Frequently Asked Questions
Financial Aid · 877-235-8386 · Student Accounting Office · 866-640-4702
Q. Which office can answer questions about finances?
A. If the question you have is regarding your financial aid package and/or any student loans, you should contact the Financial Aid Office at 877-235-8386. If your question is regarding your tuition bill and/or making payments on your account, you should contact the Student Accounting Office at 866-640-4702.
Q. Where are these offices located, and what are their office hours?
A. Both the Financial Aid and Student Accounting offices are located in the Administration building. The Student Accounting and Financial Aid offices’ hours are 9:00 am-5:00 pm Monday through Friday. You may make payments on your account at the Business Office, also located in the Administration building, which is open 9:00 am -3:30pm Monday through Friday. All offices are closed during Chapel.
Q. How will the Financial Aid Office communicate with me this summer?
A. The St. Olaf Financial Aid Office (and many other offices on campus) will communicate with you via your new St. Olaf email account. Be sure to check it regularly—we will notify you if we need anything from you and your parents to continue processing your aid.
Q. When and to whom is the tuition statement mailed?
A. In late July, the bill for fall semester will be mailed to the student’s permanent address. If a student wishes to have his or her bills mailed to another address, he or she may create a billing address in the Student Information System (SIS) within the Personal Information section. In order to protect our students’ privacy and information, students have control over their address information and they must be the ones to log-in to change billing or other addresses.
Q. When are payments due?
A. Fall semester payments are due Friday, August 15, 2008. Spring semester payments are due Friday, January 16, 2009. A 1% finance charge will be assessed monthly on unpaid accounts.
Q. What other charges might I incur during the school year?
A. There may be additional charges after your initial fee statement is sent in July. These include, but are not limited to: music lessons, course fees, supply charges, parking tickets, fines, and interim program fees.
Q. How do I pay for books?
A. Generally, students use credit cards, cash, Ole Dollars or checks to pay for books. Your financial aid budget includes an estimate for book expenses. If you received a financial aid package that exceeds the cost of tuition, room, board, and books, you might be able to receive funds to help you pay for books. However, this money will not be available for you to use until all of your financial aid has been disbursed (usually after the first week of the semester). If your financial aid is greater than the charges on your account, it will result in a credit on your account that can be withdrawn at the Business Office, issued as a check, or allowed to carry forward to the next semester.
Q. When is the First Payment/ deposit for the following school year due?
A. A $600 deposit for the following year will be due March 13, 2009. This payment allows you to participate in room draw and registration for the following year. Credit cards are accepted for this payment only. All account balances must be paid in full before the reservation deposit will be accepted.
Q. I already have my financial aid award—what happens next?
A. If you are receiving any kind of financial aid from St. Olaf, our office will finalize your financial aid award this summer, incorporating any outside scholarships you have been awarded. You will receive an email at your St. Olaf e-mail address instructing you to go online and accept your final financial aid package. If you are receiving need-based aid, your award will not be finalized until you and your parents have submitted copies of your 2007 signed federal income tax returns and your verification form (included in the award packet). Check out the orange timeline in this binder for deadline submission dates.
Q. How is financial aid disbursed?
A. Financial aid is disbursed by semester. Half of your financial aid will disburse at the beginning of fall semester and the other half spring semester. St. Olaf grants and scholarships automatically disburse before the bill is sent in July, as long as you have completed and returned the necessary verification and tax forms found in your black financial aid folder. Federal and state grants disburse at the start of each semester, if your award has been finalized. All loans, federal or private (e.g. Stafford, Perkins, SELF, PLUS), will disburse at the beginning of each semester if you have completed the appropriate loan applications and the loan has been approved by the lender.
Q. How will I know when my loan(s) are approved?
A. For Stafford, SELF, PLUS and private alternative loans, you will receive a disclosure statement from the lender notifying you of the loan approval and disbursement dates (which will coincide with our semester dates). If you have not received a disclosure statement by August 15, and applied for the loan by July 15, contact the lender or the Financial Aid Office. (The Perkins Loan does not require additional approval—if a Perkins Loan is in your final financial aid award, you will be asked to sign a promissory note when you arrive on campus).
Q. What are loan fees?
A. Most lenders charge origination/default fees on their loans. The fees will be deducted from the loan amount before the money is sent to St. Olaf to be disbursed on the students account. Fees are between 0-4%. Please check the disclosure statements from your lender to determine the fee that may have been charged on your loan.
Q. Why doesn’t my financial aid appear on my bill?
A. If you receive your bill in July and your financial aid is not showing on the bill, this means your award has not been finalized. Contact the Financial Aid Office to find out what might be missing from your file.
Q. How can work-study be used to pay my tuition?
A. The student will need to complete the Direct Deposit and Tuition Deduction Authorization Form found in your black financial aid folder. You can also print this form online and return it to the Financial Aid Office. http://www.stolaf.edu/services/financialaid/forms/GeneralForms/directdeposit.doc This will allow you to have your student work earnings go towards your tuition or straight into a checking or savings account. This can be changed at any point throughout the school year.
Q. Who is eligible for work-study?
A. Only students who receive need-based aid are eligible for work-study. If you are eligible, your financial aid award will contain a student work award amount.
Q. Is work-study guaranteed?
A. First-year students are provided with a work assignment. Students are paid for the hours they work each pay period and must schedule the appropriate number of hours per week to earn their full work awards, e.g. 10 hours/week to earn approximately $2,300 for the year. Students who need assistance in finding more hours to earn their work award should contact the Financial Aid Office. Q. Are there any documents I need to bring to campus with me if I plan to work on campus? A. YES! Before you can start working on campus, you will be required to complete an I-9 Verification Form, in person. In the binderwe have listed the specific forms of identification we can accept to verify your employment status. You must bring original documents—we cannot accept photocopies! If you have any questions about these forms please email Brian Murphy (murphyb@stolaf.edu) or Marlene Coon (coon@stolaf.edu) or call the Financial Aid Office.
