Education

Post secondary educational expenses must be purchased at an accredited public post-secondary institution such as a college, university, community college or area vocational technical school that may include tuition fees, books, supplies, and equipment required for courses of instruction.

Resources

The financial aid staff at the school of your choice should help you obtain other sources of financial aid. Free Application for Federal Student Aid.

FAIM matched withdrawals does NOT reduce the financial aid package of the accountholder as stated in Public Law 105 - 285 Title IV Assets For Independence Act Section 415 which states: Notwithstanding any other provision of Federal law (other than the Internal Revenue Code of 1986) that requires consideration of 1 or more financial circumstances of an individual, for the purpose of determining eligibility to receive, or the amount of any assistance or benefit authorized by such law to be provided to or for the benefit of such individual, funds (including interest accruing) in an individual development account under this Act shall be disregarded for such purpose with respect to any period during which such individual maintains or makes contributions into such an account.

Minnesota State Colleges and Universities (MnSCU)

Minnesota State Colleges and Universities is a system of 32 public colleges and universities located throughout the state of Minnesota. The system consists of 25 two-year colleges (community and technical colleges) and seven state universities. It is one of the largest higher education systems in the United States, serving more than 235,000 enrolled students in credit-based classes annually, and an additional 130,000 students in non-credit classes.

• State universities are four-year institutions offering programs leading to bachelor’s, master’s and advanced degrees.
• Two-year colleges offer flexible choices. You can get a start on a bachelor’s degree and transfer after two years. Or you can enroll in a technical program and learn skills that lead directly to a career.
• Community colleges offer courses that can get you started on a bachelor’s degree. You can take your first two years of courses at a community college and then transfer to a four-year college or university. Community colleges also offer career programs leading directly to a job.
• Technical colleges provide students with knowledge and skills for specific careers.
• Combined community and technical colleges combine technical and community college programs in one two-year college. You can get a start on a bachelor’s degree and transfer after two years, just like you can at a community college. Or you can enroll in a technical program and learn skills that lead directly to a career, just like you can at a technical college. 

System Information (888) 667-2848
Online Programs www.minnesotaonline.mnscu.edu

Secondary Education Procedure for Identifying Accredited and Public Institutions

Law reads:  higher education expenses can be used for “post-secondary educational expenses at an accredited public post-secondary institution including books, supplies, and equipment required for courses of instruction.”

This is a procedure to find those schools that are accredited and the questions to ask to find out if the school is public and not private.

Step 1:  Go to the U.S. Department of Education web site.  They have general information about accreditation of U.S. institutions.  They keep a list of recognized accrediting organizations.

Eight (8) regional accrediting institutions exist.  Minnesota is part of the North Central Association of Colleges and Schools/Higher Learning Commission.

Step 2:  You can search accredited schools in the region by clicking here:  (this would include public and private) 

Information about Distance Learning programs can be found from this resource: http://www.ncahigherlearningcommission.org/resources/distancelearning/ 

Step 3:  Now that you have information on accreditation, you will need to verify whether or not the institution is public.  If it does not state on the web site if they are public or private, you will have to call them. You will want to find their 1-800 phone number from their web site.  When you call them, you want to ask, “Are you a public institution?”  If they say they are a publicly-traded company (for profit) they are not eligible to participate as a vendor in the FAIM program.  You must find out the company is a public, post-secondary institution.  Public higher learning accredited institutions receive their funding from public sources; for example State funding and Federal funding.