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Rasmussen University Online Library
Rasmussen University Online Library

First-Generation College Student Guide

Financial Aid at a Glance

Take Control of Your Tuition

Education is often one of the biggest financial investments of your student’s life, but Rasmussen University has the expert guidance to make it more realistic and manageable.

To apply for federal student aid, such as federal grants, work-study and loans, your student will need to complete the Free Application for Federal Student Aid (FAFSA). Completing and submitting the FAFSA is free and easier than ever, and it gives them access to the largest source of financial aid to pay for college.


Go to and create an FSA ID

  1. Gather required documents (Select the School Codes tab for Rasmussen University codes)
  2. Fill in personal information
  3. Fill in tax information using IRS Data Retrieval Tool
  4. Save your FAFSA application
  5. Sign and submit the FAFSA

For more information, visit our Financial Aid Guide at

Or contact your Student Advisor: How do I know who my Student Advisor is? 

Various Forms of Financial Aid

Grants are:

  • Money that you don't have to pay back
  • Need-based

Federal Grants

  • Pell Grant

You must be an undergraduate student who does not have a bachelor’s or a professional degree. This grant is based on the financial needs of the applicant.

  • Federal Supplemental Education Opportunity Grant (FSEOG).

This grant is based on financial need and awarded by the institution

Loans are:

For more information, visit our Financial Aid Guide at

Federal Direct Loan Program

You may be eligible to borrow loans to help pay for college.

• Carefully consider the number and amount of loans you borrow. Remember, student loans must be repaid.

• Your loans will typically be awarded for three quarters. This is called your loan period.

• You are limited to the amount you can borrow during each loan period. The limitations are based on your enrollment level and grade level.

• There are also limits to the total amount of loans you can borrow as an undergraduate student:

Dependent students can only borrow up to $31,000.

Independent students can only borrow up to $57,500.

◦ For both students, no more than $23,000 of this amount may be in subsidized loans.

For more information, visit our Financial Aid Guide at

Types of Federal Direct Loans

There are two types of Federal Direct Loans:

Subsidized Loans

◦ Based on financial need

◦ The government pays the interest as long as you are enrolled at least half time, during your Grace* period, and during periods of deferment.

YOU are responsible for the interest charged during repayment periods and Forbearance.

Unsubsidized Loans

YOU are responsible for paying the interest charged while enrolled, during the Grace* period, and until you loans are paid in full.

        *Your grace period will start if you withdraw, go below 6 credit hours, and/or graduate.   

For more information, visit our Financial Aid Guide at

Determining What to Borrow

Students may not have the ability to afford to pay the cost of tuition without the use of financial aid. Financial aid may cover part or all of the cost of your tuition, so it is important to ask yourself this question:


Do you know how much you borrowed in Federal Student Loans?


There are two types of Federal loan programs. But the most common for student borrowers is the Direct Loan programs from the Federal government.


Remember, during your college career, the loans you borrowed may have been accruing interest. If you do not know what type of loan you have, log into the National Student Loan Data System (NSLDS) website with your FSA ID.

For more information, visit our Financial Aid Guide at

The Real Cost of Loans

Whenever you borrow a loan, it is important to remember that you will pay interest for every month it takes for you to repay the original loan amount in full.

Original Loan Amount

 + Interest Charged

= REAL Cost of the Loan 



Additional information for military benefit using students from Rasmussen University.

Work Study Guide

Additional information for students about work-study from Rasmussen University.

Bank Mobile

Students who are eligible for a BankMobile account will receive a kit code via their Rasmussen student email and/or via United States Postal Service (USPS) mail. Check your email spam and junk folders if you have not received the email with your activation code.

*If assistance is needed when setting up the BankMobile account, contact your Advisor or visit our Bank Mobile FAQ: 

For more information, visit our Financial Aid Guide at