-9946 or access the IRS website at www.irs.gov.

  • In the Tools section of the homepage click on "Get a Tax Transcript.
  • You can choose to either create and account and print off the transcript OR get the transcript by mail

Due to the IRS Data Retrieval tool being disabled for an unknown amount of time we suggest requesting this information as soon as possible to avoid processing delays.

How is my financial aid eligibility determined?

Financial Aid is awarded to students in accordance with the guiding principles set forth by the Federal Department of Education; the basic responsibility for financing a college education rests with the student and his/her parents. When family resources are insufficient to meet the anticipated expenses of the school year, financial aid is offered to enable the student to continue his/her educational goals.

The amount of financial aid offered a student is determined by the student's "financial need." A student's financial need is determined by the difference between the total cost to attend the institution and the student's expected family contribution. A student's Expected Family Contribution (EFC) is calculated from the information given on the student's Free Application for Federal Student Aid (FAFSA), using a formula determined by Congress. The EFC is a set number and does not change from one school to another. The EFC used at Southwest Minnesota State University is the same as the EFC used at any other college or university.

When should I apply for financial aid?

If the application is filed via the web, it will take approximately two days for the student to receive an e-mail response back from the Federal Processors. If the application is processed on paper the response time will be about two weeks. You should complete your financial aid application as soon as possible after October 1st, using the requested years tax information.

How do I receive an award notification?

Once the Anoka Tech Financial Aid Office receives your FAFSA results, and you are accepted for admission to Anoka Tech, we will check your file for completeness. If additional forms and/or information is needed, we will send you an e-mail notification explaining what is necessary. Once we have complete and accurate information from you, we will send you an official notification of your financial aid award letter. You may check your Financial Aid Award and your status can also be accessed at:

  1. www.anokatech.edu
  2. E-Services
  3. Enter STAR ID and Password
  4. Financial Aid Award Letter OR Status Letter

Do I have to add parental information to the FAFSA?

Even if your parents don't contribute money toward your education, you're considered a dependent of your parents and need their information unless:

  • You are 24
  • You are married
  • You are enrolled in courses for your master's or doctorate program
  • You are a veteran or on active duty (not in training)
  • You have children or legal dependents (other than a spouse) who will receive more than half of their support from you
  • When you were age 13 or older, both of your parents were deceased, you were in foster care or were a ward of the court
  • You are an emancipated minor
  • You are in legal guardianship as determined by a court
  • You are an unaccompanied youth who is determined to be homeless by your high school, school district homeless liaison, a director of an emergency shelter program, runaway or homeless youth basic center or transitional living program.

Do I include a stepparent's information on my FAFSA?

Yes. If the parent who has supported you the most in the past year has remarried as of the date you complete the FAFSA, answer the questions on the form about that parent and the person whom your parent married.

Will I receive Work Study this year if I did it last year?

Unfortunately, there are no guaranteed federal student aid awards. Each year students must complete the FAFSA or Renewal FAFSA. The most current FAFSA results will determine which federal financial aid programs students are eligible for. A student may or may not be awarded work study accordingly.

In addition, the university receives limited work study funding every year. Be sure to have your applications in by the priority deadline to have a better opportunity to receive work study.

Subsidized - Unsubsidized Loans: What is the difference?

If you are eligible for and take out a Subsidized Federal Direct Loan, the federal government will pay the interest for you while you are in school and up to six months after you cease to be student(at least half-time), at which time you will need to begin repaying the loan.

If you are eligible for and take out an Unsubsidized Federal Direct Loan, interest will accrue as soon as the loan disburses. You will have the option of either paying the interest as it accumulates or capitalizing the interest (adding it to the principal balance). If you choose to pay the interest back as it accumulates you will pay less in interest overall. Like a Subsidized loan, you will have to begin payment six-months after you cease to be a student (at least half-time).

Do I need to fill out the FAFSA every year?

Yes. You need to complete a FAFSA for each academic year you would like to receive federal financial aid.

You can apply here: www.fafsa.gov.

Contact

Financial Aid
763-576-7730