Financial Aid FAQ's
How do I apply for financial aid?
The first step in completing the financial aid process is to complete a Free Application for Federal Student Aid (FAFSA). The FAFSA determines a student’s financial need, and how much the school is able to award the student in financial aid. It is recommended that the FAFSA be completed online at www.fafsa.ed.gov. The result of your FAFSA is called the Student Aid Report (SAR) and it summarizes the data you reported on your application. You will receive your SAR via e-mail confirmation. Please be sure to read and review this information carefully for accuracy. Should you need to make corrections you may do so online utilizing your Personal Identification Number (PIN) provided by the U.S. Department of Education. Be sure to E-sign your correction request prior to submission.
St. Thomas University's Federal School Code is 001468.
What are the steps required to complete a FAFSA?
The first step is to request a pin number, which is the electronic signature. The PIN request is done online at: http://www.pin.ed.gov once the pin number has been sent electronically (usually takes 48 hours); the FAFSA needs to be completed online using the student and parent’s tax transcripts from the previous year if they are a dependent student, or just their taxes (and spouse, if applicable) if they are an independent student. A parent of a dependent student needs to request a PIN number as well in order to sign this application electronically.
When is St. Thomas University's priority deadline for financial aid purposes?
All financial aid documents, including the result of the FAFSA or renewal FAFSA must be received by the Office of Financial Aid on April 1st to be considered "on time". Students whose files are completed accurately by this deadline will receive priority consideration for limited Federal State and/or Institutional funds. Students who complete their financial aid file after the priority deadline of April 1st will be processed in the order of completion date, but may not receive an award determination by the beginning of the Fall semester depending on file completion date. Late applicants should plan to have adequate resources to meet their tuition and living expenses.
Notification: If you applied for financial aid by April 1st an award letter will be sent to you by June 1st. If you have applied by the priority deadline and have not heard from the Office of Financial Aid by July 1st, please contact the Bobcat Enrollment Center at 305-474-6900.
How do I know if I’m a dependent or independent student?
Students who are over the age of 24, married or have dependents of their own that they support more than 50% are considered independent students for financial aid purposes. Special circumstances will be reviewed on a case by case basis by the Office of Financial Aid.
How long does it take to process my FAFSA?
If the application is completed online it takes 3-5 business days to be received and up to 14 business days for processing.
When will my financial aid be awarded?
Once the FAFSA is received by the Office of Financial Aid, an estimated award letter is sent to the student, and the proper documents that are needed to process the aid are requested. All documents that are needed must be completed online or submitted to the Bobcat Enrollment Center before any financial aid can be posted to the student’s account. If all documents needed to process your awards are submitted on time, your aid will be applied after the add/drop period for the term.
How can I get work-study? Can I keep all of my work-study money?
In order for a student to receive work-study, the student must indicate on their FAFSA that they want work-study, and the FAFSA must be received before April 1st of the new academic year for the student to be considered. If the work-study is part of the financial aid needed to pay their fees for that academic year, the student has the option to complete a work- study agreement form at Bobcat Enrollment Center indicating that their checks automatically go to the Business Office.
What is Financial Aid verification?
Verification is the process of verifying the information that the undergraduate student submitted on their FAFSA. The Department of Education picks 30 percent of all students receiving financial aid during the academic year.
What do I need to submit in order to complete the verification process?
If selected, the student needs to complete a dependent or independent student worksheet online at www.stu.edu/faforms. The student would also need to submit all tax transcripts and W2’s applicable for the previous year. This process of verification has to be completed before the student is able to receive any financial aid.