PDF version - Saint Mary's University of Minnesota

Fees/Financial Aid
Saint Mary’s must acknowledge the student’s letter within 30 days, unless the error has been corrected
by then. Within 90 days, Saint Mary’s must either correct the error or explain why the bill was correct.
After the university receives the student’s letter, it cannot try to collect any amount the student
questions, or report the student as delinquent. The university can continue to bill the student for the
amount in question, including finance charges. The student does not have to pay any questioned
amount while the university is investigating, but the student is still obligated to pay the parts of his/her
bill that are not in question. If the university finds that it made a mistake in the student’s bill, the student
will not have to pay any finance charges related to any questioned amount. If the university did not
make a mistake, the student will have to pay the finance charges and will have to make up any missed
payments on the questioned amounts. In either case, the university will send the student a statement
of the amount owed and the date that it is due. If the student fails to pay the amount that the university
thinks he/she owes, the university may report the student as delinquent. However, if the university’s
explanation does not satisfy the student and the student writes to the university within 10 days telling
the university that he/ she still refuses to pay, the university must tell anyone it reports the student to
that the student has a question about his/her bill. And, the university must tell the student the name of
anyone the university reported the student to. The university must tell anyone it reports the student to
that the matter has been settled when it finally is. If the university does not follow these rules, it cannot
collect the first $50 of the questioned amount, even if the student’s bill was correct.
FINANCIAL AID
The primary purpose of the financial aid program of Saint Mary’s University is to provide assistance to
students with financial need who would otherwise be unable to receive an undergraduate education
at the university. 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 grant money, loans, 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 office of financial aid.
Because the university realizes that a student might have difficulty obtaining adequate finances,
financial aid and admissions personnel are more than willing to discuss 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. 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 are required to complete loan counseling before receiving
their loan. 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
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