Grants, unlike loans, do not have to be repaid and are need-based. Any grant received as a part of a financial aid package is credited directly towards a student’s tuition account. St. Olaf offers many need-based grants to students. Please see the Terms and Conditions of your financial aid award here: Terms and Conditions.
St. Olaf Grants
St. Olaf grants range from $1,000 to approximately $38,000 annually. St. Olaf grants are need-based gifts from the college to the student that do not need to be repaid. The amount of the grant is based on the amount of need the family demonstrates through completion of the CSS/Financial Aid Profile. St. Olaf grants are funded through the generosity of alumni, parents and friends of the college, and other St. Olaf funds.
Keep in mind, St. Olaf merit scholarships also become a part of the need-based aid package.
Federal Pell Grants
Pell Grant awards ranged from $602 to $5,730 for 2014 – 2015 Academic Year. Pell Grants are awarded by the federal government and are available to students with high financial need. Like all grants, the Pell Grant does not need to be repaid and is applied directly towards tuition. Eligibility for Pell is determined by using the estimated family contribution (EFC) calculation derived when the family completes a FAFSA.
Minnesota State Grants
Minnesota State Grants range from $100 to $9,240. Minnesota State Grants are awarded to eligible Minnesota residents on the basis of need and do not have to be repaid. Amount of the grant is determined once the state budget is set in July prior to the student’s first year. We provide an estimate in the financial aid award based on the previous year’s amount.
Federal Supplemental Educational Opportunity Grants (SEOG)
SEOG awards range from $500-$3000 annually. Preference in the SEOG program is given to students who are Pell Grant recipients.
TEACH Grant Program
The TEACH (Teacher Education Assistance for College and Higher Education ) Grant program is a new federal grant program that provides grants of up to $4,000 per year to students who plan to teach full-time in high-need fields in public or private elementary or secondary schools that serve low-income students. Recipients of TEACH Grants must teach for at least four academic years within eight calendar years of completing their program of study.
In order to receive the TEACH Grant, federal regulations require student must complete the TEACH Grant Counseling and Agreement To Serve. Students must also complete the St Olaf TEACH Grant Application. Typically, only juniors and seniors majoring in education are eligible to receive this grant.
Important: Students who fail to complete the service obligation will have all amounts of the TEACH Grants received converted to Federal Direct Unsubsidized Stafford Loans which must then be repaid to the U.S. Department of Education. Interest will be charged from the date the grant was received.