{"id":98,"date":"2012-08-02T08:52:02","date_gmt":"2012-08-02T13:52:02","guid":{"rendered":"https:\/\/wp.stolaf.edu\/financialaid\/?page_id=98"},"modified":"2023-06-07T08:19:46","modified_gmt":"2023-06-07T13:19:46","slug":"need-based","status":"publish","type":"page","link":"https:\/\/wp.stolaf.edu\/financialaid\/need-based\/","title":{"rendered":"Need-Based Financial Aid"},"content":{"rendered":"<div data-modular-content-collection><p>The primary focus of the financial aid program at St. Olaf is to provide access to a St. Olaf education for students who would not otherwise be able to afford to attend.\u00a0 We welcome students from diverse socio-economic backgrounds and maintain a long-standing commitment to meet the demonstrated need of all students who are admitted to the College.<\/p>\n<p>We determine how much you and your family can contribute by assessing the information you submit on the <a href=\"https:\/\/cssprofile.collegeboard.org\/\">CSS Profile<\/a>\u00a0\u00a0and the <a href=\"https:\/\/fafsa.gov\/\">FAFSA<\/a> (Free Application for Federal Student Aid).\u00a0The CSS Profile is required for determining St. Olaf need-based financial aid funds, while the FAFSA is required for federal and state funds.<\/p>\n<p>By requiring each family applying for need-based aid to submit the Profile and FAFSA forms, we ensure a fair and consistent approach to determining the demonstrated need of all admitted students. We review each application and each family\u2019s financial circumstances individually, applying a consistent methodology to determine a family\u2019s ability to contribute (thus assuring equity in the process) but also recognizing that special and extenuating circumstances can affect a family\u2019s financial need.<\/p>\n<p>We use the information from both the CSS Profile and FAFSA to\u00a0establish your <strong>Expected Family Contribution (EFC)<\/strong>. This number is then used to determine your financial need through this formula:<\/p>\n<h3>Cost of Attendance &#8211; Expected Family Contribution = Financial Need<\/h3>\n<p>The <strong>Cost of Attendance<\/strong> 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.\u00a0After we have determined your level of financial need, we will provide a financial aid package that will include all or some of the following forms of aid: gift aid (scholarships and grants), loans and student work on campus.<\/p>\n<p>Student eligibility for need-based financial aid is determined every year and requires students to complete the FAFSA for every year they are enrolled at St. Olaf.<\/p>\n<p>To get a rough estimate of your financial aid award at St. Olaf, please use the <a href=\"https:\/\/wp.stolaf.edu\/financialaid\/net-price-calculator\/\">Net Price Calculator<\/a>.<\/p>\n<p><!-- begin-migrated-from-panel-builder --><!-- end-migrated-from-panel-builder --><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The primary focus of the financial aid program at St. Olaf is to provide access to a St. Olaf education for students who would not otherwise be able to afford [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-98","page","type-page","status-publish","hentry"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/wp.stolaf.edu\/financialaid\/wp-json\/wp\/v2\/pages\/98","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.stolaf.edu\/financialaid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wp.stolaf.edu\/financialaid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/financialaid\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/financialaid\/wp-json\/wp\/v2\/comments?post=98"}],"version-history":[{"count":6,"href":"https:\/\/wp.stolaf.edu\/financialaid\/wp-json\/wp\/v2\/pages\/98\/revisions"}],"predecessor-version":[{"id":4327,"href":"https:\/\/wp.stolaf.edu\/financialaid\/wp-json\/wp\/v2\/pages\/98\/revisions\/4327"}],"wp:attachment":[{"href":"https:\/\/wp.stolaf.edu\/financialaid\/wp-json\/wp\/v2\/media?parent=98"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}