“MY PROFESSORS HAVE MADE THE LAB AND CLASSROOM PLACES WHERE IT’S OKAY TO MAKE A MISTAKE AND LEARN FROM IT.”
Are there financing options available?
Is Saint Mary's affordable for my family?
What is the typical cost of a Saint Mary's education for the 2023-24 academic year for a resident student?
How is financial need determined?
My EFC figure doesn't seem like what we can actually afford to pay. Is this the amount we will be billed for this year?
What kinds of assistance will be available to me, if I am eligible?
Do I have to reapply for financial aid every year?
Will I receive the same amounts and types of aid every year?
When will I receive my final award letter for 2023-2024?
I was selected for verification. What do I need to do?
When will I be billed?
How and when do I apply for a Federal Direct Loan?
Are part-time jobs available on campus?
How do I get a job on-campus?
Are students required to live on-campus?
Will my financial aid change if I move off-campus?
Will my financial aid change if I receive an outside scholarship?
I am filling out a form requiring my Saint Mary's student ID number. Where do I find that?
Do I have to take all the loans offered to me? How do I accept, decline, or reduce my financial aid?
My Indiana State Grants (ICHE) are not coded for the correct school. What should I do?
Do I have to pay taxes for the scholarships and grants I have received?
Does Saint Mary's offer tuition insurance?
1. Are there financing options available?
In 2022-2023, 99% of Saint Mary’s undergraduate students received more than $54 million in financial aid in the form of scholarships, grants, loans, and work opportunities. Of these funds, over $38 million were from Saint Mary’s College, in the form of grants and scholarships.
Academic Merit Scholarships and Awards are granted to qualifying undergraduate students at the time of admission to the College; there is no additional application required. Need-based Saint Mary's grants, federal and state aid is awarded based on eligibility after completing the Free Application for Federal Student Aid (FAFSA). Saint Mary's FAFSA code is 001836.
Help is also available for families seeking tuition payment plans and parental loans.
2. Is Saint Mary's affordable for my family?
Saint Mary's is an exceptional value — as well as a sound investment in your future. We understand that affordability is a concern. This is why we offer academic scholarships, need-based grants, campus employment, and loans to our students.
We encourage all students to apply for financial assistance, so we may help identify all available financing options for you and your family.
3. What is the typical cost of a Saint Mary's education for the 2023-2024 academic year for a resident student?
In addition to the 2023-2024 information below, more detailed information is available here.
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4. How is financial need determined?
The Office of Financial Aid at Saint Mary's uses the Free Application for Federal Student Aid (FAFSA) to collect information about a family's financial situation and determine their ability to contribute toward college costs.
The following characteristics, unique to each student, are factored into the family’s overall financial profile:
- parents’ income
- family size
- number of children in college
- parent assets
- student assets
- student’s income
Financial need is the difference between the cost of your education and what your family might reasonably be expected to contribute to meet college costs. These contributions are determined using Federal Methodology, the federally approved system utilized by post-secondary institutions across the nation, and are called the Estimated Family Contribution, or EFC.
The formula is simple:
Cost of Attendance - Expected Family Contribution = Financial Need
5. My EFC figure doesn't seem like what we can actually afford to pay. Is this the amount we will be billed for this year?
No. The EFC is a budgetary figure used to determine financial need and eligibility for federal, state, and institutional funding. It does not necessarily reflect the actual amount you will be billed for the academic year.
6. What kinds of assistance will be available to me, if I am eligible?
Several kinds of financial aid programs help students attend Saint Mary's College. In 2022-2023, more than 99% of our undergraduate students received financial aid from some source.
- Gift Aid is not subject to mandatory repayment. Gift aid may include scholarships and/or grants.
- Academic scholarships are determined by the scholarship committee at the time of admission to Saint Mary's College, based on academic achievement and potential for success.
- Grants are based on the results of the FAFSA, and if applicable, other financial aid documents.
Self-help aid is either repaid or earned.
- Earned aid is part-time work through the campus employment program.
- Aid that must be repaid includes low-interest, repayable loans, with repayment deferred until after graduation (in most cases).
7. Do I have to reapply for financial aid every year?
Yes. All aid, other than the merit scholarship from Saint Mary's, requires a FAFSA each year. The deadline for the FAFSA is March 1st, and Saint Mary's code for the FAFSA is 001836.
In addition, you must:
- meet federal guidelines pertaining to the receipt of federal aid.
- continue to meet any special conditions noted on your Award Letter.
- maintain Satisfactory Academic Progress toward your degree.
