Grants
Grants, unlike loans, do not have to be repaid and are need-based. Any grant recieved as a part of a financial aid package is credited directly towards a student’s tuition account. St. Olaf offers many need-based grants to students.
St. Olaf Grants
Last year, St. Olaf Grants ranged from $1,000 to $35,265 annually. St. Olaf Grants are need-based gifts from the college to the student that do not need to be repaid. The amount of the grant is based on the amount of need the family demonstrates through completion of the CSS Profile. St. Olaf Grants are funded through the generosity of alumni, parents and friends of the college, and other St. Olaf funds. Keep in mind, merit scholarships also become a part of the need-based aid package.
Federal Pell Grants
Pell Grant awards ranged from $555 to $5,500 for 2011-2012. Pell Grants are awarded by the federal government and are available to students with high financial need. Like all grants, the Pell Grant does not need to be repaid and is applied directly towards tuition. Eligibility for Pell is determined by using the estimated family contribution (EFC) calculation derived when the family completes a FAFSA.
Federal Supplemental Educational Opportunity Grants (SEOG)
SEOG awards range from $500-$3000 annually. Preference in the SEOG program is given to students who are Pell Grant recipients.
Minnesota State Grants
Minnesota State Grants ranged from $100 to $9391 for 2011-2012. Minnesota State Grants are awarded to eligible Minnesota residents on the basis of need and do not have to be repaid. Amount of the grant is determined once the state budget is set in July prior to the student's first year. We provide an estimate in the financial aid award based on the previous year's amount.
Teach Grant Program
The TEACH (Teacher Education Assistance for College and Higher Education ) Grant program is a new federal grant program that provides grants of up to $4,000 per year to students who plan to teach full-time in high-need fields in public or private elementary or secondary schools that serve low-income students. Recipients of TEACH Grants must teach for at least four academic years within eight calendar years of completing their program of study.
IMPORTANT: Students who fail to complete the service obligation will have all amounts of the TEACH Grants received converted to Federal Direct Unsubsidized Stafford Loans which must then be repaid to the U.S. Department of Education. Interest will be charged from the date the grant was received.
Click here for more information about the TEACH Grant
