In addition, students must complete the St. Olaf financial aid application. Using a standardized formula, these documents generate, on the basis of the family's financial situation, the amount of the student's annual educational expenses the family is expected to meet. Demonstrated need is the basis on which St. Olaf financial aid is awarded. Only full-time students who are degree candidates at St. Olaf College in their first eight semesters are eligible for financial assistance from the college. Students enrolled for a ninth or tenth semester are not eligible for most grant programs and will have larger loan components in a fifth year of enrollment.
Financial aid is credited directly to the student's comprehensive fee account.
Financial aid is credited on an equal basis for the Fall Semester and the Spring Semester. Students on academic probation may not be eligible to receive scholarship assistance from St. Olaf during the probationary period. For more information on SAP policies at St. Olaf, contact the Office of Financial Aid. Endowment earnings and annual gifts help support the operating budget of the college and allow St. Olaf to keep tuition charges at roughly 75 percent of the actual cost. St. Olaf scholarships are available to incoming first-year students, transfers, and returning students.