FINANCIAL AID

How to Read the Award Letter

This guide is to help you understand your award letter once you receive it.  You may view and print your award letter through eServices. Your award letter is for both fall and spring semesters. A summer award letter is processed for students who register for summer term.

Aid disbursement begins no earlier than the 15th day of the term and then weekly thereafter.  When financial aid is disbursed, it is applied to your tuition balance first and then if any aid is still remaining, it will be sent to you via Direct Deposit or a paper check in the mail (no checks can be picked up per school policy).  

Grants and Loans are disbursed at the same time with one exception.  First time borrowers will have the disbursement of the loan delayed by 30 days.

If the loan period is for one term (fall or spring), the disbursement of the loan will be split into two equal disbursements.  For example, a loan for fall term only will disburse towards the beginning of the term (September) and the other half will disburse at the mid oint of the term (October).

If the loan period is for two terms, the disbursement of the loan will also be splint into two equal disbursements.  The first half will disburse fall term (September) and the second half will disburse spring term (January). 

If your first course begins after the 10th day of the term, your aid disbursement may be delayed until approximately three weeks after the first start date of your courses.

An Example Award Letter

 

 Fall Credits

  Spring  Credits

       Award Type

12-15         9-11         6-8         1-5

12-15         9-11         6-8         1-5

Federal Pell Grant

$2775        2082       1388        694

$2775        2081        1387       694

MinnesotaStateGrant

      See MN Grant table for term        

award by enrollment

Federal SEOG Grant

$ 300          300         300

$ 300          300         300

Sub Federal Stafford Loan

$1750       1750       1750      

$1750       1750       1750      

Unsub Federal Stafford Loan

$3000       3000       3000

$3000       3000       3000

Work Study         

$2000       2000       2000

$2000       2000       2000

>>>>>>>>>>>>Minnesota State Grant Term Award Amounts By Credit Level<<<<<<<<<<<<

 

Credits

15+

14

13

12

11

10

9

8

7

6

5

4

3

2

1

Award

236

0

0

0

125

0

0

217

0

0

309

110

0

0

0

In the above example, if the student is enrolled for 9 credits for fall semester and 13 credits for spring semester, the grant awards would be:

Fall (at 9 credits)             Spring (at 13 credits)

  Pell Grant                                 $2082                                     $2775
  MN State Grant                                0                                             0
  SEOG                                           300                                         300

  Total Grants                              $2382                                     $2775

 

The student in this example would also be eligible to take out loans each semester since he or she is registered for 6 or more credits each semester (see the Loan page for instructions). If the student only registered for 5 credits spring semester, he or she would not be eligible for the loans. The student would also be able to obtain a Work Study position on campus, if desired and if a position could be found (see the Work Study page for instructions).

REMEMBER!!!!!

  • A grant does not need to be paid back (if you attend and complete all your courses).
  • A loan does need to be paid back with interest.
  • The awards are based on your credit level. If your credit level changes, your awards may or may not change.
  • You have to complete the Master Promissory Note (MPN), entrance counseling, and be enrolled in at least six credits to get the loan money.
  • Your must be meeting Satisfactory Academic Progress standards at all times to be eligible for the awards offered to you.
  • If you never attend a course or stop attending a course, you are not earning the aid awarded to you. Your aid may be reduced and you will owe the college.
  • The disbursement of aid is based on the understanding that you will attend and complete your courses.

Contact our office if: 

  • You are not planning on attending courses at HTC.
  • You are not attending courses at HTC.
  • You want to withdraw from all of your courses.

Last updated by bscheffler : 2015-02-24 09:34:40