Need at St. Olaf is the difference between the cost of one year at St. Olaf and the amount we believe you and your family can contribute to your education. We determine how much you and your family can contribute by assessing the information you submit on the and the FAFSA (Free Application for Federal Student Aid).
Your parents’ financial situation and the amount you and your parents would be expected to contribute to your education are reviewed annually. The size of your family and the number of family members in college are also factors in the calculation. Your family’s contribution is not necessarily expected to come from monthly cash flow. For many families, contributions are financed over time.
After we have determined your level of financial need, we will provide a financial aid package that might include all or some of the following forms of aid: gift assistance (scholarships and grants), loans and student work on campus.
Eligibility for need-based aid is based on each family’s unique financial circumstances. To calculate this need, the federal government has developed a uniform calculation to determine how much each family is expected to contribute towards educational costs.
First, a formula is used to establish your Expected Family Contribution (EFC). The lower your EFC the more aid you will receive from St. Olaf. This number is then used to determine your financial need through this formula:
Cost of Attendance – Expected Family Contribution = Financial Need
The Cost of Attendance is determined by St. Olaf College and includes tuition, room, board, fees and books. Students who live outside Minnesota may also have a travel component added to their cost.
To get a rough estimate of your family’s EFC, use an EFC Calculator. Subtract this number from the cost of attendance at St. Olaf and you should get a ballpark figure of your financial need.