1. Are there financing options available?
The cost of attending Saint Mary's College is comparable to that of attending many other selective private colleges. Help is available from our professional staff to determine eligibility for aid from federal and state sources, private agencies, and from Saint Mary's own funds.
In 2007-2008, over 90% of Saint Mary’s students received nearly $27 million in financial aid in the form of scholarship, grant, loan and work opportunities.Of these funds, over $14.1 million were from Saint Mary’s College, in the form of grants and scholarships.
Help is also available for families seeking tuition payment plans and parental loans.
2. Is Saint Mary's affordable for my family?
Saint Mary's is an exceptional value-- as well as a sound investment in your future. However, we understand that affordability is a concern. This is why we offer non-need-based academic scholarships, need-based grants, campus employment, and loans to our students.
We encourage all students to apply for financial assistance, so we may help identify all available financing options.
3. What is the typical cost of a Saint Mary's education for the 2008-09 academic year for a resident student?
|
Tuition & Fees |
$28,212 |
|
Room & Board (Double Room-average) |
$8,936 |
|
Fixed Expenses |
$37,148 |
| |
|
|
Books |
$1,150 |
|
Misc. Expenses |
$1,350 |
|
Travel |
$ 350 |
|
Estimated Expenses |
$2,850 |
| |
|
|
Total Cost of Attendance |
$39,998 |
|
||
4. How is financial need determined?
The Financial Aid Office at Saint Mary's uses the Free Application for Federal Student Aid (FAFSA) and the CSS/Financial Aid PROFILE to collect information about a family's financial situation which determines their ability to contribute toward college costs. The reported income, family size, number in college, personal assets and unusual family expenses factor into the family's overall financial profile. The student's savings and base-year earnings also are included to determine the student's contribution.
Financial need is the difference between the cost of your education and what you might reasonably be expected to contribute to meet college costs. These contributions are determined using Federal Methodology, the federally approved system utilized by post-secondary institutions across the nation.
The formula is simple:
Cost of Attendance (Student Budget) - Expected Family Contribution (EFC) = Financial Need
5. My EFC figure doesn't seem like what we can actually afford to pay. Is this the amount we will be billed for this year?
No. The EFC is a budgetary figure used to determine financial need and eligibilty for Federal, state, and institutional funding. It does not necessarily reflect the actual amount you will be billed for the academic year. The FAFSA and PROFILE applications use different calculations to determine the EFC; we use both applications to develop a broader picture of the family's financial standing.
6. What kinds of assistance will be available to me, if I am eligible?
Several kinds of financial aid programs help students attend Saint Mary's College. Over 90% of our students are receiving financial aid in the categories of gift aid and self-help.
Gift aid is not subject to mandatory repayment. It may include scholarships and/or grants.
Self-help aid is either repaid or earned, such as part-time work through the campus employment program. It may also include low-interest, repayable loans , with repayment deferred until after graduation (in most cases).
7. Do I have to reapply for financial aid every year?
Yes. The Free Application for Federal Student Aid (FAFSA) and CSS/PROFILE applications are needed every year to determine your eligibility for aid. The deadline for both applications is March 1st.
In addition, you must:
Financial need is re-evaluated based on each year's new information; therefore, your aid award may change. Congress also occasionally changes Federal aid programs, so Federal aid amounts may fluctuate. Other factors can affect your aid eligibility, including (but not limited to) the following:
Remember, these are general guidelines. Your actual award will be based on your specific financial information and the availability of aid programs each year. Questions about any changes in your award should be directed to the Financial Aid Office.
We understand that students need to know of any financial aid changes as soon as possible, and we will do our best to provide information about your aid package in a timely manner. Submitting your applications and supplemental documents on time will help expedite processing. Remember, the deadline for verification paperwork is April 30th.
Please note that these are our goals for estimated release dates.
10. When will I be billed?
The bill for fall semester is typically mailed in July and is due prior to the start of fall classes in August. The spring semester bill is typically mailed in December and is due prior to the start of spring classes in January.
11. How and when do I apply for a Stafford Loan?
If your award package includes a Federal Stafford loan, you must complete both the Master Promissory Note and Stafford Loan Entrance Counseling for the loan to be processed. You may do both online . If you prefer paper versions, please notify us and we will provide the necessary forms.
For expedited processing and accurate reflection of your aid on your July tuition bill, we recommend completing these requirements prior to June 1st.
12. Are part-time jobs available on campus?
Saint Mary's offers students employment opportunities that are supervised directly by our faculty and administrators. Some of the position options are:
Campus employment generally requires the student to work between 5 and 15 hours per week during academic periods. Students can generally choose whether work earnings will be applied towards the tuition bill or paid out to the student (via paycheck or direct deposit into a bank account).
Priority for campus employment is given to students who complete the financial aid process and demonstrate financial need. Campus employment is included as part of the financial aid package for those students. Students who either do not apply for financial assistance or who do not demonstrate financial need may be considered for the remaining campus employment opportunities.To view the jobs available, refer to the job listings on our campus employment website.
13. My award letter does not reflect campus employment or Federal Work-Study. Can I still work on campus?
Yes! For 2007-08, award letters will only include work awards for those qualify for Federal Work Study or Federal Work Study Community Service. This is a change from prior years.
Federal work study awards limit how much the student may earn without impacting other types of aid, so the award must be included in the financial aid package.
Students who do not demonstrate financial need (or who did not apply for financial aid) may still work on campus, but employment will not show as part of the aid package. You may still choose whether to apply your earnings toward your tuition bill or receive a paycheck/direct deposit. You may apply for any campus job, except Federal Work-Study Community Service positions.
14. How do I get a job on campus?
Check our web site for current job listings. When you find a position that interests you, contact the supervisor noted. You must fill out payroll documents before you can receive a time card and begin working.
15. Are students required to live on-campus?
Please refer to the information provided by Residence Life regarding living on-campus and room selection/assignment.
16. Will my financial aid change if I move off-campus?
Students who choose to live in off-campus housing are awarded institutional aid using a differentiated policy.
Because of these potential changes, careful analysis of on-campus versus off-campus costs should be done before your final decision is made. If more specific information is needed, we advise you to contact your financial aid counselor.
If you are changing your housing status, please notify the Financial Aid Office.
17. Will my financial aid change if I receive an outside scholarship?
The receipt of any scholarship, grant, or loan not listed on the original award letter must be reported to Financial Aid as soon as you are aware of the award. Some adjustment to your existing aid may be necessary, depending on the amount of the new funding and whether it is restricted to tuition or can be applied to other costs. If an adjustment to your existing aid is necessary, you will be notified.
As a general guide, you may see an adjustment if you have:
18. I am filling out a form requiring my Saint Mary's student ID number. Where do I find that?
Your student ID number begins with the numbers "980." It can be found on your Saint Mary's College ID card, Student Accounts billing statement, transcript, or PRISM account. ID numbers for incoming students are at the bottom of the 2007-08 Preliminary Financial Aid Award Letter.
If you are still unable to locate your ID number after checking these sources, you may substitute your Social Security number (in most cases).
19. My Indiana State Grants (SSACI) are not coded for the correct school. What should I do?
Saint Mary's College needs to be listed as the first school on your FAFSA. Our school code is 001836. The change can be made in several ways:
If you are changing schools during the academic year, follow the same instructions to update your school choice on the FAFSA .
Comments, Suggestions & Questions E-mail: finaid@saintmarys.edu
For questions regarding billing, please contact the Student Accounts Office: dbarnes@saintmarys.edu
