Undergraduate
Financial Aid FAQ's
What is financial aid?
Financial Aid refers to scholarships, grants, loan and work opportunities which assist students in meeting their college expenses.
Two common classifications of student financial aid are:
- Gift Assistance: Scholarships and Grants, which usually do not have to be repaid.
- Self-help: Loans, which must be repaid, though in many cases not until the student has finished college. Student employment is also self-help assistance, whereby the student works and receives a bi-weekly paycheck. Most Saint Michael’s financial aid packages typically include a self-help component.
What are the sources of financial aid?
The College administers and distributes funds from institutional, private, federal and state sources. Students who follow the application procedures outlined on this page will be considered for institutional student financial aid as well as the following federal student aid programs: Pell Grant, Supplemental Educational Opportunity Grant, Perkins Loan, Stafford Loan and Work-Study Program. Many Saint Michael’s College students also obtain funding from various outside/external sources.
How is financial need determined?
Financial need is the difference between the estimated cost of attendance for a school year and the "expected family contribution" from the student and his/her parents. An expected family contribution is calculated through the Federal methodology from family financial data submitted by each family that applies for financial aid. The Office of New Student Aid and Scholarships reviews the expected family contribution, determines the applicant’s financial need and notifies the student of available sources of funding.
How is the expected family contribution calculated?
All of the information reported by the family on the FAFSA is used to determine eligibility for the various federal, state and institutional programs. For institutional funds, Saint Michael’s College adheres to the traditional premise that the family bears the first responsibility to contribute toward college expenses to the extent that it is able to do so.
When are financial aid applicants notified?
Admitted first year students who have properly completed the financial aid process are notified soon after the first of April, if not before.
Is there a cost associated with applying for financial aid?
Saint Michael's requires is the Free Application for Federal Student Aid (FAFSA) and it is entirely free.
What is the CSS Profile?
The Profile is a program run by the College Board that helps colleges determine an early estimate of your financial aid package by providing a complete picture of your family's financial resources, prior to filing the FAFSA.
Does Saint Michael's require the CSS Profile?
Saint Michael's College does not require the CSS Profile, but does accept it. Families who file the FAFSA only and do not file the Profile form are not at a disadvantage to those who choose to file both forms. Applicants who are applying for the Early Action I deadline (November 1st) and wish to receive an early estimate of their financial aid package must submit the Profile by December 1st, in order to receive an early estimate.
Is financial aid renewable?
All forms of financial aid, including scholarships offered by the College, are generally renewed, provided there is satisfactory academic progress and good standing, a timely financial aid application, annually demonstrated financial need and availability of funds. Some scholarships require recipients to maintain a specific cumulative grade point average. Application for renewal requires the proper and timely completion of the FAFSA.
