What is the financial aid process?
What type of financial aid programs does Saint Mary’s University of Minnesota utilize?
How long does the financial aid process take?
How many credits do I need to be registered for to receive financial aid?
When I receive my packet, what do I send back to Saint Mary’s University of Minnesota and what is the next step?
What happens if I register for a class after the financial aid refund has been sent for the semester?
Can I speed up the financial aid process?
When is the first bill due and what happens if financial aid has not yet been disbursed?
When and why does Saint Mary’s University of Minnesota need transcript(s) from prior schools for financial aid purposes?
Can textbooks be charged in the bookstore to the student tuition billing account, if I am receiving financial aid?
Who do I contact about student loan deferment and enrollment verification?
Who do I contact if I have further questions?
I completed the FAFSA awhile ago but haven’t received a Student Aid Report, whom should I contact?
What if I drop below half-time status after I receive my financial aid disbursement?
What is financial aid probation?
What if my financial aid is terminated?
What if I declined all or part of my financial aid package and would like to have it now?
What about scholarships?
What if I use a lender outside of the Lender Options list?
What if my financial situation differs than what is reflected in my taxes?
What if I have my refund direct deposited to my bank account and need to make a change?
What if I need to report a name or address change?

What is the financial aid process?
The first step is to complete the Free Application for Federal Student Aid (FAFSA) which can be found online at www.fafsa.ed.gov and register for a Personal Identification Number (PIN) at www.pin.ed.gov which will be used as an electronic signature on the FAFSA form. Saint Mary’s University of Minnesota will receive a copy of the FAFSA Student Aid Report (SAR) electronically, when our school code, 002380 is added. After verifying the student is fully admitted, degree-seeking and registered for enough credits to be considered half-time (at least 6 undergraduate credits), an award letter will be issued from Saint Mary’s University of Minnesota.

What type of financial aid programs does Saint Mary’s University of Minnesota utilize?
Saint Mary’s 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 and registered at least half-time. Unsubsidized loans are not need-based and the student is responsible for the interest while in school. Some students may also qualify for the Federal Pell Grant and/or the Minnesota State Grant.

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, registered for at least 6 undergraduate credits and the FAFSA form has been completed.

How many credits do I need to be registered for to receive financial aid?
A student must be accepted through the admissions office at regular status and as a degree-seeking student. A student will need to be registered at least half time, 6 undergraduate credits, in order to be eligible for financial aid.

When I receive my packet, what do I send back to Saint Mary’s University of Minnesota and what is the next step?
As a first-time borrower, the student must complete the Stafford Loan Entrance Counseling and Master Promissory Note online.  In addition the student must return the signed Award letter, and if desired, the Refund Direct Deposit Authorization form. 
What happens if I register 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.

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 the SAR report to make sure all information is correct. Financial aid is year specific, so it is necessary to apply each year. The application is free and we strongly encourage students to apply even if unsure financial aid will be needed to cover education costs. 

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 tuition is due.

When and why does Saint Mary’s University of Minnesota need transcript(s) from prior schools for financial aid purposes?
Having transcript(s) sent to Saint Mary’s University of Minnesota as soon as possible during the admissions process is of utmost importance. A student’s grade level and financial aid award is determined by the amount of credits on their transcript.   

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.

Who do I contact about student loan deferment and enrollment verification?
You will need to contact June Fox - Saint Mary’s University of Minnesota Winona Campus.  Please contact her at (877) 304-4273 x1501 or jfox@smumn.edu.  The mailing address for the Winona Campus is 700 Terrace Heights Winona, MN 55987-1399

Who do I contact if I have further questions?
Please contact Annette Collins – Assistant Director for Financial Aid – Saint Mary’s University Twin Cities Campus, at 612-728-5153 or toll-free at 866-437-2788, Ext. 153, or by e-mail at: acollins@smumn.edu

I completed the FAFSA awhile ago but haven’t received a Student Aid Report, whom should I contact?
Please contact the Federal Student Aid Information Center at 800-433-3243.

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 I declined all or part of my financial aid package and would like to have it now?
Contact the financial aid office to ensure you are still qualified and complete the necessary paperwork.  Please allow 10 business days from the date paperwork has been completed before the funds may be applied to your Saint Mary’s tuition billing account.
 
What about scholarships?
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.

Listed below are some free scholarship websites.

www.finaid.org
www.fastweb.com
www.gocollege.com
www.collegeboard.com
www.srnexpress.com

What if I use a lender outside of the Lender Options list?
Students using one of these lenders must contact that lender to inquire where the Master Promissory Note.  The complete address must be included with the other award packet documentation.  Be advised that this process will take longer to receive the loan money.

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.

I have my refund direct deposited to my bank account and need to make a change, who do I contact?
It is best to email Tracy McRae directly at tmcrae@smumn.edu regarding changes to an existing direct deposit account. 

What if I need to report a name or address change?
Please contact Janet Barringer, Assistant Registrar, at jbarring@smumn.edu to make changes with Saint Mary’s University of Minnesota.  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 changes.