Financial aid FAQ's

1. What does FAFSA stand for?
   Free Application for Federal Student Aid. This is the only application Saint Martin's University requires in order for a student to be evaluated for federal financial aid. You can apply online after January 1, at www.fafsa.ed.gov.
2. Does Saint Martin's University have a priority deadline for financial aid?
   The priority deadline for entering freshman is March 1. The deadline for returning students is April 15.

Penalties for missing FAFSA/FAFSA non-filer deadline:

• 1-15 days late (April 16 - April 30) aid reduced 10 percent
• 16-45 days late (May 1 - May 30) aid reduced 25 percent
• 46 days to day before class starts (May 31 - to day before class starts) aid reduced 35 percent
• File FAFSA on first day of class or later - aid reduced 50 percent

3. What is our school code? What is our 8-digit school code?
   School code: 003794 - Eight digit school code: 00379400
4. Why are you asking for tax info, etc...?
   Federal regulations require that we verify certain information and documents and make sure that they match the information on your FAFSA.
5. What is the difference between merit based aid and need based aid?
   Merit based aid is eligibility based on a student's academic credentials. While, need based aid is eligibility based on financial need (determined from FAFSA).
6. How do I determine if I have need?
   To determine need you take the cost of attendance (COA-determined by the university) subtract your estimated family contribution (EFC-from the FAFSA), the total is your need.
7. What are the different sources of financial aid?
   There are several sources of financial aid including those from the federal government, state government, institutional funds, and private scholarships.
8. What should I be looking at in a financial aid package?
   When evaluating an offer from any school you should look at it as an investment in your student. Not just what you have to pay out of pocket to the school, but what you are paying for.
9. Should I pay for a scholarship search?
   Never pay for a scholarship search. There are many free websites that offer great information on scholarships available for all levels of education. You can find other scholarship search sites at our website.
10. Why should I spend the extra money to attend Saint Martin's?
    Value is the actual cost plus the quality of what you are buying. At Saint Martin's, we have a student faculty ratio of 14:1 and an average class size of 14, not 200 or 300, which is common in lecture classes at larger colleges and universities.  Finally, most Saint Martin's students finish their degrees in four years rather than the five or more years now necessary at larger universities, where overcrowding and class availability are issues. That translates not only into saved money on an extra year of school expenses and no lost earnings because your degree took longer to complete. These are major savings for you and your family - and an excellent value.
11. How will I pay for my Saint Martin's education?
    At Saint Martin's University, financial aid counselors seldom say "can't." For the past several years, each student who applied to Saint Martin's for financial aid received some form of help. Students usually receive a financial aid package that is a combination of grants and scholarships, work-study and loans.
12. How much in institutional scholarships does Saint Martin's award each year?
    In 2009-10, Saint Martin's gave more than $7.5 million of its own money in the form of grants and scholarships to its students, thanks to our generous scholarship donors. With few exceptions, students who apply for financial aid at Saint Martin's automatically become eligible for any Saint Martin's University scholarship whose criteria they meet. For more information go to the scholarships and grants pages.
13. What is SAP (satisfactory academic progress) and how could it affect my financial aid?
    The Office of Financial Aid must monitor satisfactory academic progress (SAP) for all students receiving financial aid (federal, state and/or institutional) from the University. This process is separate from the academic progress that is monitored by the Academic Standards Committee. To remain eligible to receive financial aid, all financial aid recipients must meet two requirements: a quantitative measure (number of credits earned) and a qualitative measure (cumulative grade point average - GPA) each measurement period. More information on our SAP policy may be found on our SAP page.