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Applying for Financial Aid

Financial Aid
How to Apply


Financial Aid

Degree-seeking students who are enrolled at least half-time may be eligible for financial aid. Students wishing to use financial aid must complete a Free Application for Federal Student Aid (FAFSA) as soon as possible.

Student financial aid award packages will include the Federal Stafford Loan products, if eligible. Upon successful completion of the application and guarantee process, loan proceeds will be credited directly to the student's tuition account. If a credit occurs on the tuition account as a result of the student loan, a refund of that credit will occur within 10 business days.

Undergraduate students may be eligible for the Federal Pell Grant and/or the Minnesota State Grant. Grants will be applied to the student's tuition account at the midpoint of the semester. If a credit occurs on the tuition account as a result of the grant, a refund of that credit will occur within 10 business days.

Students receiving outside scholarships must contact the Financial Aid Office immediately upon notification of the scholarship award. Outside scholarships will be credited to the student's tuition account after the student has completed all procedures requested by the outside agency and the university has received the funds.

Saint Mary's offers a limited number of scholarships annually. Information regarding those scholarships will be announced in the Schools of Graduate and Professional Programs newsletter.

Students whose financial aid award package does not cover the university determined cost of education should contact the financial aid office to receive information on alternative loan options.

How to Apply for Financial Aid

Step 1: Free Application for Federal Student Aid

Step 2: Receive Student Aid Report (SAR)

  • Review SAR for incorrect information, missing information or a request for additional documentation.
  • Make corrections to FAFSA.
  • If additional documentation is required, submit request to the appropriate office.

Step 3: Verify eligibility to receive federal student aid

  • Be a fully, admitted degree seeking student at Saint Mary's University of Minnesota. (Check your application status.)
  • Be registered as a half-time student; typically defined as three graduate credits at Saint Mary's University of Minnesota.

Step 4: Receive Award Letter from Financial Aid Office

  • A financial aid award letter will be sent six to eight weeks after completed FAFSA has been received and student is fully admitted and registered as a half-time student.
  • The financial aid award letter will state the type and amount of the Federal Stafford Loan you may borrow.
  • Complete the Stafford Loan Entrance Counseling and Master Promissory Note.
  • Return the required paperwork to the appropriate Financial Aid Office.

Step 5: Disbursement of Financial Aid

Saint Mary's University's instituted a drop period, effective beginning in the fall of 2015, instituted a drop period week 1 and week 9 of the 16 week semester. During the drop period, courses may be dropped with no financial penalty and will not appear on the student's permanent record. As a result of this change, some students receiving Federal Financial Aid Loans will see changes to how and when the loans will be applied to their tuition account.

Students who have completed the financial aid process before the beginning of the semester will see the following changes:

  • Loan amounts borrowed for the semester will be evenly divided and applied to the tuition account beginning week 2 and week 10 of the 16 week semester.
  • All tuition and fees for courses beginning within the first 8 week term will be paid for by the first loan payment applied to the tuition account in week 2.
  • All tuition and fees for courses beginning within the second 8 week term will come out of the disbursement in week 10. (See example below)
Fall Semester Tuition Disbursement to tuition account Refund to student
Term 1
(8/31/15 - 10/25/15)
$2000 $2500 $500
    (9/8/15) By (9/22/15)
Term 2
(10/26/15 - 12/20/15)
$1750 $2500 $750
    (11/2/15) By (11/13/15)
  • Students should be aware that this change may affect how much and when the living and book allowance is refunded to them and when it is refunded. The university will continue to issue refunds for credit balances within ten business days.
  • Please keep in mind that only half of the living and book allowance will disburse for the first 8 week term and again for the second 8 week term.
  • Students receiving Federal or State Grants will see no changes. Grants will continue to be applied after week 9 has ended.

Exceptions:
Students in the Human Development program who have completed the financial aid process will see no changes. Loans will continue to be evenly divided between the start of the contract and the midpoint of the contract.

Students in the Nurse Anesthesia, Counseling Psychology, Marriage & Family Therapy and Doctorate of Psychology programs who have completed the financial aid process before the beginning of the semester will see no changes. Students will have loans applied to their tuition account once at the beginning of week 2. All tuition and fees that have been billed at that time will be paid and any remaining funds refunded within 10 business days.

Return Financial Aid paperwork and additional documentation to Saint Mary's University of Minnesota, based on location:

Twin Cities Campus (includes programs administered in Apple Valley, Minnetonka, and Rochester)
Financial Aid Office
2500 Park Avenue
Minneapolis, MN 55404

Winona Campus
Financial Aid Office
700 Terrace Heights #5
Winona, MN 55987