A Guide to Financial Aid

Admission & Financial Aid O ffice

Dear Prospective Student,

The Admission and Financial Aid Office of Saint Vincent College exists to help you achieve your goals. Our mission is not only to award financial aid, but to provide information about aid programs and the application process. We understand that the process can be confusing and overwhelming at times. We hope the information contained here will assist you in the coming months as you embark on the college search process.

The information provided is specific to Saint Vincent College. Financial Aid at other schools can be very similar, but they may have different filing deadlines and may vary in their awarding practices. This information is also geared toward full-time undergraduate students. Graduate and Continuing Education students are typically only eligible for loans.

If you have issues of a more personal nature, such as a change in income or family situation from the previous year, you should make an appointment to see an Admission and Financial Aid Counselor. It is also important to meet with a counselor before making any big academic decisions, such as dropping a class, changing your housing status or signing up for Study Abroad. All of these issues may impact your financial aid package.

If, after reading this information, you still have unanswered questions, we have a knowledgeable and friendly staff ready to help you with your needs and concerns. Please contact us at (724)805-2500 or toll-free at (800)782-5549.

Best Wishes,

Kimberly WoodleyDirector of Financial Aid

300 Fraser Purchase Road • L atrobe , Pennsylvania 15650 • (724) 805-2500 • Fax (724) 805-2953

S a i n t V i n c e n t C o l l e g e • A G u i d e To F i n a n c i a l A i d

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Getting StartedIf you are going to college, now is the time to start preparing!A few smart moves early on could make campus life better than you dreamed it could be. There is a lot you can do. For instance, did you know that by filing your Free Application for Federal Student Aid (FAFSA) early, you might increase how much financial aid you get? Did you also know that submitting school applications on time and learning about student loan programs could mean greater financial security in college?

Throughout the pages of this booklet you will get important details about Saint Vincent’s financial aid process, necessary forms, types of financial aid and deadlines. We have also included helpful sections designed to educate you about financial aid and paying for college.

Here’s what’s inside:

8 Steps of the Financial Aid Process ........................................................................ 3 Tohelpclarifythisoftenchallengingprocess

Saint Vincent Planning Calendar .............................................................................. 4 Tohelpkeepyouontrackwhenyouneeditmost

Types of Financial Aid ................................................................................................. 5 Thisincludesscholarships,grants,work-studyandloans

Scholarships Grants Federal Perkins Loans Federal Work Study Federal PLUS Loans Alternative Loans

Saint Vincent Scholarships ........................................................................................ 6 Saint Vincent College Monthly Payment Plan

Saint Vincent at a Glance ........................................................................................... 9

Paying for College ..................................................................................................... 10 ThissectionoffersahandychartwithallthedetailsabouttheFederalStafford, PLUSloansandalternativeloans

Contact Information ................................................................................................. 12 Telephonenumberstogetfreeadviceaboutfinancialaidandeducationalloans


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The Financial Aid Process1. File the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1, but

no later than May 1 to be considered for the Pennsylvania State Grant (other states may have different deadlines). It is always best to use completed income tax returns to complete your FAFSA, but you can use estimates and update with actual figures later. You can submit a paper form or file online at http://www.fafsa.ed.gov/. If you choose to file online, you will first need to apply for PINs at http://www.pin.ed.gov/, so you and a parent can sign your application electronically. A paper application can be obtained by calling 1-800-4-FED-AID. Saint Vincent’s Federal school code is 003368.

2. You should receive your FAFSA results - the Student Aid Report (SAR) - about 2 to 4 weeks after filing. It will come via U.S. Mail or email depending on how you filed. Check the SAR for accuracy and make any necessary changes. The school will get an electronic copy of this same information. The SAR will contain a figure called EFC or “Expected Family Contribution.” We use this figure to determine your family’s financial need.

3. Receive your award packet outlining your financial aid eligibility. Thoroughly review all documents, return any that need to be signed and complete your Entrance Interview online, as required by the Department of Education. Instructions for this process will be included in your award packet and are available in the Financial Aid Office.

