Financial Aid Awards—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.
Each year you’ll need to read and accept the “Terms and Conditions” before your financial aid can be disbursed to your student account. In fact, you won’t be able to accept or decline portions of your award until you’ve read through and accepted the Terms and Conditions. But be sure to actually read it so you know what you’re agreeing to.
You and your parent(s) are primarily responsible for covering the costs of 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.
St. Norbert College scholarships or grants may be funded by a St. Norbert endowed or annual scholarship. At a later date, you may be notified of 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.
- 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.
- Unless otherwise noted, your award is based on the housing status listed on your FAFSA. If, at a later date, Residential Education and Housing has a different housing code on record, your financial aid will be adjusted to that housing status.
- SNC is committed to ensuring students complete their education in four years; all grant and scholarship aid from SNC is disbursed equally each semester for a maximum of eight semesters.
- Federal regulations require St. Norbert to establish Satisfactory Academic Progress (SAP) standards for financial aid recipients. Our standards of SAP measure a student’s performance in completion rate, cumulative grad point average (GPA) and maximum time frame. Students are required to maintain SAP for both academic and financial aid purposes.
- You’re expected to apply for all available financial aid, including federal student loans, before being considered for special circumstances.
- The Office of Financial Aid reserves the right to review, adjust or cancel an award at any time because of changes in your financial or academic status. Your award will be canceled or adjusted if you misrepresented or provided incorrect or false information on your aid application materials.
- Confirmed offers of aid will be made only after your file is complete. You may expect a change to your award if your FAFSA data is estimated and not actual data.
- 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.
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 St. Norbert College, you’ll need to notify the Office of Financial Aid of the details of the outside award. Your aid package will be adjusted to reflect the outside award per federal, state and institutional policy.
Costs for the 2013-14 academic year are found within the bursar department web pages.
Disbursement of awards
Disbursement of scholarship, grant and loan funds is usually divided equally between the fall and spring semesters. (NOTE: 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 St. Norbert College; upon receipt, these funds will be applied to the term indicated on the information received with the funds. Federal loan funds won’t be applied to your account unless you’ve previously completed entrance counseling and master promissory note requirements.
Reconsideration of award
If you have new information that wasn’t available when your aid application was submitted that might cause a change in your St. Norbert aid award, please submit that information, in writing, and your award may be reconsidered. The 2013-14 request for consideration of special circumstances must be submitted with appropriate documentation. Any possible increase in aid will be related to the availability of St. Norbert College resources.
Sources of aid
Aid comes in the form of grants, scholarships, employment and loans. Learn about the various sources of each.
Enrollment status is based on the number of courses in which you’re enrolled. If you take 12 or more credits each semester, you’re considered full-time. If you take at least six but less than 12 credits, you’re considered half-time, while those taking less than six credits are classified as less than half-time. You must maintain at least a half-time status to be considered for some forms of financial assistance. You must maintain full-time status as an undergraduate student to be eligible for institutional grants and scholarships.
Continuation of aid eligibility
You must apply for financial aid each academic year you’ll be enrolled at SNC. The preferential date for submitting both federal and institutional application materials is March 1. Applications filed after this date will be handled on a funds-available basis. To the extent that resources permit, we’ll renew your aid as long as you provide evidence of continuing financial need. Experience has shown that financial aid awards remain relatively consistent from year to year if there have been no significant changes in the family situation. However, you should expect a change to future financial aid awards if any of the following occur:
- An increase or decrease in parent or student income or assets.
- A change in the size of the household or number of dependents in college.
Additional information/consumer information
Look here for answers to additional questions you may have or for other information you may need.
Accepting terms and conditions
Now that you’ve reviewed the terms and conditions, you can return to KnightLine to accept them. If you arrived here from a link in KnightLine, just close this tab/window and you’ll be back on the page where you can accept these terms and conditions. Otherwise, log in to KnightLine now.