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Financial Aid and Scholarships for Online Bachelor's Students

Making college possible,
no matter where you’re starting.

Finishing or starting your bachelor’s degree is a life-changing investment and it should be within reach. At Saint Mary’s University of Minnesota, we’re committed to helping you make it happen. Whether you’re returning to college, changing careers, or starting fresh, there are financial aid options designed to support adult learners in our online bachelor degree programs every step of the way.

With a range of scholarships, grants, and federal aid options available, our goal is to help you make your education both affordable and accessible so you can focus on reaching your goals.

How to apply for financial aid

1. Apply to Saint Mary's

  • Saint Mary’s accepts applications year-round. Apply at smumn.edu/apply.

2. Complete the FAFSA

  • Complete the Free Application for Federal Student Aid (FAFSA) Fill out the Free Application for Federal Student Aid (FAFSA) at studentaid.gov to be considered for need-based aid from both Saint Mary’s and federal/state sources.

    • Use Saint Mary’s Federal School Code: 002380
    • Make sure we have your Social Security Number on file so we can link your FAFSA when it’s received
3. Receive financial aid offer

  • After you’re accepted to Saint Mary’s University of Minnesota and your FAFSA is processed, we’ll send your financial aid offer.

4. Walk through your financial aid offer

  • Our Student Central team is happy to help guide you through your financial aid offer and answer any questions you may have. They can be reached at 612-238-4566 or studentcentral@smumn.edu

    Were you flagged for FAFSA verification? Learn more about the process and what it means for you.

Were you flagged for FAFSA verification? Learn more about this process and what it means for you.

FAFSA Verification Process

Make the most of your previous credits

Our generous credit transfer policy helps you fast-track your degree. Whether you have a few credits or none at all, we’ll work with you to create a personalized path to graduation.

Do you have work experience, certifications, training, or volunteer experience?  Receive credit for past learning accomplished outside the classroom with our generous Credit for Prior Learning and Experience process. Earn up to 35 credits towards the completion of your Bachelors degree for previous non-traditional learning experiences.

Request a transcript review

Types of financial aid

Explore the many ways a Saint Mary’s education can be within your reach. Students may receive a financial aid package that includes scholarships, grants, and student loans.

Scholarships

Various scholarships are available for students who are returning to complete their bachelor’s degree, have served our country in the military, have previously earned an associate’s degree, or as a part of employer benefits.

Bachelor Completion Scholarship Fund

  • If you’re making a return to college, this $2,000 one-time scholarship was designed with you in mind. This is a competitive scholarship with the yearly application opening up in the summer through notification in Saint Mary’s Today for the Fall Semester. The exact number of scholarships awarded and amount is dependent upon the number of qualified applications received and generous benefactor funds. To qualify, you must:

    • Be enrolled in an online bachelor’s degree program through the School of Advancing Studies
    • Have earned at least 6 credits toward your degree
    • Hold a cumulative GPA of 2.75 or higher with Saint Mary’s
    • Demonstrate financial need
    • Show strong motivation to learn and complete your degree
    • Share how your judgment and life experience have shaped your academic journey
Trusted Partner Scholarship

  • If your employer is part of our Trusted Partnership Program, you may be eligible for additional tuition discounts. We partner with businesses, school districts, healthcare systems, and nonprofits to help employees earn their degrees at a reduced rate.

    Check if your employer is a Trusted Partner.

Associate Degree Scholarship

  • Whether you earned your associate degree last semester or decades ago, you’re eligible for a $500 scholarship each semester as a full-time student — or $250 per semester if you’re part time*. This award stacks with other financial aid, never to exceed the cost of tuition, helping to reduce your out-of-pocket costs every term. To receive this scholarship, you will need to notify your Admissions Counselor at the point of admission.

    *This is a non-need based scholarship, thus students are not required to complete a FAFSA to be eligible. However, scholarship recipients are still encouraged to complete the FAFSA to apply for other financial aid such as loans, grants, additional scholarships, and more.

Military Scholarship

  • In honor of your dedicated service to our country, this scholarship provides active-duty members and veterans with $600 per semester (for 12+ credits) or $50 per credit hour. This scholarship may be stacked with other instructional scholarships, but not to exceed the cost of tuition.

    To receive this benefit, please identify your status during admissions or coordinate with the School Certifying Official (SCO) when using your VA benefits.

Grants

If you’re enrolled at least half-time in a degree-granting program, you may be eligible for grants — available to U.S. citizens only. Grants are a type of aid that does not need to be repaid. Your aid package may include Pell Grants and/or State Grants

Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)

  • The Federal Supplemental Educational Opportunity Grant (FSEOG) offers up to $3,000 awarded based on Expected Family Contribution (EFC) and Pell Grant eligibility.

Minnesota GI Bill

  • The Minnesota GI Bill is available for graduate and undergraduate students. Eligible students include Minnesota veterans and service members, as well as eligible spouses and children of deceased or severely disabled eligible Minnesota veterans. Eligibility is determined by the Financial Aid Office based upon the Minnesota GI Bill award formula.

