Saint Mary's University expects both the student and the family to make a realistic contribution to the payment of the student's expenses. In determining the extent of a student's financial need, the university takes into account the financial resources of the parents and of the students, including income, assets and other financial resources. Financial need exists when the student's estimated university expenses exceed their estimated resources.
Financial aid is awarded on a non-discriminating basis, without regard to race, gender, intended major or class level. Financial aid is offered only to enrolled students and to students who have been accepted for admission to Saint Mary's University. Aid recipients must carry at least a half-time course load. Students who qualify will be awarded a financial aid package (contingent upon the availability of funds) to meet their need. This package will usually be composed of 50%-60% grant money and 40%-50% loan and work funds. Applications for all financial aid programs must be renewed each year.
Saint Mary's University also recognizes academic excellence within the policy of demonstrated financial need. If students with financial need meet the academic criteria, they may receive up to 65%-75% of the financial need in the form of a scholarship. For more information, contact the vice president for admission or the Financial Aid Office.
Because the university realizes that a student might have difficulty obtaining adequate finances, financial aid and admission staff can explain the various financial aid programs available to the student. The university treats all materials and correspondence as confidential.
As a recipient of financial aid, the student is the beneficiary of funds made available by a variety of agencies: federal, state, institutional and private. The contributed salaries of the Christian Brothers who work at the university are an example of a resource available for student aid.
In accepting an aid award, students indicate that they have read and understand the obligations and responsibilities of an aid recipient. Failure to comply with the stated regulations places the liability directly upon the student. It is important that students understand the various types of financial aid they may receive. If a loan is part of the aid package, the student must sign a promissory note. This is a legally binding obligation to repay the loan according to the stated conditions. Students may be required to attend loan counseling before receiving their loan check.
In accepting campus employment as part of the aid package, the student agrees to take the initiative in obtaining a job and to work the number of hours necessary to earn the amount of money offered in the work award. In accepting any portion of a Saint Mary's financial aid package, students agree that the Financial Aid Office will have control over all other financial assistance they might receive. This supervision is necessary because federal and state regulations require that the total amount of assistance must not exceed students' documented need. Thus, students should work closely with the Financial Aid Office to be sure that all conditions of the aid package are met.
The FAFSA form can be completed online at www.fafsa.ed.gov or using a paper form that can be obtained from the applicant's high school counselor or from Saint Mary's Financial Aid or Admission Offices. Saint Mary's school code, 002380, will need to be provided regardless of application method.
Using the established guidelines for determining the applicant's estimated resources, the Director of Financial Aid determines the most equitable aid package available to meet the demonstrated need. Saint Mary's University also may require of financial aid recipients a copy of the parents' prior-year income tax return; e.g., the 2010–2011 academic year aid package is based upon the income for the 2009 calendar year. Failure to comply with this requirement can result in the termination of any financial aid administered through Saint Mary's University.
Financial aid application and correspondence should be directed to:
Saint Mary's University of Minnesota
700 Terrace Heights #5
Winona, MN 55987-1399
Financial Aid Programs
The following funds are used in awarding need-based financial aid: Saint Mary's Scholarship and Grant Programs, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Pell Grant, Minnesota State Grant, Federal Perkins Loan, Federal Stafford Loan, federal and state work study. Information about the various financial aid programs available through Saint Mary's University (need based or merit awards) is available upon request from the Financial Aid or Admission offices.
Additional Financial Assistance
Non-need based alternative loan programs are available to assist families in financing their educational costs. Contact the Financial Aid Office for details on these programs, or visit www.smumn.edu/loans for a list of available loan programs.
Financial Aid Office
Fax: (507) 457-6698
The pre-faf differs from the Free Application for Federal Student Aid (FAFSA) in a variety of ways. The pre-faf:
- Is based on estimated financial figures provided by you, and is only as accurate as those figures.
- Is analized and returned to you by Saint Mary's Director of Financial Aid.
- Is not required to receive an official financial aid award.
- May be submitted all year, though priority is given to the FAFSA after January 31.
Please note that if you have an unusual or complicated financial situation, the the pre-faf may not provide enough information to accurately assess your need. You may wish to discuss your circumstances directlty with the Financial Aid Office.
Mail completed form to:
Saint Mary's University of Minnesota
700 Terrace Heights #5
Winona, MN 55987
Or, fax completed form to: (507) 457-6698. Questions concerning this form or the financial aid application process should be directed to the Financial Aid Office at (507) 457-1437 or toll-free (866) 451-5296.