Financial Aid

What Is Financial Aid?

Financial aid is money to help pay for college. Financial aid comes in three main forms:

Aid you don’t repay (grants and scholarships)
Aid you must repay (loans)
Aid you earn (work-study and military assistance)

There are many different types of financial aid available to students. They all are unique and offer distinct benefits to those who qualify. All students considering financial aid should fill out the Free Application for Federal Student Aid (FAFSA), and enter Ridgewater’s college code 005252.

FAFSA Application Schedule a Virtual or In-Person Financial Aid Appointment

Cost of Attendance

Ridgewater College uses Cost of Attendance (COA) figures to calculate your financial aid eligibility. Actual costs may differ from the chart below depending on your program, enrollment level, and personal spending choices. If you do not receive financial aid, you can still use the chart below to estimate your costs.

The total amount of financial aid offered to a student, including all scholarships, grants and student loans, cannot exceed the Cost of Attendance at Ridgewater College for that financial aid year. Financial aid offers (loans, work-study, scholarships, and/or grants) may be reduced for students whose total aid exceeds the Cost of Attendance.

Cost of Attendance 2023-2024

The following amounts are Ridgewater’s estimated Cost of Attendance Budget amounts for a full-time student. Actual costs may differ from the chart below depending on your program, enrollment level, and personal spending choices. The COA Budget listed is for a full-time (15 credits) student; if a student is enrolled less than full-time, their COA is adjusted accordingly.

These are budget estimates, not your actual billed costs.

2023-2024 Cost of Attendance for Students Living with Parents

COST OF ATTENDANCE CATEGORY	FALL	SPRING	ANNUAL
Tuition & Fees	$3,056	$3,056	$6,112
Books & Supplies	$618	$618	$1,236
Housing & Food	$1,839	$1,839	$3,678
Transportation	$1,756	$1,756	$3,512
Miscellaneous Personal Expense	$1,155	$1,155	$2,310
Loan Fees	$42	$42	$84
TOTAL	$8,466	$8,466	$16,932

2023-2024 Cost of Attendance for Students Living Off Campus/On Own

COST OF ATTENDANCE CATEGORY	FALL	SPRING	ANNUAL
Tuition & Fees	$3,056	$3,056	$6,112
Books & Supplies	$618	$618	$1,236
Housing & Food	$4,839	$4,839	$9,678
Transportation	$1,756	$1,756	$3,512
Miscellaneous Personal Expense	$1,155	$1,155	$2,310
Loan Fees	$42	$42	$84
TOTAL	$11,466	$11,466	$22,932

Note: Housing & Food, Loan Fees, Miscellaneous Personal Expenses are not included in the budget for students enrolled less-than-half-time.

If you have expenses that are not taken into account in the standard budget, you may submit a Cost of Attendance Budget Increase Form. Your Cost of Attendance (Budget) will be reviewed and your financial aid eligibility will be re-evaluated.

Determining Financial Aid Eligibility

Cost of Attendance (COA): Each school must determine how much it costs to attend their institution. Tuition, fees, books and supplies, housing and food, transportation, miscellaneous personal expense, and loan fees make up the institution’s Cost of Attendance.
Expected Family Contribution (EFC): The FAFSA determines, based on the information provided on the application, the expected family contribution. This will be used to determine the amount and type of financial aid you will be eligible for. The EFC is NOT a bill.
Financial Need: The portion of the cost of attendance after the expected family contribution has been subtracted is considered need: COA – EFC = Need. There are NEED and non-NEED based types of financial aid. Examples of NEED-based aid are grants, scholarships, work study and Federal Direct Subsidized Loans. Non-NEED based aid is usually other types of student loans, such as the Federal Direct Unsubsidized Student Loan, Parent PLUS loan, and private loans.
Program Requirements and Limits: Each type of student financial aid has certain requirements and limits. A student may or may not receive a specific type of financial aid because their situation did or did not meet that aid type’s requirements or limitations.

Special and Unusual Circumstances

Ridgewater College Financial Aid understands that students and their families may at times experience unique situations. The Financial Aid Office may adjust, with appropriate documentation, the FAFSA or cost of allowances that are specific to a student’s situation. There are two categories of unique situations: special and unusual circumstances.