Minnesota Postsecondary Child Care Grant

  • Minnesota residents who have a child 12 years old or younger (or 14 or younger if the child is handicapped) and whose family size and income qualify for the program are eligible for the Minnesota Postsecondary Child Care Grant.

    To qualify, students also must:

    • Be Minnesota residents
    • Be enrolled 1-12 credits or more per term (undergraduate students) or 1-6 credits or more per term (graduate students)
    • Have not received child care grant funds for a period of 10 semesters or the equivalent
    • Not have defaulted on a student loan
    • Not be receiving assistance from the Minnesota Family Investment Program (MFIP)
    • Have child(ren) actively in care prior to submitting application and parent must have suitable means to pay for child care aside from the grant program

    Saint Mary’s students in the following programs are not eligible to apply:

    Summary of application process

    1. If you meet the qualifications, you can complete the application on the MNAID Website.
    2. Print the completed application and have your child care provider fully complete their section(s).
    3. Once your child care provider has completed their section(s), submit your form to the Saint Mary’s financial aid office via one of the following methods, where it will be placed in queue for review:
      In person

      Drop off on campus at Student Central (Minneapolis Campus) or Cardinal Central (Winona Campus)

      Via email

      Email all pages in full to the Financial Aid Office: financialaid@smumn.edu

      By mail

      Saint Mary’s University of Minnesota
      ATTENTION: Financial Aid Office
      2500 Park Ave S
      Minneapolis, MN 55404

    4. The Financial Aid Office will be in contact with your provider to conduct a verification of your application. **Let your provider know we will be contacting them and you approve Saint Mary’s to speak to them about your child(ren)’s care.**
    5. If verified, an award calculation will be conducted. Awards will be placed on accounts when normal financial aid disbursements are processed.
    6. All applicants will receive an email with either an approval, denial, or waitlist notification.
    7. A refund specifically for the MN Child Care Grant will be issued to you to allocate (pay) to your child care provider.

    How to apply

    Eligible students should complete the Postsecondary Child Care Grant application below. Students also must complete the FAFSA or MN Dream Act application.

    If you have additional questions, please email the Financial Aid Office directly at financialaid@smumn.edu

Minnesota State Grant

  • The Minnesota State Grant offers up to $13,000 in need-based aid for eligible Minnesota residents, based on FAFSA and credit load.

    NOTE: Students granted reciprocity from another state are not eligible.

Loans

Students who are enrolled at least half time and who submit the FAFSA may be eligible for various types of loans.

Subsidized Federal Student Loans

  • The Subsidized Federal Student Loan is interest-free until the repayment period, which begins six months after active enrollment ends or when you drop below half-time status. Students must demonstrate financial need on the FAFSA.

    Learn the allowed amounts of subsidized loans you are eligible to borrow. Actual amount is based on the cost of attendance.

Unsubsidized Federal Student Loans

  • The Unsubsidized Federal Student Loan is not interest-free, but interest payments may be paid or deferred while in school. It does not require a financial need to qualify.

    Learn the allowed amounts of  unsubsidized loans you are eligible to borrow. Actual amount is based on the cost of attendance.

Federal PLUS Loan for Parents

  • Covers remaining costs after other aid. Repayment starts 60 days after the final disbursement, with an option to defer until six months after graduation. Must be repaid within 10 years.
    Direct PLUS loans can help pay for education expenses not covered by other financial aid. The U.S. Department of Education makes Direct PLUS Loans to eligible parents through schools participating in the Direct Loan Program.

    Eligible parent borrowers may elect to borrow up to $20,000 per year with a lifetime maximum of $65,000. More information on interest rates, fees, repayment options, or to apply, go to studentaid.gov.

Private/Alternative Student Loans

  • Private loans are used to bridge the gap between the cost of education and the amount of other financial aid received. You should exhaust all federal loan programs before applying for private loans.

Entrance Counseling for Federal Direct Loans

  • Entrance counseling for federal direct loans is required for first-time borrowers and helps you understand loan terms, repayment, and your obligations.

    Before receiving a student loan, borrowers must complete an online entrance counseling session. This interactive session, which takes about 15–30 minutes, will help you understand:

    • How the loan process works
    • Managing your education expenses
    • Other financial resources to consider
    • Your rights and responsibilities as a borrower
Terms and Conditions (Master Promissory Note)

  • Terms and conditions of Title IV, HEA loans, and Federal Student Loans are listed on the Master Promissory Note signed by a borrower accepting the loan. Required for all borrowers using federal student loans.

    The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).

    Use the MPN for Direct Subsidized Loans and Direct Unsubsidized Loans available to eligible undergraduate students. Go to Studentaid.gov for more details or to complete the Master Promissory Note.

    1. Go to studentaid.gov
    2. Log in to “I am a Graduate or Professional Student” with your FSA ID username and password
    3. Complete all the sections
    4. Select “Saint Mary’s University of Minnesota” as your School You Selected to Notify.
    5. Add two “References” per the instructions.
    6. Complete the “Agreements”, “Review” and then “Submit”
    7. Print your full Master Promissory Note for your records
Exit Counseling

  • The Federal Stafford Loan and Federal Direct Loan Exit Counseling is used when a student has borrowed in a federal loan program and has dropped below half-time status. For undergraduates, half-time means enrolling in at least six credits per term.

