Thank you for taking an interest in your family member's financial aid process at UND. Two of your biggest questions may surround how much it costs to attend UND and what financial options are available to pay for it. Please review the topics below for more information. It will be very helpful to view information within your family member's level of study (undergraduate, graduate, aviation, law, medical) for specific options available.
Once enrolled, all official communication from the UND Student Financial Aid office is sent to the student's University e-mail account. It is very important that students activate this account as soon as possible and regularly check it for official messages and notifications.
Please review the following information specifically geared toward families of students seeking financial aid.
Information on Federal Tax Benefits
There are several education tax benefits available to students and families.
For each student, you can choose to claim only one of the credits in a single tax year. However, if you pay college expenses for two or more students in the same year, you can choose to take credits on a per-student, per-year basis. For example, you can claim the American Opportunity Credit for your sophomore daughter and the Lifetime Learning Credit for your senior son.
You cannot claim the tuition and fees deduction for the same student in the same year that you claim the American Opportunity Credit or the Lifetime Learning Credit. You must choose to either take the credit or the deduction and should consider which is more beneficial for you.
For more information, visit the Tax Benefits for Education Information Center at www.irs.gov or check out Publication 970, Tax Benefits for Education, which can be downloaded at www.irs.gov or ordered by calling 800-TAX-FORM (800-829-3676).
Parent Loan for Undergraduate Students (PLUS)
Parents (natural, adoptive or legal guardians) may borrow up to the cost of education minus other aid for each dependent undergraduate student who is enrolled at least half-time. This loan is borrowed from the federal government.
The PLUS loan borrower (or the cosigner if required) must not have an adverse credit history.
The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis. Under certain circumstances, deferment and forbearance options may be available. Interest continues to accrue and must be paid during periods of deferment or forbearance.
Direct PLUS Interest Rate and Fees
Direct PLUS loans have a fixed interest rate of 6.41% for disbursements between July 1, 2013 and June 30, 2014. Borrowers are charged a 4.204% origination fee. The entire fee goes to the government to help reduce the cost of the loans.
Students do not have to reapply for reciprocity if they have graduated from a Minnesota High School or earned credits at UND in the previous 12 months. If the student must apply for reciprocity, he/she must do so through the State of Minnesota.
If the student applies late for reciprocity and does not receive confirmation of eligibility by the beginning of the term, the student will be required to pay non-resident tuition at the time of fee payment.
However, a refund of non-resident fees will be made if confirmation of reciprocity eligibility is presented to UND Student Account Services prior to the end of the term.
Contact the Minnesota Higher Education Services Office (800) 657-3866 or go to www.getreadyforcollege.org for more information.
If your student plans to be a Student-Athlete on an intercollegiate sport team at UND, please note that any scholarships (institutional and/or external) that they are awarded are subject to NCAA rules and as such they may not be able to accept every scholarship you are offered. All scholarships must be reported immediately to the Assistant Athletic Director for Compliance via email or fax. Notification must occur no later than August 1, 2014, for the 2014-15 academic year.
If you want to begin exploring your financial aid options and get an early start on the financial aid process, FAFSA4caster is for you! By using FAFSA4caster, you and your family will receive an early estimate of eligibility for federal student aid. This Web site provides you with an opportunity to increase your knowledge of the financial aid process; become familiar with the various types of federal student aid that are available; and investigate other sources of aid, such as grants and scholarships.
Family Educational Rights and Privacy Act (FERPA)
All information contained in University records is considered confidential, except for directory information which may be released publicly. Directory information is defined in the Code of Student Life.
Students must give written authorization before financial information (including financial aid) may be released to parents, spouse or other individuals.
Are you a parent of a high school student seeking information on Dual Credit assistance?
North Dakota College Access Network (NDCAN), which is administered by Bank of North Dakota, is helping high school sophomores, juniors and seniors get a head start on college. Eligible students receive funding to cover the full cost of tuition, course fees and book for one (1) class each semester. This program is not a loan and funding does not have to be repaid.
To be eligible to apply for assistance a student must be attending a North Dakota high school, qualify for Free or Reduced Price Lunch, and receive approval from the school district superintendent or designee to take a dual credit course.
Funding for Dual Credit Assistance may be limited. Applications will be considered by submission date and approved students may receive assistance for only one (1) course per semester. Online applications and more information are available on the "Dual Credit" page at www.nd-can.com.