Special Circumstances

Special Circumstances are financial situations that support a change to the Cost of Attendance or Expected Family Contribution (EFC) calculation. Examples of special circumstances include, but are not limited to:

–Changes in employment status or income (layoff, illness, temporary employment, etc.) of student, parents, or spouse

–Death, divorce, or separation of parents or spouse

–Non-recurring payments received during the FAFSA tax year that will not be repeated or change in assets

–Unordinary medical or dental expenses not covered by insurance

–Tuition expenses at an elementary or secondary school

Unusual Circumstances

Unusual circumstances are conditions that support a change to a student’s dependency status based on a unique situation. Examples of unusual circumstances include, but are not limited to:

–Parental abandonment, estrangement, or parental incarceration

–Abusive family environment

–Refugee/asylee status

Please note that Unusual Circumstances do not include:

–Parents refusal to contribute to student’s education

–Parents refusal to provide information for the FAFSA or verification

–Parents do not claim the student for income tax purposes, or that the student demonstrates total self-sufficiency

Requesting a Special or Unusual Circumstances Review

Students who find themselves with Special or Unusual circumstances should complete the Special and Unusual Circumstances form and submit appropriate documentation. After all requested documentation is received, a decision will be sent to the student’s Ridgewater email within 10 business days. Submitting a Special or Unusual Circumstance request does not guarantee an adjustment will be made to your aid offer or dependency status. For more information, contact the financial aid office at 800-722-1151 to see if your situation can be considered.

What to Know

Types of Financial Aid to Consider

Grants – Aid that does not require repayment. Apply for federal grants through the FAFSA application. If you are eligible to receive grants, this money will be automatically applied to your account on the disbursement date according to the number of credits you are taking.
Loans – Various student loan programs requiring repayment, typically with interest. Apply for federal student loans through the FAFSA application. If you are approved to receive federal loans, refer to your award letter for information about the three (3) steps needed to process your loans.
Work Study – Paid employment through the college. Fill out the FAFSA application to find out if you are eligible for work-study positions. Information about work-study and how to find jobs are explained in your award letter if you were awarded work-study. This money is paid out after timesheets are submitted.
Scholarships – Aid provided by organizations that does not require repayment. You can apply for Ridgewater Scholarships each semester through the Ridgewater College Foundation online scholarship application. Awards are applied directly to your student account.

Financial Aid Disbursement & Direct Deposit

The Disclosure Statement emailed or mailed to you from the Department of Education will let you know what the disbursement date(s) will be for your loan. Please allow 3-4 days processing time from that date for the disbursement to be deposited into your account or mailed to you.

Financial Aid Disbursement Dates and Information for the 2023-24 School Year:

Fall Semester 2023 – September 1, 2023
Spring Semester 2024 – January 22, 2024
Summer Semester 2024 – June 10, 2024

Sign up for direct deposit:

Log into eServices
Click on the Financial Aid tab
Choose Direct Deposit set-up
Follow the prompts

Information for Students using Financial Aid

Students participating in financial aid programs should become familiar with their rights and responsibilities. The FAFSA application should be filled out every year.
Rights & Responsibilities

Information for Undocumented or Deferred Action Childhood Arrival (DACA) Students

The MN Dream Act, also known as the Prosperity Act, provides certain opportunities to students who are undocumented or have Deferred Action Childhood Arrival (DACA) status and meet eligibility criteria:

Attended a Minnesota high school for at least 3 years (does not have to be consecutive) ; and
Graduated from a Minnesota high school or earned a GED in Minnesota; and
Registered with the U.S. Selective Service (applies only to males 18 to 25 years old); and
Provide documentation to show they have applied for lawful immigration status, but only if a federal process exists for a student to do so (does not include applying for DACA status). There is currently no federal process in place, so documentation is not currently required.

The complete details on eligibility and the Dream Act Application are available at the Minnesota Office of Higher Education Dream Act website. If you have more questions or need to arrange for translation services please contact the Minnesota Office of Higher Education grant unit at 800-567-3866. If you have questions on the Dream Act application as it pertains to Ridgewater College please contact our equity & inclusion specialist.

Additional Resources

Financial Aid Forms

Please note: You must fill out a FAFSA application online.

Financial Aid Links

FAFSA – U.S. Department of Education’s fast, nearly error-proof online application for federal financial aid

FSA ID (Federal Student Aid ID) – Create and edit your FSA ID

Financial Aid Information – One of the most comprehensive collections of references and links to sites about financial aid

U.S. Department of Education – Explains federal student aid programs and how to apply

Minnesota Office of Higher Education – A great resource that includes a list of college costs in Minnesota, up-to-date information about higher education in Minnesota, and an interactive financial aid estimator

Internet System for Education, Employment and Knowledge – Promotes higher education, training, and career exploration and facilitates employment searches within the state of Minnesota

U.S. Department of Veterans Affairs – Education and Training section covers programs available for veterans

Loan Links

Federal Direct Loans – All the information you need about the Federal Direct Loan programs

Minnesota SELF Loan – Online SELF loan information and counseling sponsored by Minnesota Higher Education Services Offices

Federal Student Aid – Guide to defaulted student loans sponsored by the U.S. Department of Education

Additional Information and Resources