Frequently Asked Questions

General Questions

Do I need an appointment to visit with a counselor?

No appointment is necessary. Stop by SLU’s office of student financial services in DuBourg Hall, Room 121, any time from 8:30 a.m. to 5 p.m. (Central time), Monday through Friday.

Is there a way for me to estimate the cost of attending SLU?

Yes, you can use our cost calculator. The exact cost of attending SLU can vary depending on your program or degree.

Why is my estimated family contribution (EFC) different than the amount I have to pay?

Your EFC is a measure of your family's financial strength and indicates how much of your and your family's financial resources could be available to help pay for your education. The EFC is calculated from the information you reported on your FAFSA. The amount you have to pay at any school may be different from your EFC because your EFC is a constant, while costs at each school may vary.

Saint Louis University uses resources from generous donors in addition to state and federal funds to provide you with your financial aid package. While our institutional funds provide a great deal of assistance to our students, our funds are also limited. We strive to distribute our awards to each family equitably and ethically based upon the information given.

I think my family makes too much money. Should I still apply for financial aid?

Regardless of household income or assets, you will qualify for student loans. We recommend that everyone complete a FAFSA before their first year of school so that we can award the best financial aid package possible. The FAFSA takes many factors into consideration including household size, number in college, asset portfolio and more. In fact, families with more than $200,000 in adjusted gross income have qualified for aid.

Can I have more than one federal work-study job?

No, you may only participate in one federal work-study job. However, you can work a second job on campus; these are known as "student worker" positions. Your work-study job hours are limited by federal law to a maximum of 15 hours per week. As a student worker, your hours are set by the department in which you work. You can search both types at careers.slu.edu.

When should I apply for summer financial aid?
The applications for summer aid are generally made available by the first part of April.
How do I accept my financial aid award from SLU?
You can accept or decline your financial aid awards by logging into MySLU and navigating to Banner Self-Service. We have a video where you can find step-by-step instructions.
I'm a returning student. When will I get my award letter?
Award letters to returning students are emailed to your Saint Louis University email account and are generally sent in mid-April.
What will happen if/when I drop a class?
Your financial aid counselor can help guide you through this situation. Find more information on refunds and how dropping a class or withdrawing from SLU affects your student aid.
Where do I send my private scholarship check?

It is your responsibility to notify student financial services of all outside awards (scholarships, loans, etc). If you receive a scholarship check made out to your name instead of SLU, bring it to our office in DuBourg Hall, Room 121, so that it can be credited your student account. Make sure to include your Banner ID on the check. You can also mail your private scholarship checks to the address below:

Saint Louis University
Office of Student Financial Services
Attn: Scholarship Department
One Grand Boulevard
DuBourg Hall, Room 121
St. Louis, MO 63103

 

FAFSA Questions

What is SLU's FAFSA school code?

Saint Louis University's FAFSA school code is 002506.

Is there a deadline to file?


File the FAFSA by the SLU priority deadline of Feb. 1 to maximize your scholarship and grant eligibility.

Do I have to file a FAFSA?

You do not have to fill out a FAFSA, but we highly recommend doing so. Even families with high income levels can be awarded some type of aid after filing their FAFSA.

Do I have to reapply for financial aid every year?

Yes. To be considered for aid, the FAFSA must be completed each year.

What is meant by "prior, prior year" (PPY)?

In the past when filing the Free Application for Federal Student Aid (FAFSA), students used the calendar year that just ended (e.g. in 2016, which begins with fall 2016, the 2015 calendar year is the tax year that was used). For 2017 (beginning with fall 2017) rather than the 2016 tax year, you will use the prior, prior year or 2015 again.

Are there other differences in completing the 2017 FAFSA?
Yes. In past years, students could not submit a FAFSA until Jan, 1. Beginning with the 2017 academic year, students may file the FAFSA Oct. 1, 2016 — three months earlier.
What are the advantages to using prior, prior year?
In the past, when filing the FAFSA, in order to file by deadlines established for time sensitive programs, students had to use estimated numbers and then correct them when the tax return is filed in April. Since you will be using a tax year for which the filing deadline has already come and gone (even the extension deadline), the numbers will be actual and there will be no need to change.

