Afford. St. Olaf College

Transcription

1 Afford St. Olaf College

2 The St. Olaf College Financial Aid Philosophy Every student s and every family s financial circumstances are different. So are their attitudes and priorities when it comes to saving, investing, and spending. We believe the primary responsibility for financing a college education lies with students and their parents, up to the level of their ability to contribute. When there is a difference between a family s ability to contribute and the cost of a St. Olaf education, the college will award need-based financial aid to meet that difference. We view this philosophy as a three-way partnership between the student, his or her parents, and St. Olaf. Family income is not the only factor in determining eligibility for need-based financial aid. Consequently, there is no income ceiling above which aid is denied. Asset strength, family size, number of students enrolled in college, standard family living costs, and other financial circumstances all influence a family s ability to contribute to the cost of a St. Olaf education. Our financial aid program is carefully designed to consider each family s individual circumstances and to treat all families as fairly and equitably as possible. Here are a few things you should know about St. Olaf s approach to financial aid: 1. St. Olaf is one of very few colleges still committed to meeting the demonstrated financial need of all admitted students. An economically diverse student body is an important expression of our mission. 2. Our financial aid program is based on a thorough and consistent review of the information you and your family will be asked to provide. Family financial data will be evaluated using a standardized analysis to determine your family s ability to contribute to college expenses. Based on this analysis, we ll prepare the strongest need-based financial aid package we can.

3 3. We encourage you to choose the college that offers you the best educational experience you can afford, not the school that gives you the best deal. When you compare the variety of experiences, the access to faculty and facilities, the four-year graduation rate, and the post-college activities of recent graduates, the lowest price may not be the best investment. We believe a St. Olaf education is an outstanding value. 4. Meeting deadlines is extremely important. To be eligible for all need-based financial aid sources and merit scholarships, you must meet the stated application deadlines. To be considered for need-based financial aid you must: > Complete and submit the Common Application by one of our three application deadlines and check the appropriate box indicating your intent to apply for financial aid. The Early Decision 1 deadline is November 15. The Early Decision 2 deadline is January 15. The Regular Decision deadline is January 15. > Complete and submit the CSS/Financial Aid PROFILE by February 1. > Complete and submit the Free Application for Federal Student Aid (FAFSA) by March 1. If you do not meet the CSS PROFILE and FAFSA submission deadlines, we may not be able to meet your demonstrated financial need. For merit scholarship consideration you must follow the instructions and meet the deadlines indicated in the Merit Scholarships section of our website.

4 Need-based Financial Aid Your eligibility for need-based financial aid is determined by calculating the difference between the Cost of Attendance (see chart) and your family contribution as calculated by St. Olaf using information from the CSS PROFILE and FAFSA applications. St. Olaf s expectation is that you will be able to contribute a minimum of $2,300 per year from summer earnings or other resources. Need-based financial aid awards may include a combination of the following: > Scholarships St. Olaf College funds or other funds awarded in recognition of a student s academic record and demonstrated abilities. These funds do not need to be repaid. > Grants St. Olaf College, federal, and state funds awarded on the basis of financial need. These funds do not need to be repaid. > Student Employment The opportunity to work on campus. > Loans Subsidized and unsubsidized loans that must be repaid. Need-based grants and merit scholarships awarded First-year students, Fall 2012 Students with demonstrated financial need Students with no demonstrated need or who did not apply for aid Need-based grants only Need-based grants and merit scholarships Merit scholarships Number of first-year students receiving awards Percentage of first-year students receiving awards % 43% 23% Median award amount $27,740 $24,748 $12,000 Award range $5,000-$39,070 $2,000-$39,326 $2,000-$24,325 Cost of Attendance ( ) Tuition $39,560 Room and Board $9,090 Comprehensive Fee: $48,650 Books and Supplies (est.) $1,000 Personal Expenses (est.) $900 Total Cost $50,550

5 Student Employment St. Olaf offers the opportunity to work on campus to students with demonstrated need. Award amounts range from $1,200 to $2,300, representing approximately 6 to 10 hours of work per week. The average award recipient earns approximately $1,150 during the academic year. Student Loans Almost every need-based financial aid award includes student loans. We believe that a college education is an investment in the future and every student should be willing to take on a reasonable amount of debt to help pay the expenses. Approximately 65% of the graduating class of 2011 used student loans to pay a portion of their college expenses. The average student indebtedness including federal, state, and private sources was $25,854, which is approximately the national average. We strongly encourage every student and his or her family to think carefully about the impact of student loans. For an estimate of the repayment requirements after college, there are a variety of online tools. A good one may be found at finaid.org. Merit Scholarships St. Olaf merit scholarships are awarded to students without regard to financial need. These awards recognize student achievement in academics, service leadership, and the fine arts. Students are considered for academic and service leadership scholarships based on information included in the application for admission, plus additional optional information students may submit to support their eligibility. Students are considered for fine arts scholarships on the basis of auditions or portfolio reviews by faculty in the fine arts departments. Students may apply for and receive more than one merit scholarship, but the total value of all merit scholarships may not exceed one-half of St. Olaf s comprehensive fee. For a complete overview of St. Olaf s merit scholarship programs, the application and audition process, application deadlines, and the criteria by which applications are evaluated, please visit stolaf.edu/services/financialaid. To be considered for any St. Olaf merit scholarship, you must check the merit scholarship box on the Common Application when you apply for admission. The following scenarios are examples of financial aid packages received by incoming first-year students from families of varying financial situations. These examples may help provide a sense of the need-based financial aid award you and your family might expect. Because there are many variables that go into need-based aid eligibility determinations, St. Olaf cannot guarantee that every student whose family feels they resemble one of these scenarios will receive a similar aid package. Sophia Sophia is from Texas. Her parents are married and she has one younger sibling. Her father is a bookkeeper and her mother is a nursing assistant. Their total family income is $60,000. They have less than $40,000 in home equity and investments. Their family contribution is calculated at $4,900 ($2,300 from Sophia and $2,600 from her parents). Her financial aid award is calculated as follows: Need-based Aid Award: Federal Pell Grant $1,800 St. Olaf Grant/Scholarship $36,350 Student Employment $2,000 Federal Direct Subsidized Loan $3,500 Federal Perkins Loan $2,000 Total Award $45,650