8. Will I receive the same amounts and types of aid every year?
Financial need is re-evaluated based on each year's new information; therefore, your aid award may change. Congress also occasionally changes federal aid programs, so federal aid amounts may fluctuate. Factors that can affect your aid eligibility, include (but are not limited to) the following:
- You may have more financial need, so your award may increase if another sibling enrolls in college and/or your family's income decreases.
- You may have less financial need, so your financial aid would likely decrease if another sibling graduates from college or is no longer eligible to be counted as part of your parent's household, and/or your family's income increases.
- Your financial aid awards should be fairly similar each year if your family's circumstances remain stable AND you re-apply each year before the established priority deadline.
Remember, these are general guidelines. Your actual award will be based on your specific financial information and the availability of aid programs each year. Questions about any changes in your award should be directed to the Office of Financial Aid.
9. When will I receive my final award notification for 2023-2024?
We understand that students need to know about their financial aid as soon as possible and we will do our best to provide information about your aid package in a timely manner.
Submitting your applications and supplemental documents on time will help expedite processing.
- For incoming first-year or transfer students (those beginning enrollment in fall 2023):
- We begin mailing award letters before Christmas to students who have been admitted AND the FAFSA has been received.
- Please note that every effort is made to create an initial award that is as accurate as possible, though some changes may be necessary if a student is selected for verification and after verification is complete. Deadline for verification paperwork is April 1.
*Awards under appeal for special circumstances may take longer.
- For returning students: If all your requested paperwork (verification and/or other documents) is submitted prior to the April 1st deadline, our goal is to begin sending out financial award letters to upper class students:
- In May for students who have consented to electronic communication with the Office of Financial Aid. These students will receive an email directing them to log onto my.saintmarys.edu/web/financial-aid/awards when the award information is ready.
- In June for returning students who have not consented to electronic communication with the Office of Financial Aid. These students will receive a paper letter mailed to their permanent addresses.
*Awards under appeal, for special circumstances or other reviews, may take longer.
**Grades from spring or year-long study abroad programs are sometimes delayed in reaching the College. This may delay our ability to review your Satisfactory Academic Progress status, thus postponing the release of your financial aid information for the upcoming academic year.
Please note that these are our goals for estimated release dates.
10. I was selected for verification. What do I need to do?
Verification is a process that requires additional documentation from you before finalizing your financial aid award, to verify the information submitted in the FAFSA. Once the verification review has been finalized, we will send you your final aid offer.
In order to complete the verification process, you will need to:
- submit a completed parent verification statement
- submit a completed student verification statement
- submit copies of parent(s) and student W2 statements and/or K1 statements and Schedule C from the federal tax return
- both the student and parent complete the IRS Data Retrieval Process as part of the FAFSA or request a Tax Return Transcript from the IRS.
For more information on these items, click here.
11. When will I be billed?
The bill for fall semester is typically emailed to the student's Saint Mary's email address in early July and payment is due by August 1. The spring semester bill is typically emailed in early December and payment is due by January 1.
12. How and when do I apply for a Federal Direct Loan?
If your financial aid award includes a Federal Direct loan and you plan on taking advantage of this opportunity, you must complete both the Master Promissory Note and Direct Loan Entrance Counseling. Please do not complete either of these steps prior to May 1.
For expedited processing and accurate reflection of your aid on your July tuition bill, we recommend completing these requirements prior to June 1st.
13. Are part-time jobs available on campus?
Saint Mary's offers students employment opportunities that are supervised directly by our faculty and administrators. For more information, refer to our student employment website.
Some of the position options that could be available at any given time are:
- academic departments: office assistants, lab supervisors, tutors
- administrative offices: office assistants
- a variety of opportunities are also available in: athletic programs, admission, campus ministry, food services and residence life
- paid community service opportunities are also available, in a limited number, to interested students who demonstrate financial need
Federal Work Study generally requires the student to work between 5 and 15 hours per week during academic periods. Students can generally choose whether work earnings will be applied toward the tuition bill, paid out to the student (via direct deposit into a bank account), or a combination of both.
14. How do I get a job on-campus?
Check our student employment website. Typically, positions are posted and available for applications on August 1st. When you find a position that interests you, apply for that job through the Oracle portal. If you are offered a position, you must complete employment documents before you can begin working. Note that you must have original identification documents. See the student employment website for complete details.
15. Are students required to live on-campus?
Generally, students are required to live on campus for six semesters, unless they live at home with family within a specific mileage from campus. Some exceptions apply. Please refer to the information provided by Residence Life regarding living on campus and room selection and assignment.