4. Determine if you will owe a balance to the college after all of your financial aid has been applied. You and your family then need to determine the best way to pay the balance. Generally, there are three options: Saint Vincent College’s payment plan, the PLUS (parent loan) or an alternative loan. All are explained in further detail later in this booklet.

5. Return all required paperwork. Your financial aid will be posted to your account in the Business Office. It is important that you have completed all the necessary steps in the loan process. Please apply for all loans no later than July 31 to allow sufficient time for processing.

6. Be aware that your financial aid can change throughout the year as a result of verification, additional awards that come in for you, a change in housing status or number of credits, or failure to meet the standards of academic progress as outlined in Saint Vincent College’s The Bulletin.

7. Periodically, check the scholarship board outside of the Financial Aid Office for information on additional scholarship opportunities.

8. Contact the Financial Aid Office throughout the year if you have a problem or questions about your financial aid.


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The Saint Vincent Planning CalendarFor High School Seniors

Now is the time to start preparing for college! The earlier you start the school selection and financial aid processes, the smoother things should go as you head toward your first day of college. Applying early could increase how much financial aid you receive and your chance for admission.

Following is a general timeline for High School Seniors. Please 3 as you go:

August/September: Narrow your list of colleges to a reasonable number (5 or 10, at most). Request application materials from schools to which you intend to apply. Request recommendation letters from school counselors, teachers and employers.

October/November Fill out admission applications and write essays. Request copies of your high school transcripts to submit with your applications. Attend college fairs and meet with college representatives who visit your school. Attend one of Saint Vincent College’s Get Acquainted Days.

December/ January Gather federal tax information necessary to complete the Free Application for Federal Student Aid (FAFSA). Submit the FAFSA as soon after January 1 as possible. Keep copies of all applications and supporting materials you submit.

February/March Review your Student Aid Report (SAR) for accuracy. If corrections are needed, print them on the form and return it

to the FAFSA processor, or make updates online at www.fafsa.ed.gov. Seek out and apply for private scholarships.

April/May If selected for verification, promptly submit tax returns and other requested information to the Financial Aid Office. Receive and review your award packet from Saint Vincent College. Accept or decline the aid offered by the May 1

deposit deadline.

June/July Complete your Entrance Interview and mail your Master Promissory Note for your loan(s). Attend one of Saint Vincent College’s Summer Orientation Sessions. Notify the Financial Aid Office of any outside scholarships from private sources.

August/September If you are interested in Work-Study, search for on-campus employment. Arrive on campus, make new friends, study hard.


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Types of Financial AidScholarshipsSaint Vincent College offers institutional scholarships based on merit or some ability or talent. These scholarships are awarded as part of the admission process and are available for eight semesters. You may also wish to contact community groups, high school guidance counselors and local civic organizations for information regarding local scholarship opportunities. There are also free national scholarship searches available on the Internet. You should never have to pay a fee for any scholarship search.

GrantsThese are usually based on financial need and come from the federal or state governments. The federal Pell Grant is one of the largest ranging from $890 to $4,731 (in 2008-09). Pell is often packaged together with the Supplemental Educational Opportunity Grant (SEOG) and Academic Competitiveness Grant (ACG). ACG is based on high school courses taken and does have set criteria. You may qualify for these if your Expected Family Contribution (EFC) falls within the lower ranges. You may also qualify for a grant from your state. In Pennsylvania, to receive maximum consideration for the state grant, the federal processor must have received your FAFSA by May 1. Other states may have a different deadline.

Federal Perkins LoansThis is a government-funded, low-interest loan (currently 5%) for undergraduate students who have demonstrated financial need. The Financial Aid Office will award this and will send paperwork in your award packet if you qualify. Repayment begins nine months after graduation. Perkins Loan funds are limited.

Stafford LoansThe Stafford Loan is low-interest, and repayment does not begin until six months after graduation. Currently, the maximum subsidized loan is $3,500 for freshmen, $4,500 for sophomores and $5,500 for junior and seniors. (An additional $2,000 unsubsidized is available to all grade levels.)

Federal Work-Study (FWS)Federal Work-Study (FWS) is funded by the government and must be counted as financial aid and placed on your award letter. FWS is based on financial need. Being awarded FWS does not guarantee you a position. Students are required to secure their own employment and can work up to 15 hours per week. Your earnings are paid directly to you and are not deducted from your bill.

