Terms and Conditions — Stuff You Really NEED to Know
We know, “Terms and Conditions” sounds like the last thing you’d ever want to read but, trust us, this stuff is important for you to read through so you understand the financial aid being offered to you.
You’ll benefit from reading the terms and conditions each year. Not only will you know of changes from one year to the next, but reading it empowers you to make the best decisions with regard to your award.
How Your Award Was Determined
You and your parent(s) are primarily responsible for paying for your college education. When your resources aren’t sufficient to cover the costs, a variety of financial aid programs are offered to bridge the gap. For most students, this is accomplished through a combination of scholarship, grant, loan and work funds.
To determine your need for financial aid, we use information from your Free Application for Federal Student Aid (FAFSA). This allows us to evaluate your needs for financial aid in a uniform manner.
St. Norbert College scholarships or grants may be funded by a St. Norbert endowed or annual scholarship. At a later date, you may learn the specific name of the endowed or annual scholarships and the name of the donor who helped make them possible. Offers of federal and/or state aid are contingent upon availability of funds.
Sources of Aid
Aid comes in the form of grants, scholarships, employment and loans. Learn about the various sources of each.
You’ll need to apply for financial aid each academic year you’re enrolled at SNC. The priority date for submitting the FAFSA is March 1, with applications after that date being handled on a funds-available basis.
If you have merit-based scholarships in your award, the renewal criteria should have been outlined in the scholarship offer that you received earlier. We’ll renew your need-based aid as long as you provide evidence of similar financial need. Financial aid awards tend to remain relatively consistent from year to year if there have been no significant changes in your family situation. You’ll likely see a change to future aid awards if:
- Your parent or personal income or assets increase or decrease.
- The size of your household or number of dependents in college changes.
We’re committed to ensuring that you complete your education in four years. Period. All grant and scholarship aid you receive from SNC is disbursed equally each semester for a maximum of eight semesters. If you enroll for a ninth or 10th semester outside of our four-year graduation guarantee, you won’t be eligible for St. Norbert grant or scholarship programs.
Unless otherwise noted, your award is based on full-time enrollment for a full academic year. If you enroll less than full-time or for less than a full academic year, your award will be adjusted. To be eligible for SNC grants and scholarships, you’ll need to be enrolled full-time. Some other forms of financial assistance require you to be enrolled at least half-time.
At St. Norbert, full-time status is defined as 12 or more credits each semester. If, at any time during a term, you consider taking fewer credits or dropping a course, please contact the financial aid office to determine the changes that might be made to your financial aid award.
Your award is based on the housing status you listed on your FAFSA, unless otherwise noted. If your housing status changes, your financial aid will be adjusted accordingly. If you’re considering a change in your housing status, we encourage you to contact the financial aid office to determine how that may impact your financial aid award.
Disbursement of Awards
Scholarship, grant and loan funds are usually divided equally between the fall and spring semesters (this doesn’t include wages earned from working on campus). Scholarship and grant funds awarded by private sources aren’t applied to your account until the money is received by SNC; upon receipt, these funds will be applied to the term indicated on the information received with the funds.
Federal loans won’t be applied to your account unless you’ve previously completed entrance counseling and master promissory note requirements.
Satisfactory Academic Progress
As a financial aid recipient, you’ll need to maintain satisfactory academic progress (SAP) standards, as required by federal regulations. These standards measure your performance in completion rate, cumulative grade point average (GPA) and maximum time frame. You’re required to maintain SAP for both academic and financial aid purposes.
We review academic records at the end of spring semester. If you’re not meeting the standards, you may lose eligibility for federal, state and college financial aid funds, as well as merit scholarships that are based on your GPA.
If you withdraw or are suspended at any point during a semester, your financial aid will be adjusted according to federal and institutional refund policies.
Renewal of Financial Aid
St. Norbert grant and scholarship assistance is available for a maximum of eight semesters. As resources permit, your need-based financial aid will be renewed as long as you provide evidence of similar financial need. If you receive merit scholarship, you need to maintain the GPA required of that scholarship, based on the information you received at the time of notification. You must re-apply each year and you’re responsible for filing the required forms on a timely basis. Your merit scholarship may be eliminated if you fail to maintain the required GPA stipulated by your scholarship award.
You’ll need to submit all of the documents requested by the financial aid office before your aid can be posted. Your financial aid award may by adjusted if the information in the documents isn’t consistent with the data you reported on your FAFSA.
Your award may change if your FAFSA data is estimated and not actual data. Confirmed offers of your aid will be made only after your file is complete.
Changes in Family Circumstances
If there are changes in your parents’ income, number of dependents or post-secondary plans of family members, you’ll need to report those as soon as they are known. As a result, your financial aid package may change. You may be required to provide verification of college enrollment for your siblings during the fall or spring. You’re expected to apply for all available financial aid, including federal student loans, before being considered for special circumstances. Any possible increase in SNC aid will be related to the availability of college resources.
Federal regulations [34 CFR 673.5(b)] require colleges to take into account any resources they know about or can anticipate a student receiving when awarding and disbursing aid. If you receive monetary awards from sources other than SNC, you’re required to notify the financial aid office of the details of the award. Your aid package will be adjusted to reflect that outside award per federal, state and institutional policy.
Yellow Ribbon Program
SNC funds are subject to adjustment based on veteran benefits you may receive. All St. Norbert funds awarded in advance of veteran benefits meet Yellow Ribbon Program matching requirements.