    It’s mandatory that students complete counseling to receive their rights and responsibilities for repaying student loans. Visit Federal Stafford and Federal Direct Loan Exit Counseling to complete your exit counseling.

    Please note: Exit counseling is the same for both Federal Stafford Loans and Federal Direct Loans, regardless of which program you borrowed from.

Consumer Loan Disclosure Notice

  • Institutions that enter into an agreement with a potential student or parent of a student regarding a Title IV loan are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by servicers, guaranty agencies, lenders, and institutions determined to be authorized users of the data system.  Students can access their information as well at www.studentaid.gov.

    In compliance with federal regulations under HEOA Sec. 489 amended Sec. 485B (d) (4) (20 U.S.C. 1092b) the College is required to notify you that approved loans will be submitted to the National Student Loan Data System (NSLDS) by the U. S. Department of Education and will be accessible by servicers, guaranty agencies, lenders, and institutions determined to be authorized users of the data system as determined by the U. S. Department of Education.

    Terms and conditions

    Terms and conditions of Title IV, HEA loans terms and conditions of Federal Student Loans are listed on the Master Promissory Note signed by a borrower accepting the loan. The Stafford Promissory Note is completed online through https://studentaid.gov/.

Enrollment Status for Loans

  • You must be enrolled at least half time in a degree program and submit the Free Application for Federal Student Aid (FAFSA). Students may qualify for the Federal Direct Loan (also known as the Stafford Loan), pending approval by the Saint Mary’s Financial Aid Office.

    If you drop below half-time enrollment during the semester:

    • All or part of your loan funds for that semester may need to be returned to the lender.
    • This could result in a balance owed to Saint Mary’s if we are required to return the funds.
    • If you already received a refund check, you may owe repayment directly to the lender.

    Because enrollment status can affect your loan eligibility, it’s important to speak with our Student Central Team before making changes to your course load. We’re here to help you understand your options and make informed decisions.

FAQs

What are student loans?

  • Student loans are borrowed funds that help cover the cost of college. You’ll need to repay them over time, often after graduation.

How do I apply for student loans?

  • Start by completing the FAFSA (Free Application for Federal Student Aid). Based on your results, Saint Mary’s will include any eligible federal student loans in your financial aid award letter.

Are all students eligible for loans?

  • Full-time students who complete the FAFSA are automatically considered for need-based loans. Eligibility depends on your financial situation.

What kinds of loans are available?

  • Most students at Saint Mary’s are offered federal loans, such as: – Subsidized Loans (need-based; no interest while in school) – Unsubsidized Loans (not need-based; interest accrues right away)

Do loans have to be repaid right away?

  • No. Most federal loans don’t require repayment until after you graduate, leave school, or drop below half-time enrollment.

How do I know how much I’ve been offered?

  • Your financial aid award letter will list all loan amounts, types, and terms. You’ll get this after submitting the FAFSA.

Can I get help understanding my loan options?

  • Yes! Once you receive your financial aid letter, reach out to your admission counselor to review your options — including loans, grants, and scholarships.

Where can I learn more about financial aid at Saint Mary’s?

  • Contact the Office of Admission directly. We’re here to help!

Can I receive both grants and scholarships?

  • Yes! You can combine both types of aid, as long as your total aid doesn’t exceed your cost of attendance.

Do I need to reapply for grants each year?

  • Yes. You must submit the FAFSA every year to continue receiving federal and most state or institutional grants.

Who is eligible for the Federal Pell Grant?

  • Pell Grants are awarded to undergraduate students with exceptional financial need who have not earned a bachelor’s or professional degree.

Can I receive grants for all four years of college?

  • Yes, as long as you continue to meet eligibility requirements (e.g., financial need, enrollment status, academic progress).

What is the difference between a grant and a scholarship?

  • The main difference between a grant and a scholarship is qualification criteria, funding sources, and how you apply: grants are usually based on financial need, scholarships are usually based on merit or specific traits, and both provide free money for school that you do not pay back

Can my grant amount change from year to year?

  • Yes. Your eligibility can change based on FAFSA data, family income, enrollment status, or state/federal funding levels. Complete the FAFSA each year to be considered as amounts can change.

Helpful Resources

Military and Veterans Benefits

  • Veterans, their families, and ROTC members may qualify for education benefits. Then we will need to update the Find US to be all SGPP information. Let me know if you need that.

Employer Tuition Reimbursement

  • Many employers recognize the benefits of equipping employees with new and updated skills, particularly those gained through an advanced degree program. Even if your organization does not officially offer tuition reimbursement, you still may be able to arrange for full or partial reimbursement by speaking with your managers about the benefits and features of the online degree programs at Saint Mary’s. Contact Student Central if you have such a benefit for invoicing and differed billing options.

External and Outside Scholarship Resources
Helpful Links

Let’s Talk About What’s Possible

Every student’s financial situation is different, and we’re here to help you explore all your options. Our financial aid team, along with your enrollment counselor, is ready to guide you through the process — from completing your FAFSA to understanding your award package.

Connect with an enrollment counselor