PLUSIf your financial aid does not cover all of your costs, a parent can apply for a Federal PLUS (Parent Loan for Undergraduate Students) by going to www.aesSuccess.org or obtaining a paper Master Promissory Note from a bank or the Financial Aid Office. The benefits of a PLUS are a fixed interest rate and the option to defer payments for up to four years. If a parent is denied the PLUS, you are then eligible for an additional Stafford Loan of up to $4,000 in unsubsidized funds for the first and second years and up to $5,000 thereafter. However, a parent must apply and be denied each year.

Alternative LoansAdditional private loans, generally referred to as “alternative loans”, are also available to students to bridge any funding gaps. Most students will need a co-borrower. Payment can usually be deferred until after graduation, but interest accrues from the time the loan is disbursed. Additional information on this type of loan is available through the Financial Aid Office.


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Saint Vincent ScholarshipsSaint Vincent College provides numerous financial opportunities to incoming freshmen and transfer students as well as returning undergraduates. The scholarships are supported by the generosity of alumni and private donors to the College’s Scholarship Endowment Fund. These are typically awarded by the Admission and Financial Aid Office, and a separate application is not necessary.

Saint Vincent’s scholarships are broken into three types: merit-based, need-based and competitive.

• Merit-based are those in which recipients are selected based primarily on academic merit and specific selection criteria. These are awarded as part of the admission process.

• Need-based require students to file a FAFSA. Recipients are qualified for these if they are determined to have financial need. The amount you and your family should be able to pay is called the Expected Family Contribution or EFC. This is calculated by the government based on the information provided on your FAFSA.

• Competitive scholarships are those that are awarded to the winner of a competitive process such as a test or an audition. For example, the Wimmer Scholarship is a test of general knowledge. The winner is given free tuition, room (double occupancy) and board for eight semesters as long as he or she meets GPA requirements. Some of the departments also have competitions for scholarships. These are set up and awarded by each participating department.

Saint Vincent Scholarships may be retained for eight semesters as long as GPA requirements are met.

Saint Vincent College Monthly Payment PlanSaint Vincent College offers a deferred payment plan that provides you with flexibility and time to meet your financial obligation. The monthly payment plan is administered by the Business Office at Saint Vincent College. The payment plan allows you to spread out your payments over the academic year while you are enrolled in classes, rather than making payment-in-full at the start of each semester. The plan is typically spread over 10 months starting in July.

You should receive information on the Payment Plan at orientation. If you select this option, there is a $40 processing fee due with your first payment, but no interest accrues and no additional fees are charged if paying with a credit card.


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Federal Stafford Loan ProgramThe first choice for students

SubSidized unSubSidizedWhat is it?

A need-based low-interest Federal student loan with full interest subsidy during the in-school period.

What are the eligibility requirements? • U.S. citizen or permanent resident • Financial need • A least half-time enrollment • Satisfactory academic progress in a degree granting program

What is it? A low-interest Federal student loan that accrues interest even while in school.

What are the eligibility requirements? • U.S. citizen or permanent resident • A least half-time enrollment • Satisfactory academic progress in a degree granting program

How much can I borrow each academic year?Freshman .................................. $5,500 (only $�,500 may be subsidized)Sophomore .............................. $�,500 (only $�,500 may be subsidized)Junior .......................................... $�,500 (only $5,500 may be subsidized)Senior ......................................... $�,500 (only $5,500 may be subsidized)Graduate .................................$�0,500 (only $8,500 may be subsidized)

There is a $31,000 total undergraduate borrowing limit. If you qualify for less than the loan maximum in subsidized loans, you may receive the difference as an unsubsidized loan.

Key Termsdeadlines - There are no specific deadlines, but it is best to complete the Stafford and PLUS application processes

before July �1. Applying late may delay your funds.

disbursement - Money is sent, usually via electronic funds transfer (EFT), two times during the academic year. For example, if the loan is for the academic year, half the loan will be disbursed at the beginning of the fall semester and half at the start of the spring.

Fees - Some banks charge origination and disbursement fees of 0.5 - �%.

