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Effective: February 1, 2010 |
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19.25.50ar1 - Student Financial Aid (Archive) |
Archived: July 1, 2010 |
Student financial aid includes loans, grants, scholarships, fellowships, internships, gifts, some training expenses, and work-study funds. Student financial aid may be counted as an asset, excluded indefinitely or excluded for a limited time.
Note: For Method B, GAMC-Full Benefits, Transitional MinnesotaCare, MA-EPD and Medicare Savings Programs, any excluded student financial assistance must be identifiable. See Excluded Assets for information on determining whether assets are identifiable.
Title IV of the Higher Education Act of 1965.
Non-Title IV of HEA and Non-BIA Financial Assistance.
Veterans' Affairs Educational Benefits.
Title IV of the Higher Education Act of 1965
Title IV of the Higher Education Act of 1965 (HEA) is a federal law that authorizes programs that provide student financial aid. These programs include, but are not limited to:
l Pell grants (formerly Basic Educational Opportunity Grant (BEOG)).
l Academic Competitiveness Grants (also known as AC Grants and ACG).
l National Science and Mathematics Access to Retain Talent (SMART) Grants.
l Federal Family Education Loan (FFEL) Program (also known as FFEL Program and FFEL loans). FFEL includes four components:
n Stafford Loans (formerly Guaranteed Student Loan),
n Unsubsidized Stafford Loans,
n Federal PLUS Loans, and
n Federal Consolidation Loans.
l Federal Perkins Loan Program (formerly National Defense Student Loan and National Direct Student Loan).
l Federal Supplemental Educational Opportunity Grant (FSEOG) Program.
l Supplemental Education Opportunity Grants (SEOG) Program.
l Federal Work-Study (FWS) Program (also known as FWS awards, FWS employment. Formerly College Work-Study Program).
l Teacher Education Assistance for College and Higher Education (TEACH) Grants (also known as TEACH Grant Program, TEACH Grants).
l William D. Ford Federal Direct Loan Program (also known as Direct Loan program and Direct Loans). Direct Loans includes four components:
n Direct Subsidized Loans,
n Direct Unsubsidized Loans,
n Direct PLUS Loans, and
n Direct Consolidation Loans.
l Leveraging Educational Assistance Partnership (LEAP) Program (also known as LEAP Program). Formerly State Student Incentive Grants (SSIG).
l Special Leveraging Educational Assistance Partnership (SLEAP) Program.
l Robert C. Byrd Honors Scholarship Program (also known as Byrd Honors Scholarships).
l Student Support Services (also known as SSS and TRIO). Student Support Services is one of several TRIO programs.
l Academic Achievement Incentive Scholarships.
l Federal Supplemental Loans for Students (SLS) (formerly Auxiliary Loans to Assist Students (ALAS)).
l Upward Bound (also known as TRIO). Upward Bound is one of several TRIO programs.
l Gear Up (Gaining Early Awareness and Readiness for Undergraduate Programs).
l High School Equivalency Program (HEP).
l College Assistance Migrant Program (CAMP).
l Robert E. McNair Post-Baccalaureate Achievement (also known as McNair and TRIO).
l State Student Incentive Grant Program.
l Presidential Access Scholarships.
Exclude all student financial aid provided under Title IV of the HEA for all Minnesota Health Care Programs (MHCP), regardless of its use. This asset exclusion has no time limit.
Bureau of Indian Affairs (BIA) provides student financial aid to eligible individuals.
Exclude all student financial aid provided by the BIA for all MHCP, regardless of its use. This asset exclusion has no time limit.
Treat non-Title IV of HEA and non-BIA student financial aid (grants, scholarships, fellowships, gifts intended to be used to pay the costs of tuition, fees, or necessary educational expenses) as follows:
l MinnesotaCare, MA Method A and GHO: For both undergraduate and graduate students exclude as assets until the month following the last month the student is enrolled in classes.
l MA Method B, GAMC-Full Benefits, Transitional MinnesotaCare, MA-EPD and Medicare Savings Programs (MSP): For both undergraduate and graduate students exclude as assets until the month following the last month the student is enrolled in classes.
Veterans' Affairs Educational Benefits
Treat the portion of Veterans’ Affairs (VA) benefits designated as educational assistance as follows:
l MinnesotaCare, MA Method A and GHO: For both undergraduate and graduate students exclude as assets until the month following the last month the student is enrolled in classes.
l MA Method B, GAMC-Full Benefits, Transitional MinnesotaCare, MA-EPD and Medicare Savings Programs (MSP): For both undergraduate and graduate students exclude as assets until the month following the last month the student is enrolled in classes.
Treat financial aid used to fulfill an approved Plan to Achieve Self Support (PASS) for disabled or blind people as follows:
l MinnesotaCare, MA Method A and GHO: For both undergraduate and graduate students determine the type of financial aid used to fulfill the PASS. Follow MinnesotaCare/MA Method A/GHO policy for that type of financial aid.
l MA Method B, GAMC-Full Benefits, Transitional MinnesotaCare, MA-EPD and Medicare Savings Programs (MSP): For both undergraduate and graduate students exclude as assets.
Count funds in a Qualified Tuition Program (QTP), also referred to as a Section 529 Plan, as an asset for the individual who owns the account (e.g. a parent or grandparent) for all MHCP. Normally, the owner is the person who established the account. In most instances, the individual who establishes a QTP retains the ability to withdraw any or all of the funds in the account for his or her own benefit.
Note: In most cases, the designated beneficiary (for example, the student or future student) is not the owner of the account and does not have any rights to the funds in the account.