16. Will my financial aid change if I move off-campus?
Yes. Your aid will likely change if your housing situation changes. Students who choose to live in off-campus housing are awarded institutional aid using a differentiated policy.
If you are approved and choose to live off-campus:
- Eligibility for all assistance is based on an off-campus cost of attendance rather than that of a residential (on-campus) student.
- Eligibility for institutional grant aid (including endowed scholarships, Saint Mary's Grant, and Holy Cross Grant) will likely be reduced.
- Need-based federal assistance may also be affected.
- The Holy Cross Grant is only available to students who live on campus.
Because of these potential changes, careful analysis of on-campus versus off-campus net costs should be done before your final decision is made. A member of the Financial Aid team can assist you with a detailed calculation for this analysis.
If you are changing your housing status, please notify the Office of Financial Aid by email at finaid@saintmarys.edu.
17. Will my financial aid change if I receive an outside scholarship?
Not always. The receipt of any scholarship, grant, or loan not listed on the original award letter must be reported to Financial Aid as soon as you are aware of the award. Some adjustment to your existing aid may be necessary, depending on the amount of the new funding and whether it is restricted to tuition, or if it can be applied to other costs. If an adjustment to your existing aid is necessary, you will be notified.
As a general guide, you may see an adjustment if you have:
- Federal Work-Study/Work-Study Community Service
- Federal Subsidized Loan
- Saint Mary's Grant, Holy Cross Grant, and/or Endowed Scholarships
18. I am filling out a form requiring my Saint Mary's student ID number. Where do I find that?
Your student ID number begins with "980." It can be found on your Saint Mary's College ID card, Student Accounts billing statement, transcript, or PRISM account. ID numbers for incoming students are in the upper left-hand side of the Financial Aid Notification.
If you are still unable to locate your ID number after checking these sources, you may substitute your Social Security number (in most cases).
19. Do I have to take all the loans offered to me? How do I accept, decline, or reduce my financial aid?
No, the loans are optional. While you are not required to borrow the loans, you do need to tell us if you are accepting or declining the loans. To do this:
- If you are a new student
- Wait until you have deposited/confirmed your enrollment at Saint Mary's College. Then follow the instructions you will receive to activate your Saint Mary's College account.
- Once you have activated your Saint Mary's College account
- Log into the portal at https://my.saintmarys.edu/web/financial-aid/awards
- Click on the link for Award for Aid Year
- Select the July 2023-June 2024 aid year
- Click on the link for Accept Award Offer
- Click on the drop down box next to each loan and accept, decline or reduce the amount of loan, then click on the "Submit Decision" button
- If you are a returning student
- Log into the portal at https://my.saintmarys.edu/web/financial-aid/awards
- Click on the link for Award for Aid Year
- Select the July 2023-June 2024 aid year
- Click on the link for Accept Award Offer
- Click on the drop down box next to each loan and accept, decline or reduce the amount of loan, then click on the "Submit Decision" button
20. My Indiana State Grants (ICHE) are not coded for the correct school. What should I do?
Saint Mary's College needs to be listed as the first school on your FAFSA. Log onto your FAFSA at www.studentaid.gov and add Saint Mary's College (school code: 001836). Save and then submit the change to your FAFSA.
A few days later, log into your Scholar Track account to be sure the State of Indiana was notified of the change.
21. Do I have to pay taxes for the scholarships and grants I have received?
If your scholarships and grants (federal, state, Saint Mary’s, etc.) exceed the cost of tuition, fees, and books for the calendar year, the excess may be taxable income. The 1098-T Tuition Statement tax form needed for your taxes, which will be available from Saint Mary’s, will include cost information. Student loans are not considered taxable income.
While Saint Mary's College does not endorse or recommend third parties such as Turbo Tax, they do have a great explanation on the 1098-T Tuition Statement tax form you can find here.
For further details, you may also find the following information useful.
https://www.irs.gov/pub/irs-pdf/p970.pdf
https://www.irs.gov/taxtopics/tc421
22. Does Saint Mary’s Offer Tuition Insurance?
Yes. It’s important to us that you have access to affordable protection for the major investment you’ve made in higher education. We have partnered with GradGuard™ to offer the Tuition Protection Plan. This optional coverage expands the scope of our refund policy by ensuring reimbursement for tuition, room and board and other fees for unexpected, covered withdrawals at any time during the semester. Learn more about the Tuition Protection Plan at GradGuard.com/tuition/saintmarys or call 877-794-6603.
Comments, suggestions, & questions email: finaid@saintmarys.edu
For questions regarding billing, please contact the Student Accounts Office: studentaccounts@saintmarys.edu