Frequently Asked Questions – Financial Aid Process
What is the financial aid process?
Step 1: Free Application for Federal Student Aid (FAFSA)
- Apply for a Personal Identification Number (PIN) at www.pin.ed.gov
- After receiving the PIN, complete a FAFSA at www.fafsa.ed.gov
- Saint Mary’s University of Minnesota Federal School Code: 002380
Step 2: Receive Student Aid Report (SAR) from the Federal Student Aid Center
- Review SAR for incorrect information, missing information or a request for additional documentation
- Make corrections at www.fafsa.ed.gov
- If additional documentation is required, submit documentation to:
- Saint Mary’s University of Minnesota
- Financial Aid Office
- 2500 Park Avenue
- Minneapolis , MN 55404
Step 3: Receive email from Financial Aid Office confirming receipt of FAFSA form
- Review eligibility requirements have been met to receive federal student aid by:
- Being a fully, admitted degree seeking student
- Being registered as a half-time student; typically defined as 4 graduate credits at Saint Mary’s
Step 4: Receive Award Letter from Financial Aid Office
- 6-8 weeks after the completed FAFSA has been received and a student is fully admitted and registered as a half-time student, a financial aid award packet will be created
- The financial aid award will be comprised of Federal Stafford Loans
- Review the financial aid award letter and determine how much to borrow
- Complete the Stafford Loan Entrance Counseling and Master Promissory Note
- Return any required paperwork to: Saint Mary’s University of Minnesota Financial Aid Office, 2500 Park Avenue, Minneapolis, MN 55404
Step 5: Disbursement of Financial Aid
- Loans will be applied to the students’ Saint Mary’s tuition billing account within 10 days upon receipt of all required documentation or the scheduled 1 st semester disbursement date.
- After the tuition for St. Mary’s University has been paid, any excess funds will be returned to the student by the Business Office within 10 business days and the student is then responsible for paying NORDA.
What type of loan program does Saint Mary’s University of Minnesota utilize?
Saint Mary’s University of Minnesota works with the Federal Stafford Loan program which includes both subsidized and unsubsidized loans. Subsidized loans are need-based and the interest is paid for by the government while the student is in school. Unsubsidized loans are non- need-based and the student is responsible for the interest while in school. Please contact the financial aid office for information on grants/scholarships. See also this document for more details.
How many credits do I need to be registered for to receive financial aid?
A student needs to be registered at least half-time – typically, four (4) graduate semester credits for graduate students in order to be eligible for financial aid. See this letter for course information.
How long does the financial aid process take?
Please allow six to eight weeks from the time the student has been fully admitted as a degree-seeking student to Saint Mary’s University of Minnesota, registered for enough credits to be considered half-time and the FAFSA form has been completed.
Can I speed up the financial aid process?
Financial aid is a process that takes 6-8 weeks to complete. It is best to apply early and to review your SAR report to make sure the information is correct. Financial aid is year specific, so it is necessary to apply each year. The application is free and our office strongly encourages students to apply even if unsure financial aid will be needed to cover education costs.
What happens if registered for a class after the financial aid refund has been sent for the semester?
A student is responsible for payment for any classes after the financial aid refunds have been sent.
When is the first bill due and what happens if financial aid has not yet been disbursed?
The first bill is due the 15th of the month following the start of the class. For example, if a class starts the first week in September, the bill is not due for that class until October 15th. If a payment is late, there will be a 1% finance charge per month applied to the student tuition billing account. The student is responsible for the account balance if financial aid has yet to be applied. If the tuition bill is paid in full before the financial aid is applied, the student will receive a refund from financial aid. Applying early for financial aid will help to have funds in place before tuition is due.
Can textbooks be charged in the bookstore to the student tuition billing account, if I am receiving financial aid?
No, students must pay for their own textbooks and reimburse themselves after their financial aid refund is received.
What if I drop below half-time status after I receive my financial aid disbursement?
By dropping below half-time status, you are both ineligible for financial aid and failing to meet satisfactory academic progress. The remaining loan money on your account will be returned to your lender. You will also be placed on financial aid probation.
What is financial aid probation?
A student is placed on financial aid probation when satisfactory academic progress has not been met. Once a student has been placed on financial aid probation, the student must complete the number of credits registered and attain a cumulative Grade Point Average (GPA) of 2.0 for the next semester registered. Failure to do this will result in financial aid being terminated.
What if my financial aid is terminated?
A student failing to complete financial aid probation will have financial aid terminated. A student will have to complete a semester at their own expense, meeting the satisfactory academic progress. If a student completes this successfully, financial aid can be made available again for the following semesters.
What if my financial situation differs than what is reflected in my taxes?
Please complete a Letter of Special Circumstance and return to the financial aid office for consideration.
What about scholarships?
Saint Mary’s has a limited number of scholarships for students attending the Schools of Graduate and Professional Programs. In addition, the financial aid office has compiled a list of scholarships offered by outside third parties. Information on these scholarships can be found at: http://www.smumn.edu/AdvancedDegreeScholarships.aspx
Where can I find information on loan forgiveness?
Please go to the Federal Student Aid web site to find information at:http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp
How do I change my personal information, such as address, phone number, etc.?
All personal information, except name changes, can be changed by using WebTools. If you have changed your name, you will have to show proof of name change to our Assistant Registrar, Janet Barringer.
If you have received a Stafford Loan, you must also contact Great Lakes Educational Loan Services at 800-366-0032 to report name and addresses changes. Great Lakes will notify your lenders of the change in information.
Who do I contact about student loan deferment and enrollment verification? See contacts page.
Who do I contact if I have further questions regarding financial aid? See contacts page.