How Your Need-Based Aid Eligibility is Determined

Your eligibility to receive need-based aid is determined by the following process:

1. From the information you provide on the FAFSA, the federal processing center will calculate a figure known as the Estimated Family Contribution (EFC), which is the amount your family is expected to contribute toward the cost of your education. The EFC is constant, no matter which college you choose. Your EFC will be sent automatically to the colleges whose codes you included on your FAFSA on a form known as the Student Aid Report (SAR).
2. When the colleges receive your SAR, your need will be calculated by subtracting your EFC from the Cost of Attendance, or budget, at each institution. The Cost of Attendance includes tuition, fees, room, board, books, transportation and other required costs. Because the Cost of Attendance at each institution varies widely, your need and your financial aid award can vary widely as well. In short, you should never determine (at face value) that you cannot afford to attend a particular institution. Wait until you know the results of the financial aid application and award processes.
3. After your need is calculated, each college will send you a financial aid award letter, or "package." You’ll be able to accept or reject different components in the package, or the award letter as a whole.

When You Receive Your Financial Aid Package

When you receive your award letter from Saint Leo Student Financial Services, it will list the various forms of aid for which you qualify, like this:

Sample Award Letter*
Scholarship: $5,000
Federal Grant: $2,000
Federal Grant: $1,000
State Grant: $4,300
Grant: $2,000
Student Loan: $5,500
Work-Study: $3,500
Total Package: $23,300

*Note that all of the above are based upon your eligibility with regard to need or scholarship award criteria.

Analyze your award letter carefully. To determine what your out-of-pocket cost will be each year, subtract your financial aid award for the year from the cost of attendance. The Federal Work-Study award amount represents potential student employment earnings, and are not counted toward reducing tuition.

If your college decision depends upon the most affordable option, remember that tuition, fees, financial aid packages and resulting expenses will vary widely from school to school. Costs are easy to compare, but the experience you will gain at Saint Leo is unlike any other college. Your Admission Counselor or the Student Financial Services Office will consider your award with you and will explain every aspect, step by step, to be sure you understand.

Parent Plus Loans, Private Loans & Alternative Payment Plans

Students and parents may be eligible to supplement their financial aid package with either a parent loan or an alternative loan. In addition, payment options are available.

Contact the Student Financial Services Office to learn more:

Phone: (352) 588-7403
Toll Free: (800) 240-7658
Fax: (866) 708-7770
Email: finaid@saintleo.edu

What You Should Know About Financial Aid

There are a number of caveats to financial aid awards of which you should be aware. Here are a few:

• The renewal of most merit-based scholarships is based upon fulfillment of determined criteria, such as maintaining a certain grade point average, completing required credit hours, participating in an activity or sport, or living in a certain area. Some awards may not be renewable—check the award criteria to be sure.
• Financial aid and scholarship awards are often contingent upon maintaining satisfactory academic progress toward your degree. Each college’s catalog will include information about how that institution defines satisfactory academic progress.
• There are federal, state, and university regulations that must be met in order to receive and continue receiving financial aid. Entrance and exit interviews and completion of the Master Promissory Note are required for the purpose of explaining these regulations on federal loans.
• Your financial aid package will be based upon full-time enrollment. If you enroll for fewer than 12 credit hours in any given semester, you may not be eligible to receive some or all of the financial aid in your package. In some cases, enrolling for the minimum full-time hours will not be enough to maintain a satisfactory Standard of Academic Progress.
• Each year, approximately one in three students’ Student Aid Reports is randomly selected for verification, which means that the information you have submitted on your FAFSA must be verified by the Student Financial Services Office. You will be asked to submit signed copies of your income tax and other similar information in order to comply with this regulation. Being selected does not mean that the federal government questions your information—it is simply a system of checks and balances that the government uses to be sure each applicant is being truthful.
• Student athletes participating in intercollegiate sports are governed by NCAA Bylaws based on division. Saint Leo University is a Division II institution.