Types of Financial Aid
Students may be eligible for numerous scholarships offered by Dunwoody College and other organizations.
To be considered for Dunwoody scholarships, a completed FAFSA form must be on file with the Financial Aid Office.
You may be eligible for federal and state grants. Grants are a need-based form of financial aid that doesn’t need to be repaid.
Federal: The FAFSA will determine your eligibility for the Federal Pell Grant. The maximum Pell Grant award for the 2021-2022 academic year is $6,495.
State: The FAFSA and Minnesota State Grant Program Student Eligibility Questionnaire will determine your eligibility for the MN State Grant (amounts vary).
MN grants may include support for non-citizens (Dream Act), Minnesota Indians, and more.
Work study provides part-time jobs for students with financial need allowing them to earn money to help pay education expenses. You must complete a FAFSA to determine if you are eligible for work study.
The Department of Veterans Affairs recognizes Dunwoody as a Benefits Eligible College. Dunwoody is also a Yellow Ribbon School.
The Yellow Ribbon program is a voluntary agreement between Veterans Affairs and the College that allows eligible students (current and newly admitted) to have funding of up to $1,000 matched by the College. All Veterans and students receiving VA benefits are encouraged to also apply for Federal Financial Aid.
The FAFSA will determine your federal loan eligibility. For more information, visit StudentAid.gov.
- Subsidized: $3,500 1st year students; $4,500 2nd year students; $5,500 3rd and 4th year students
- Unsubsidized: $2,000 for 1st and 2nd year dependent students; $6,000 for 1st and 2nd year independent students; $7,000 for independent 3rd and 4th year students
Students who wish to borrow any Federal Direct Subsidized and/or Unsubsidized Loan funds must complete the Direct Loan Entrance Counseling and Master Promissory Note prior to the funds being applied to the student account.
For more details, see Step 8 on the Apply for Financial Aid page.
Direct Plus Loan (For Parents)
The Direct PLUS loan is a federally guaranteed loan available to the parents of dependent undergraduate students who are attending at least half-time. The PLUS loan lets parents borrow money to cover any costs not already covered by the students’ financial aid package, up to the cost of attendance. PLUS loans are the financial responsibility of the parents and cannot be transferred to the student.
This loan has a fixed 5.3% interest rate (7/1/20-6/30/21) and an approximate 4% origination fee. Repayment on this loan will begin immediately after it is fully disbursed unless the borrower elects to defer payments until 6-months after their student has graduated or drops below half-time enrollment.
- The student must have completed a Free Application for Federal Student Aid (FAFSA).
- The borrower must be the biological parent or legal guardian of an undergraduate student. Step parents can apply if their information is provided on an accepted FAFSA.
- The borrower must be a U.S. citizen or permanent resident.
- The borrower must not be in default on a prior student loan.
To apply visit StudentAid.gov and sign in using the Parent FSA ID created for higher education purposes.
NOTE: If the parent applies for the PLUS loan and is denied, the student may qualify for additional federal loans. Please contact the Financial Aid Office for details at email@example.com.
Alternative loans are credit-based loans used to assist in paying for a higher education.
These loans are for students to take out with a credit-worthy co-signer. Some lenders also offer a Parent loan for parents or others to borrow to assist with any costs not already covered by the students’ financial aid package up to the cost of attendance.
Interest does accrue from the first date of disbursement but payments may be deferred until six months after the student ceases enrollment. The terms of each loan vary by lender. It is highly recommended that students borrow their full Federal Loan eligibility before borrowing a private loan. You can find a lender by visiting the FASTChoice website.
Some private loan lenders will borrow to students with non-citizenship status with a U.S. citizen co-signer.