Grace Period - Six months after graduating, withdrawing or dropping below half-time enrollment status.

interest - The accruing interest on a subsidized loan is paid by the Federal Government during your in-school, deferment and grace periods. The interest that accrues on unsubsidized loans is the responsibility of the borrower. You may choose to pay it at this time or let it accrue until your repayment begins. However, it is recommended that the interest be paid as it accrues. Otherwise, it will be capitalized and added to your principal balance. You will receive a notice at least twice per year stating how much interest has accrued.

interest Rates - The interest rate on Federal unsubsidized Stafford Loans is currently fixed at �.8%; subsidized is fixed at �.00%.

MPn - This stands for Master Promissory Note. This is the loan application. You should only need to file it once during your college career, and it will be re-certified each year.

Repayment - Begins after the grace period ends.

Term of Loan - The repayment period is generally 10 years but may be extended by working with your lender.


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Federal PLuS LoanWhen a parent wants to help finance a child’s education, the Federal PLUS (Parent Loan for Undergraduate Students) is a good option. A PLUS is not based on need but on the parent’s credit-worthiness. PLUS is usually disbursed directly to the school in two installments, the same as the Stafford Loan. This loan can be deferred for up to four years by working with your lender.

To be eligible, the:• Student must qualify as your dependent.• Parent and student must be U.S. citizens, national, permanent resident aliens or eligible non-citizens.• Student must be accepted or enrolled at least half-time in an undergraduate program leading to a degree,

certificate or diploma at an eligible institution.

• Student must maintain satisfactory academic progress.

Loan AmountsA Parent can borrow up to an amount equal to the cost of attendance at Saint Vincent College, less any other financial aid received. The cost of attendance includes tuition, fees, room and board, books and miscellaneous living expenses.

Interest RateThe interest rate will be a fixed rate of 8.5% for loans disbursed after July 1, 2006.


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At A Glance Founded: 18��

Profile: Four-year Catholic, Benedictine, Liberal Arts, co-education college.

Philosophy: Saint Vincent College is an educational community rooted in the tradition of the Catholic faith, the heritage of Benedictine monasticism, and the love of values inherent in the liberal approach to life and learning. Our mission is to provide quality undergraduate education for men and women to enable them to integrate their professional aims with the broader purposes of human life.

enrollment: 1,�00 women and men

Faculty: Nearly 100 full-time faculty members, most of whom hold the Ph.D. or terminal degree.

Student to Faculty Ratio: 1� to 1

Curriculum: Liberal arts and sciences majors, with opportunities for cooperative education and internships, tutorials, independent study, foreign study, double majors and minors and honors programs.

Campus: Our �00-acre, residential campus reflects the spirit of the past as well as the future. Our outstanding facilities include a science center, two recent additions to the residential halls, swimming pool and student union, world-class library, Institutional Technology Center, and the magnificent Archabbey Basilica.

intercollegiate Sports: Men’s Women’s Baseball Basketball Basketball Cross Country Cross Country Field Hockey Football Golf Golf Lacrosse Ice Hockey (Club) Soccer Lacrosse Softball Swimming Tennis Tennis Volleyball Soccer Swimming Track

Admission: Competitive, with applicants considered on a rolling admission basis. While we do not require interviews, we think they are a good idea — to help you decide if Saint Vincent College is right for you and to show us where your special interests lie. To arrange for a visit, call The Office of Admission and Financial Aid at 1-800-�8�-55��. Email: [email protected]. Home page: www.stvincent.edu.

Financial Aid: Saint Vincent College is proud of its long-standing commitment to affordable higher education. Students benefit from a comprehensive program of financial assistance, with about �5 percent of our students receiving financial aid.


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Paying for CollegeLOAN

PROGRAMELIGIBILITY MAX. ANNUAL

LOAN AMOUNTMAX. LIFETIME LOAN AMOUNT

REPAYMENT TERMS

MIN. MONTHLY PAYMENT

DEFERRED PAYMENT

INTERESTRATE

Subsidized Federal Staff ord Loan Program

Full & half-time graduate & undergraduate students.

