Terms and Conditions of your Award

Awards

Uniform national standards and methodology determine financial need. Financial aid awards from Gustavus are based on a packaging policy established by the Financial Aid Office. The packaging policy is the basis for institutional scholarship and grant aid. All financial assistance is awarded on an annual basis, using costs for a full-time, on-campus student, unless otherwise indicated. If you are in attendance for less than an entire academic year, you will receive a proportional amount of the original award.

Award Renewal

If there are merit-based scholarships in your package, renewal criteria were outlined in the scholarship offer that was sent to you earlier. For need-based institutional gift aid, if comparable need is demonstrated from year to year, you can expect that that institutional gift aid will be fully renewed each year. You must re-apply each year if you wish to be considered for financial assistance. Renewal is not automatic.

Four Year Commitment

Our financial aid program is designed to assist you in completing four years of study at Gustavus. Students enrolled for a 9th or 10th semester are not eligible for institutional scholarship and grant programs and therefore will have large loan components in a fifth (and subsequent) year of enrollment. The exception to this policy is Public Accounting Majors who can receive institutional aid for a 9th semester.

Full Time Status

Your financial aid award has been computed on the basis of full-time enrollment. At Gustavus, full-time status is defined as 3 or more courses per semester. If, at any time during a term, you consider dropping to a course load of less than 3, contact the Office of Financial Aid to determine the changes that might be made to your financial aid award. If you are a MN State Grant recipient, you must complete 7.5 courses a year, with minimum enrollment each semester of 3.75 to be considered full-time. Interim enrollment can be split and counted towards both semesters, or can be counted as part of fall and part of spring to the advantage of the student. Remember, only 2 January Interim Experience courses can be used in your 4-yr enrollment for this purpose. A student becomes ineligible for a state grant after enrollment in 8 full-time semesters of post-secondary education at any institution whether the student was paid a state grant or not..

As a financial aid recipient I understand that...

SATISFACTORY PROGRESS:  I must maintain satisfactory academic progress as outlined in the course catalog.  The academic records of all Gustavus students are reviewed at the end of each semester.  Those who are having academic difficulties may lose eligibility for federal and state financial aid funds as well as merit scholarship based on GPA.  A complete description of satisfactory progress standards is contained in the academic catalog.

STUDENT ACCOUNTS:  I understand I can repeal, at any time, my authorization to use Title IV funds for educational expenses other than tuition, room, and board by submitting a signed statement to the Financial Aid Office.

WITHDRAWAL:  If I withdraw or am suspended at any point during a semester, my financial aid will be adjusted according to the institutional and federal refund policies outlined in the Gustavus Financial Aid Handbook. 

RENEWAL OF FINANCIAL AID:  Gustavus grant/scholarship assistance is available for a maximum of 8 semesters (9 semesters for student teachers) if I continue to have financial need as determined by the Financial Aid Office.  If I am receiving merit scholarship assistance, I must maintain a minimum 3.0 to have my aid renewed each year.  I must re-apply each year and am responsible for filing the required forms on a timely basis.   I understand that my merit scholarship may be reduced or eliminated if I fail to maintain the required GPA as stipulated by my scholarship award.  I further understand that if I complete my required courses for my major before spring semester of my senior year, I will lose federal and state financial aid eligibility.  These funds will not be replaced with additional Gustavus aid.

TAX RETURNS:  Before my aid can be posted, my parents and I must submit copies of all pages and schedules of our federal tax returns and W-2(s).  A review of these forms may result in an adjustment of the family contribution.

CHANGES IN FAMILY CIRCUMSTANCES:  Major changes in my parents’ income or assets, changes in the number of dependents, or changes in post secondary plans of family members must be reported as soon as they are known and may result in changes to my financial aid package.  Verification of the college enrollment of my siblings may be required during the fall.

OUTSIDE ASSISTANCE:  I must notify the Financial Aid Office in writing of any scholarships, grants, and loans, which I receive from sources other than Gustavus.  If I receive merit-based grant/scholarship aid from outside sources (excluding Federal Pell, ACG, SMART, and state grants), I can use these funds to reduce the loan and/or job portion of my financial aid award.  If the awards exceed my demonstrated financial need, Gustavus scholarship may be reduced.

FEDERAL SEOG:  Federal Supplemental Educational Opportunity Grants are federally sponsored grants awarded through the College to some students as part of their grant assistance.  If I am eligible, these funds will be disbursed to my account after each semester begins if my financial aid file is complete.

FEDERAL PELL GRANT:  If I am eligible, a Federal Pell Grant will be credited to my account only after the Financial Aid Office has a valid Student Aid Report (FAFSA) on file.

FEDERAL ACG, SMART, or TEACH Grant:  If I am eligible, a federal ACG,SMART, or TEACH Grant will be credited to my account only after the Financial Aid Office has determined my PELL eligibility and other academic criteria either through my high school transcript (ACG) or major intent (SMART/TEACH).  Additional information regarding eligibility for either grant can be found at http://studentaid.ed.gov/PORTALSWebApp/students/english/NewPrograms.jsp.

STATE GRANTS:  If my state offers grant assistance, I must apply on a timely basis.  If I do not receive a state grant because of a late application or failure to file, Gustavus will not replace lost funds with grant assistance, but with additional self-help.  State grants received after an initial award may reduce Gustavus tuition grant dollar for dollar.  Recipients of Minnesota State Grant assistance must complete at least 3.75 credits per semester to retain their full grant.

FEDERAL STAFFORD LOANS (subsidized or unsubsidized):  As a first time borrower, I will complete a Master Promissory Note (MPN), available at https://dlenote.ed.gov.  You must first complete your loan entrance interview available at http://www.dlssonline.com.  As a continuing borrower, this award letter serves as official notification of my Stafford Loan (subsidized or unsubsidized), and I only need to notify the Financial Aid Office if I want to decline or make adjustments to the loan.

FEDERAL PERKINS LOAN:  This award serves as official notification of my Federal Perkins loan award.  First time borrowers are required to complete a Perkins MPN (master promissory note) and loan entrance counseling which is available at http://www.signmyloan.com.  Once I have signed my MPN, the Perkins loan funds will be credited to my student account at the beginning of each semester according to the terms outlined in my award letter.  If adjustments to my award are necessary during the academic year due to a change in eligibility, I will be notified through a subsequent award.  Federal Perkins loan funding is contingent upon repayment from former Gustavus borrowers.  If repayments are insufficient to cover all the Perkins loans offered to students within a year, we reserve the right to replace all or part of any Perkins loan with a Federal Stafford or GATE loan.  Terms of these loans are different and can be obtained from the Financial Aid Office.

DECLINE OF LOAN OR EMPLOYMENT:  I understand that I must submit in writing to the Financial Aid Office if I decline or reduce any offered loan or work assistance.