Financial Aid Basics

We’re here to help you finance your St. Thomas education. Read on to learn about:

• Financial Aid Basics
• St. Thomas Academic Scholarships and Awards
• Local/Community Scholarships
• Free Application for Federal Student Aid (FAFSA)
• Cost of Attendance
• Financial Aid Timeline
• Important Links

Financial Aid Basics   

Financial aid is any resource that is available to help you and your family pay for your college education. Financial aid includes, but is not limited to: scholarships, grants, student employment and student loans. Financial aid is provided by colleges and universities, the federal and state governments, private businesses, community groups and private lenders.

The important thing to remember is that there are many ways to finance your education. Don't assume you are not eligible for financial aid because your family has a certain income level. Many factors other than income are used to determine your ability to contribute to the cost of your education.

Scholarships
A scholarship is a gift given in recognition of academic achievement, special talents or contributions to school, community or church.

Grants
A grant is a gift given on the basis of financial need. By completing the Free Application for Federal Student Aid (FAFSA), you are automatically considered for grant funds.

Loans
Student loan programs allow you to borrow money to help pay for your education. Loans must be repaid. Generally the repayment of student loans is deferred until after you complete your education.

Work-Study / Student Employment
Work-study allows you to help pay your college costs by working an on-campus, part-time job or an off-campus community service position. While priority consideration for student employment is given to students who demonstrate financial need, all students at St. Thomas are eligible to apply for employment on our campus.

St. Thomas Academic Scholarships and Awards   

St. Thomas Academic Scholarships and Awards are merit-based awards given to more than 95 percent of incoming freshmen. The funds are awarded based on academic achievement and contributions made to one's school, community, and/or church. Admitted freshmen are automatically considered for these funds. In 2010-2011 these scholarships and awards ranged from $1000 - $20,000 per year.

St. Thomas also offers additional scholarships. You may apply for these scholarships once you have applied for admission and been accepted.

Community Scholarships   

University of St. Thomas students receive more than $2 million annually in private scholarships. Sources include local foundations, community agencies, corporations, clubs, civic organizations, parents' employers, etc.

With more than 700,000 scholarships available nationally from more than 25,000 sponsors annually, careful planning is required to receive some of these awards. It is never too early to start looking for scholarships to help you pay for college.

Each program has unique eligibility requirements, application forms and deadlines. Some are based on demonstrated financial need, while others may be based on your academic achievement, religious affiliation, ethnicity, community involvement, artistic talents, career plans or field of study, co-curricular activities, special hobbies and/or interests.

Our website provides useful links to eight free scholarship search providers.

Note: St. Thomas does not decrease the amount of a student's institutional scholarship based upon receipt of an outside scholarship.

Free Application for Federal Student Aid (FAFSA)   

The Free Application for Federal Student Aid is the universal financial aid application the federal government uses to collect the information to determine a student’s Expected Family Contribution (EFC). This information is sent to the schools listed on the student’s FAFSA and each school uses the EFC to determine a student’s demonstrated financial need and eligibility for financial aid from the federal and state governments and institution(s).

College-bound students can file their FAFSA any time after Jan. 1 of their senior year. While the FAFSA is optional, we highly recommend that all students file this application. At the very least, every student who files a FAFSA gains eligibility to borrow a federal student loan to help pay for their education.

The easiest way to complete this form is online at www.fafsa.gov.

Financial aid estimators and calculators are also available to help you before you file.

Cost of Attendance   

There are many variables that comprise the cost of attendance. At St. Thomas, we include all costs associated with your education in our total cost of attendance figure. The 2011-2012 cost breaks down as follows:

A detailed cost sheet is available on our website.

Financial Aid Timeline   

View the Financial Aid Timeline.

Important Links     

Additional information on financial aid can be found through the Financial Aid Office website.

You also can contact your personal counselor.