Yr 1: $3,500*Yr 2: $4,500*Yr 3, 4, & 5: $5,500*Graduate: $8,500* + $2,000 unsubsidized

Undergraduate: $31,000*Graduate: $42,500Combined: $65,500* No more than $23,000 may be subsidized

Up to 10 years, depending upon the amount borrowed.

$50 No payments until 6 months after student leaves school.

Beginning on July 1, 2008, the interest rate will be fi xed at 6%.

Unsubsidized Federal Staff ord Loan Program


Same as above less amount borrowed under Subsidized Federal Staff ord Loan.



$50 Principal repayment can be deferred until 6 months after student leaves school. Interest to be paid quarterly while student is in school or capitalized upon repayment.

Beginning on July 1, 2006, the interest rate will be fi xed at 8.5%.

AdditionalUnsubsidized Federal Staff ord Loan

Full & half-time graduate & independent undergraduate students only, or dependent students whose parents are denied a PLUS loan.

Yr 1 & 2: $4,000Yr 3, 4, & 5: $5,000Graduate: $12,000

Undergraduate: $26,500Graduate: $50,000Combined: $73,000


$50 Same as Unsubsidized Staff ord Loan Program.


Federal PLUS Loan (Parents and Graduate Students)

Parents of full & half-time dependent undergraduate students. (graduate students)

Total budgeted cost of education minus other fi nancial aid.

No limit Up to 10 years, depending upon the amount borrowed.

$50 For up to four years. Beginning on July 1, 2006, the interest rate will be fi xed at 8.5%.

Alternative or Private Loans

Full & half-time graduate & undergraduate students and their families.

Typically, total budgeted cost of education minus other fi nancial aid.

Varies Varies depending upon the amount borrowed. Contact your lender for details.

Usually $50 Varies. Typically repayment of principal and interest can be deferred until 6 months after the student leaves school.

Varies. Contact your lender for details.


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LOAN PROGRAM

ELIGIBILITY MAX. ANNUAL LOAN AMOUNT

MAX. LIFETIME LOAN AMOUNT

REPAYMENT TERMS


DEFERRED PAYMENT

INTERESTRATE

















Yr 1 & 2: $4,000Yr 3, 4, & 5: $5,000Graduate: $12,000
















LOAN PROGRAM

ELIGIBILITY MAX. ANNUAL LOAN AMOUNT

MAX. LIFETIME LOAN AMOUNT

REPAYMENT TERMS


DEFERRED PAYMENT

INTERESTRATE

















Yr 1 & 2: $4,000Yr 3, 4, & 5: $5,000Graduate: $12,000

















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Other Sources of AssistanceDepartment of Education1-800-4-FED-AIDwww.ed.govwww.pin.ed.gov (to request a pin number to e-sign the FAFSA)www.fafsa.ed.gov (to complete the FAFSA online)

AES/PHEAA Grant & Loan Division1-800-692-7392www.aessuccess.org

Other Sourceswww.fastweb.com (scholarship search)www.youcandealwithit.comwww.educationplanner.comwww.finaid.orgwww.nasfaa.orgwww.studentaid.ed.gov

Contact Us

Academic Dean ...........................................��-805-�5��Athletic Department .................................��-805-�111Business Office, Student Accounts ......��-805-�5��Business Office, Perkins Accounts ........��-805-�50�Campus Ministry ........................................��-805-��50Career Services ............................................��-805-�0�0Counseling Center .....................................��-805-��Student Affairs ............................................��-805-�5��Bookstore ......................................................��-805-��

Facility Management ................................��-805-�555Food Service ................................................��-805-�5�8Wellness Center ..........................................��-805-�115Housing .........................................................��-805-�5�0Information Services .................................��-805-��8�Public Relations ..........................................��-805-�010Registration & Student Records ............��-805-��0Public Safety ................................................��-805-��11

Saint Vincent College subscribes to a policy of equal opportunity and does not discriminate against any individual on the basis of race, color, sex, religion, age, veteran status, ethnic origin or handicap in any of its programs, activities or employment decisions.

300 Fraser Purchase RoadLatrobe, Pennsylvania 15650-2690www.stvincent.edu724-805-2500 • 1-800-782-5549

A Guide to Financial Aid

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