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?
Disbursement of financial aid occurs through Higher One beginning by the third Friday of the term for all students with a completed financial aid file, and continues weekly thereafter. Students must maintain eligibility for financial aid programs for funds to be disbursed.
Financial aid funds are disbursed to you through your Anoka Technical College student account. A student account is established for you by the Anoka Technical College Business Office. Your student account reflects your financial activities with the College including charges for tuition and fees, authorized bookstore charges, personal payments made, and disbursement of financial aid funds.
If your financial aid exceeds your tuition and fee charges, the difference is mailed to your permanent address or direct deposited to a bank account per the arrangement that you have made with the Business Office. Excess aid, tuition refunds, and other refunds to students are managed by the Higher One Corporation. 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 "Order a Tax Return or Account Transcript", click 'order a transcript", enter the tax filers information using the address that was listed on the tax return, click continue.
- Make sure to select "Return Transcript in the type of transcript field.
- You should receive the transcript in the mail within 5 to 10 days.
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 January 1, using complete income 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 a letter explaining what is necessary. Once we have complete and accurate information from you, we will send you an official notification of your eligibility for assistance. This notification will include a review of your eligibility for the following programs: Minnesota State Grant, Federal Pell Grant, Federal Direct Loans, College Work Study, Federal Supplemental Educational Opportunity Grant, and Anoka Tech scholarships. You may check your Financial Aid Awards and status can also be accessed at:
- Enter your ID and PIN
- Financial Aid
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, you are responsible for all the interest that accumulates. 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.