6 *TheamountsofthePresidentialandSt.OlafAcademicScholarshipswilbeincreasedin ,toannualawardsof$13,000and$10,000,respectively.

7 Leadership and Access Scholarships St. Olaf values the contributions our students make to others, both on and off campus. The St. Olaf Service Leadership Scholarship (total award of up to $32,000) recognizes leadership in students home communities or churches. The St. Olaf Access Scholarship (total award of up to $32,000) is awarded to students meeting at least two of the three federal TRiO eligibility requirements and our assessment of the candidate s ability to make a significant contribution to the St. Olaf community. Scholarship Applied Awards Annual ACT SAT GPA Class Award (avg) (avg) (avg) Percentile Service Leadership Scholarship 2, $8, St. Olaf Access Scholarship $8, Fine Arts Scholarships Scholarships recognizing creative achievement are available in four fine arts disciplines. Art and Art History, Dance, and Theater scholarships (total awards of up to $32,000) are based on auditions or portfolio reviews. Music offers two scholarships, the Christiansen Scholarship (total award of up to $46,000) and the Cassler Scholarship (total award of up to $30,000). All St. Olaf Fine Arts scholarships are available to both majors and non-majors in the respective disciplines. Please review application requirements and deadlines on our website. Scholarship Applied Awards Annual ACT SAT GPA Class Award (avg) (avg) (avg) Percentile Art and Art History, Dance and $4,000- Theater Scholarship (combined) $8, Christiansen and Cassler Music $7,500- Scholarships (combined) $11, St. Olaf Music Recognition Scholarship $2, Daniel Daniel is from Colorado. His parents are married and he has two younger siblings. His father is a pastor and his mother is a guidance counselor. Their total family income is $110,000. They have $220,000 in home equity and investments. Their family contribution is calculated at $19,800 ($2,300 from Daniel and $17,500 from his parents). His financial aid award is calculated as follows: During Daniel s sophomore year at St. Olaf, his younger sister will also be enrolled in college. When the family has two students in college, their demonstrated financial need will increase. If the family s financial circumstances remain essentially the same, Daniel s St. Olaf grant would increase to $12,250. If he continues in good academic standing, Daniel would retain his Merit Scholarship each year he is enrolled at St. Olaf. Need-based Aid Award: St. Olaf Grant $4,950 Buntrock Academic Scholarship $18,000 Student Employment $ 2,300 Federal Direct Subsidized Loan $ 3,500 Federal Direct Unsubsidized Loan $ 2,000 Total Award $30,750

8 Net Price Calculator To assist you with your planning and provide an early estimate of what you may expect to pay to attend St. Olaf College, please use our Net Price Calculator. It will provide an estimate of the financial aid package you can expect. Please be aware that this estimate is based on the preliminary information you provide. We can t make any commitment until you ve applied, been admitted, and have completed the CSS/Financial Aid PROFILE and the Free Application for Federal Student Aid (FAFSA). These applications provide the information needed to determine scholarships, grants, loans, and student employment to meet your demonstrated need. To use the Net Price Calculator, go to stolaf.edu/services/financialaid/estimator.html Financial Aid Timeline Need-based financial aid application and award dates for students applying for Fall 2013 admission. Financial Aid Deadlines Early Decision 1 Early Decision 2 Regular Decision Complete and submit the CSS/Financial Aid PROFILE November 15* January 15* February 1 Complete and submit the FAFSA March 1 March 1 March 1 Financial Aid Award Notification** On or before On or before On or before December 22 February 22 March 22 * Use estimated figures for income and assets. Update with actual figures by February 1. ** Students also applying for merit scholarships may receive financial aid award notifications slightly later, to accommodate the merit scholarship application process. Financial Aid Quick Links Financial Aid Office: Merit Scholarship Information: FAFSA: CSS/Financial Aid PROFILE: stolaf.edu/services/financialaid , [email protected] stolaf.edu/services/financialaid/meritaid.html stolaf.edu/services/financialaid/fafsa.htm stolaf.edu/services/financialaid/profile.htm For more information about all St. Olaf College financial aid programs, please visit our website at stolaf.edu/services/financialaid. St. Olaf College 1520 St. Olaf Avenue Northfield, MN 55057