Another advantage is the service the Internal Revenue provides called Data Retrieval. When filing the FAFSA, students may select the Data Retrieval option to provide the answers from the federal tax return. This will both automatically draw the appropriate tax information into the FAFSA populating the fields with the correct corresponding data and cut down on potential corrections, verifications and award adjustments.
What is Data Retrieval (DRT) and why should I use it?
The IRS Data Retrieval Tool allows automatic population of a student’s FAFSA with tax return data and decreases the need for additional documentation. It can be used by millions more students and families under PPY, since tax data from two-years prior would be readily available upon application. It cuts down on the need to make corrections to the completed FAFSA which, in turn, reduces the need to adjust already awarded aid.
May a student choose which year they use to file the 2017 FAFSA?
No. The FAFSA will request prior-prior year income information for all applicants.
If I apply earlier, when will I receive aid offers?
  • Nov. 1 – Initial scholarship offers begin
  • Feb. 1 – Full award letters begin
Which FAFSA should I complete and which tax year information should I use?
If you play to apply for financial aid for ... Use information from ... Submite the FAFSA as early as ... Preferred time frame to file is ... SLU will begin to award aid on or after ...
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2016-17 academic year 2015 Jan. 1, 2016 Jan. 1, 2016-March 1, 2016  March 2016
2017-18 academic year 2015 Oct. 1, 2016 Oct. 1, 2016-Feb. 1, 2017  Feb. 2017
2018-19 academic year 2016 Oct. 1, 2017 Oct. 1, 2017-Feb. 1, 2018  Feb. 2018
2019-20 academic year 2017 Oct. 1, 2018 Oct. 1, 2018-Feb. 1, 2019  Feb. 2019
Where can I get more information and help with the 2017 FAFSA?
Visit studentaid.gov/fafsa and remember, as you fill out your FAFSA at fafsa.gov, you can refer to help text for every question or (during certain times of day) chat online with a customer service representative.
My parents are separated or divorced. Who should file the FAFSA?

FAFSA guidelines say you should answer the parent section using information about the household in which have lived most for the 12 months before filing.

If you did not live with one parent more than the other, you should give answers about the parent who provided more financial support during the last 12 months, or the most recent year in which you actually received support from a parent.

The parent with whom you lived or provided more financial support during the last 12 months is identified as the custodial parent, and you will use his or her information on the FAFSA. If the custodial parent is remarried as of the date you are filing your FAFSA, answer the questions using information about your parent and your stepparent.

Why was I chosen for verification?

Verification is an audit process required by the Department of Education. The Department of Education selects FAFSAs to audit for a variety of reasons, some of which include incomplete or inconsistent answers.

I have special circumstances not reflected on the FAFSA. How do I tell SLU about this?
Saint Louis University understands that circumstances sometimes change after you file your FAFSA. To share this, you can complete the Special Circumstance Explanation Form. One of our financial aid counselors will follow up with you regarding your special circumstances.

 

Loan Questions

What types of educational loans can I or my family apply for?

The most common student loans are Federal Direct Loans. There also are federal Parent PLUS loans, federal Graduate PLUS loans and private loans.

How do I sign a Master Promissory Note (MPN) and complete entrance counseling?

Federal Direct loan Master Promissory Notes and entrance counseling can be completed at studentloans.gov. SLU will be notified once you have completed your Direct Loans MPN.

Private loans will require the completion of a credit-qualifying application and promissory note.  Steps may vary by lender.

What are the interest rates for student loans?

Interest rates vary with the type of loan. Specific rates for the 2016-17 school year are displayed below.

  • Perkins Loan (Undergraduate) 5.0 percent
  • Federal Direct Subsidized Loan (Undergraduate) 3.76 percent
  • Federal Direct Unsubsidized Loan (Undergraduate) 3.76 percent
  • Parent PLUS Loan (Undergraduate) 6.31 percent
  • Federal Direct Unsubsidized Loan (Graduate) 5.31 percent
  • Graduate PLUS Loan 6.31 percent

Private loans have fixed and variable rates based either on the prime interest rate or the three-month LIBOR (London Inter-Bank Offer Rate) and the credit scores of the applicants.

What are the total amount limits for Federal Direct loans?
  • Dependent, Undergraduate: $31,000 (no more than $23,000 of which can be subsidized Federal Direct loans)
  • Independent, Undergraduate: $57,500 (no more than $23,000 of which can be subsidized Federal Direct loans)
  • Graduate: $138,500 (no more than $65,500 of which can be subsidized Federal Direct loans)
What is the total amount of my college loans?

You can use the National Student Loan Data System to review all the federal student loans you have taken out while an undergraduate and/or graduate student. You will need your FSA ID to access this information. To obtain information regarding non-federal loans such as a private loan, contact your loan provider.

When do educational loans go into repayment?
  • Federal student loans go into repayment six months after you drop below half-time (usually six credit hours for undergraduate and may vary for graduate programs) or graduation.
  • Private student loans vary by lender.
  • Federal parent loans generally begin repayment 60 days after the final loan disbursement; however, parents may request a deferment (delay in payment) for up to four years. There is no grace period. Interest begins to accumulate at the time the first disbursement is made.
What is the difference between federal and private loans?

Private loans are an option for financing your college education that are separate from the standard forms of lending from federal and state governments, such as the Federal Direct loans and PLUS loans.

While federal student loans are not credit-qualifying loans but limit borrowing to specific amounts, private loans are credit-qualifying loans requiring a credit-worthy co-signer. Private loans allow you to borrow up to cost of attendance minus your other financial aid.