Need-Based Financial Aid

Determining 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.



Calculating Your Need

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. For the 2007-2008 school year, St. Olaf's COA is $40,250 ($38,500 Comp Fee: tuition, room and board; plus $1,750 for books and personal expenses). 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 Cost of Attendance at St. Olaf and you should get a ballpark figure of your financial need. There are many other helpful calculators available on the Financial Aid Debt Management webpage.



Typical Questions

What forms do I need to apply?
For the 2008 - 2009 academic year your will need to complete the 2008 - 2009 Free Application for Federal Student Aid (FAFSA) and the CSS PROFILE (both are available online). We also ask that you and your parents submit signed copies of your year 2007 federal tax returns (if you filed).

When should I apply?
In general, the sooner the better. St. Olaf has a priority deadline of February 1. If you submit all of the forms to us by February 1, 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 February 1st 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 will be full.

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 EFC Calculator. These are both good ways to get a more specific idea about the individual costs, and a better sense of how we determine need.

What was the average aid award last year?
$17,000 for the 2002 - 2003 school year. This includes scholarships, St. Olaf grants, state and federal grants, student loans, and work-study awards.

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 an aid award?
60% of new first-year students received need-based financial aid. Of the total need-based aid received:

  • 72% was scholarship/grant assistance*
  • 11% was loan assistance
  • 11% was student work

83% of all new students who applied for need-based aid received assistance.

*This figure includes scholarship/grant assistance from outside sources.

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. 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 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 make sure that every qualified student can afford to stay here for four years, and, if requested, the Financial Aid Office will review awards on a case by case basis.

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 the 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 get this information from your FAFSA and St. Olaf Application for Financial Aid.