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Financial Aid
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.
Financial Aid Application Procedure
Analysis of the applicant’s financial resources is a required step in the university’s review of requests
for financial aid. The university accepts the Free Application for Federal Student Aid (FAFSA). The FAFSA
form may be completed online at www.fafsa.ed.gov. 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 2011-2012 academic year aid
package is based upon the income for the 2010 calendar year. Failure to comply with this requirement
can result in the termination of any financial aid administered through Saint Mary’s University.
All correspondence should be directed to:
Financial Aid Office
Saint Mary’s University
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, Federal Direct loans, 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 admission or financial aid offices.
Financial Aid Refund Policy
Federal law requires institutions and/or the student to return the portion of the financial aid that is
considered UNEARNED. This policy applies only when, during the term, a student withdraws from ALL
classes AND the percentage of the term completed is equal to or less than 60%. Course load reductions
that leave a student with at least one remaining class are not affected by this policy. The following
example illustrates how the new policy works:
1. Calculate the percentage of the term completed (# days completed/ # days in semester X 100). If
greater than 60%, then no return of financial aid is required. If less than or equal to 60%, then proceed
to step #2.
2. Determine the percentage of financial aid EARNED by multiplying the total amount of financial aid
received for the term by the percentage in step #1. The student is permitted to keep this amount in his/
her student account.
3. Determine the amount of UNEARNED financial aid that must be returned to financial aid programs
accounts by subtracting the amount of EARNED financial aid (determined in step # 2) from the total
amount of financial aid received for the term.
4. There are specific calculations that determine how much of the UNEARNED financial aid must be returned
to the federal program(s) by the institution and how much must be returned by the student.
5. There is a prescribed order in which funds must be returned to the programs: (1) federal loans, (2)
federal grants, and (3) other federal aid.
It is possible, depending on the date of withdrawal, to have no refund of tuition and fees, although
part of the financial aid may be required to be returned. For example, if a student withdraws from the
university after the end of ALL refund periods, it is possible that the student may owe the full amount
of billed costs. Even if the student does not finish the term, he/she may still be charged for these fees.
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