Determining Your Need
Need at St. Olaf is the difference between the cost of one year at St. Olaf and the amount we believe you and your family can contribute to your education. We determine how much you and your family can contribute by assessing the information you submit on the Free Application for Federal Student Aid (FASFA) and the CSS PROFILE.
Your parents’ financial situation and the amount you and your parents would be expected to contribute to your education are reviewed annually. The size of your family and the number of family members in college are also factors in the calculation. Your family’s contribution is not necessarily expected to come from monthly cash flow. For many families, contributions are financed over time.
After we have determined your level of financial need, we will provide a financial aid package that might include all or some of the following forms of aid: gift assistance (scholarships and grants), loans and student work on campus.
Eligibility for need-based aid is based on each family’s unique financial circumstances. To calculate this need, the federal government has developed a uniform calculation to determine how much each family is expected to contribute towards educational costs.
First, a formula is used to establish your Expected Family Contribution (EFC). The lower your EFC the more aid you will received from St. Olaf. This number is then used to determine your financial need through this formula:
Cost of Attendance - Expected Family Contribution = Financial Need
The Cost of attendance is determined by St. Olaf College and includes tuition, room, board, fees and books. Students who live outside Minnesota may also have a travel component added to their cost.
To get a rough estimate of your family’s EFC, use an EFC Calculator. Subtract this number from the sost of attendance at St. Olaf and you should get a ballpark figure of your financial need.
Filing for Financial Aid
Step 1
Complete Your Application for Admission to St. Olaf College.
The St. Olaf Application for Admission gives the college all the information it needs to make an admissions decision. The priority date for applying to St. Olaf is February 1, 2008, for all regular decision candidates. If you wish to apply early decision or early action or have any questions about important dates check the admissions deadlines page.
The supplement to the Common Application will contain the Scholarship Application for merit scholarships. If you wish to apply for merit scholarships (scholarships based on achievement) submit the application by the appropriate deadlines. Do not confuse this with the application for financial aid.
Step 2
Complete the CSS PROFILE Application.
St. Olaf requires all first-year students to complete the CSS PROFILE Application. A PROFILE registration packet is available in most high school guidance offices or by calling PROFILE directly at 1-305-829-9793. You can also complete the PROFILE online. You must include St. Olaf's School Code, 6638, in order for the financial aid office to receive your results.
In a case where the student’s parents are separated or divorced it is the obligation of the custodial parent, or the parent with whom the student lives most of the time, to complete the PROFILE. Once completed, the student will receive an email alerting them that their noncustodial parent also needs to complete information on the CSS PROFILE. The student will be given a password that they can forward to their noncustodial parent, so that the form can be completed and submitted by the noncustodial parent electronically.
A good way to get started collecting the information you will need to complete the PROFILE is to download and print the PROFILE Pre-Application Worksheet. To do so, log on to www.collegeboard.com and view the PROFILE Pre-Application Worksheets. If you do not have Adobe Acrobat Reader it is available free of charge.
While there are priority dates listed below, you are encouraged to complete the CSS PROFILE at your earliest convenience to allow the financial aid office to begin processing your award.
Priority Dates:
Early Decision: November 1
Early Action: December 1
Regular: February 1
Step 3
Acquire and complete the Free Application for Federal Student Aid (FAFSA).
Apply for federal financial aid by completing the FAFSA. You can complete the FAFSA using a paper-based form available from your high school guidance office or online at www.fafsa.ed.gov.
The FAFSA cannot be turned in before January 1 of the year you are entering college. You must include St. Olaf's school code, 002382, in order for the financial aid office to receive your results.
That's it! After you have completed these steps, you can sit back and wait for us to notify you about your eligibility for need-based financial aid. If you do decide to attend St. Olaf, we will keep you posted throughout the summer about any paperwork necessary to get your financial aid disbursed.
