Frequently Asked Questions
When should I apply for financial aid?
In general, the sooner the better. St. Olaf has a priority deadline of January 15. If you submit all of the forms to us by January 15, we will have enough time to process your application and notify you of your eligibility for aid in plenty of time for you to make a decision about which college you want to attend by the National Candidate Reply Date of May 1. If you miss our January 15 deadline, we will still consider you fully for all forms of need-based financial aid. St. Olaf will never rescind an offer of admission simply because we do not have financial aid information. However, students who wait until after May 1 run the risk that the first-year class may become full.
What is the difference between merit scholarships and need-based aid?
Merit scholarships consists of scholarships that are awarded to students for specific talents or accomplishments: academic, service-oriented, or otherwise. They are awarded without regard to a family's ability to pay for college.
Need-based aid is awarded to admitted students purely on your financial status, and without regard to specific achievements.
How do I apply for need-based aid at St. Olaf?
To apply for need-based aid, incoming students need to complete the CSS PROFILE, which is available in the fall. After January 1, students should complete the FAFSA. St. Olaf uses information from both documents to determine your eligibility for financial aid.
What is St. Olaf's CSS PROFILE and FAFSA code numbers?
St. Olaf's federal code number for the FAFSA application is 002382. St. Olaf code number for the CSS PROFILE application is 6638.
Can I get an aid award before I apply?
No. Students will receive an aid award only after they have been accepted -- but before they have to make a college choice. However, you can begin the application process before you know whether or not you have been accepted. That way, everything will be in place once a decision is made.
Is there a way to get an idea of how much aid my family would qualify for before I apply?
Yes, your family can use an Expected Family (EFC) Calculator. This is a good way to gain a more accurate sense of your family's potential costs, and a better sense of how St. Olaf determines need.
Does applying Early Decision hurt my chances of getting financial aid?
Absolutely not. The Financial Aid Office makes no distinction between Early Decision and Early Action/Regular students when making an aid award.
What makes up a St. Olaf aid award?
Financial Aid awards at St. Olaf are made of up four distinct components: grants, scholarships, student work and loans. In 2006-07, 65 percent of new first-year students received need-based financial aid. Of the total need-based aid received:
- 72% was scholarship/grant assistance*
- 19% was loan assistance
- 9% was student work
87% of all new students who applied for need-based aid received assistance.
*This figure includes scholarship/grant assistance from outside sources.
Is there student work for students who do not qualify for aid?
Student work is a financial aid program. Students who have a work award as a component of their financial aid award are eligible to work on campus.
Does St. Olaf offer any athletic scholarships?
No. We are an NCAA Division III school, which prevents us from offering any scholarships tied to athletics. However, many of our student-athletes have qualified for other scholarships or grants, including academic scholarships and need-based aid.
What if my financial situation changes during the year?
St. Olaf will occasionally revise an aid award in the middle of the academic year. The intent of the process is to ensure that every qualified student can afford to attend St. Olaf for four years; thus, if requested, the Financial Aid Office will review awards on a case-by-case basis.
What happens to my financial aid award after I complete my first year?
St. Olaf guarantees to meet demonstrated need for each of the four years a student is enrolled here. Since our cost changes annually, and because family financial situations also change annually, St. Olaf recalculates aid awards every year. However, if your family's financial status does not change drastically from one year to the next, you can expect your financial aid to be fully renewed each year.
What happens to my financial aid award if I study overseas?
Any need-based aid or merit scholarships, that you receive from St. Olaf will still be available if you decide to study overseas or off-campus through an official St. Olaf program.
There are also some additional scholarships available to help defray the extra costs associated with studying abroad. You will be told how to apply for these scholarships when you are accepted to a program. Additional loans (for students or parents) will also be available once you are accepted to an abroad program.
If I don't qualify for any scholarships, are there other ways to help pay for school?
We encourage students to apply for outside sources of aid, especially through your local community, high school, church and community organizations. Oftentimes, parents' employers offer scholarships for children of employees. Researching and applying for scholarships is time-consuming, but it can really pay off. Try your local library for books of possible scholarship sources. You may also try a free scholarship search database on the web. Fastweb is available through FinAid.org, an extensive web-site about financial aid originally sponsored by the National Association of Student Financial Aid Administrators, a highly regarded professional organization.
If I receive outside scholarships, won't that just reduce the amount of aid I get from St. Olaf?
No! You are always better off when you receive outside scholarships. St Olaf's institutional policy is that we do not reduce our need-based gift aid when you receive an outside scholarship unless all self-help (work and loan) has already been removed from your package. (This very rarely occurs.) We will never reduce a merit scholarship if you are awarded an outside scholarship.
Federal regulations do require that we consider outside scholarships when we determine your eligibility for need-based work and loans. Consequently, we may need to reduce need-based student work or loans when you receive outside scholarships. However, if you do need more money to pay for school, the need based loan may be replaced by a non-need-based loan. The bottom line is sometimes outside scholarships are just "added to the package" and sometimes work and loans are reduced (i.e. you have to work or borrow less to pay for college). No matter what, you are still better off receiving outside scholarships.
Can transfer students receive financial aid?
Yes. Transfer students must complete both the FAFSA and the CSS PROFILE.
Can international students receive financial aid?
There is limited financial aid available for international students, and no full scholarships are offered. International students are encouraged to contact Luyen Phan at phan@stolaf.edu for more specific information about aid and admissions. Also, check out the International Student section of the Financial Aid website.
What if my parents are divorced?
St. Olaf looks at the custodial parent when making an aid award. However, we will ask the non-custodial parent if they are able or willing to contribute towards a student's education. Any and all information we collect from either parent remains completely confidential, and will not be shared with anyone outside the Office of Financial Aid.
What if I have brothers or sisters in school?
Size of your family is certainly a factor in determining financial need. We will automatically take costs associated with sending other students to St. Olaf or other colleges into account when making an award. We retrieve this information from your FAFSA and your St. Olaf Application for Financial Aid.
