Loans, grants, scholarships and general financial assistance information is available to all students

Financial Aid Timeline:

  • January
    • Fill out FAFSA as soon after January 1 as possible
    • Spring disbursements all Title IV aid for students who have completed all financial aid requirements – first week of classes
    • 1098T are available to students
    • Continue processing aid for spring admissions
  • February
    • Fill out FAFSA as soon as possible
    • Continue processing aid for spring admits
    • Start processing financial aid for new academic year
    • Aid for spring semester disburses weekly to student’s accounts for students who have completed all required paperwork
  • March
    • Fill out FAFSA as soon as possible
    • Continue processing aid for spring admits
    • Continue processing financial aid for new academic year
    • Send verification documents to the Financial Aid Office as requested
  • April
    • April 1 is Missouri deadline to determine eligibility for state assistance
    • Fill out FAFSA as soon as possible
    • Continue processing financial aid for new academic year
    • Send verification documents to the Financial Aid Office as requested
    • Exit counseling for May grads
  • May
    • Fill out FAFSA as soon as possible
    • Continue processing financial aid for new academic year
    • Send verification documents to the Financial Aid Office as requested
    • Award/mailing of financial aid and scholarships awards
    • Students complete Entrance Counseling and Master Promissory Note as needed
  • June
    • Contact the Financial Aid Office for fall deadline information for the Saint Luke’s Foundation and Auxiliary scholarships
    • Award/mailing of financial aid and scholarships awards.
    • Students complete Entrance Counseling and Master Promissory Note as needed
    • Continue processing financial aid for new academic year
  • July and Late July
    • Continue processing financial aid
    • Complete Entrance Counseling and Master Promissory Note as needed
    • Fall Semester bills sent to students
  • August
    • Fall disbursements all Title IV aid for students who have completed all financial aid requirements – first week of classes
    • Continue processing financial aid for new academic year
    • Complete Entrance Counseling and Master Promissory Note as needed
  • September
    • Continue to process financial aid for fall and spring admits
    • Complete Entrance Counseling and Master Promissory Note as needed
  • October
    • Continue to process financial aid for fall and spring admits
    • Complete Entrance Counseling and Master Promissory Note as needed
  • November
    • Exit Counseling for December graduates
    • Contact the Financial Aid Office for spring deadline information for the Saint Luke’s Foundation and Auxiliary scholarships
    • Continue to process financial aid for fall and spring admits
    • Complete Entrance Counseling and Master Promissory Note as needed
  • December
    • Spring Semester Tuition worksheet sent to students

Application Process

To receive federal financial aid you will need to first complete a Free Application for Student Financial Aid (FAFSA). This form can be completed online. The Department of Education sends a Student Aid Report (SAR) to both the student and the school. When the school receives your SAR we can begin to determine the amount of aid you are eligible to receive.

Entrance Counseling

A promissory note is a legally binding contract between the borrower of a Direct Loan, and the lender - the U.S. Department of Education. It contains the terms and conditions of the loan and explains how and when it should be repaid. Before you receive your loan funds, you must sign a promissory note. In past years, borrowers completed a separate promissory note for each new loan borrowed. Now, in most cases, a borrower will sign only one promissory note that is used for all of the borrower's Direct Loans. This new note is called a Master Promissory Note (MPN).

When you sign the MPN, you are confirming your understanding that your school may make multiple loans for you for the duration of your education (up to ten years) without having you sign another promissory note. You are also agreeing to repay your lender, the U.S. Department of Education, all loans made to you under the terms of the MPN. Therefore, it is very important that you completely read and understand all of the information on the MPN before you sign it.

Although your signature on the MPN allows your school to make multiple loans to you under a single promissory note, your school must have a process for confirming whether or not you want these loans. The confirmation process helps to ensure your control over borrowing multiple loans made under an MPN. Your school will inform you of the confirmation process it uses. In addition, you have the right to sign a separate MPN for each loan you borrow. You also have the right to "close" an MPN so that it cannot be used for additional loans. To do this you must send written notification to your school or to the Direct Loan Servicing Center.

Exit Counseling

Before you graduate (or if you drop below half-time attendance), you are required to complete an exit counseling interview for all educational loans you received during your attendance.

You can fulfill the exit requirements for William D. Ford Direct Loan Program loans at the convenience of your computer. Since you will be able to access your account information, you will need a PIN to access the exit counseling information. Your PIN is the same as the PIN used to complete your FAFSA. If you have misplaced your PIN or if you need to request a PIN, you can make that request at this same web site.

To complete the exit counseling online, go to http://studentloans.gov and select Exit Counseling from the Tools and Resources menu. This process takes, on average, 25 minutes.

You will need the following information:

  • Your Social Security number
  • Your driver’s license number, if applicable
  • Name, address, telephone number, and employer for your next of kin
  • Names, addresses, telephone numbers, and employers for two references residing at different addresses
  • Name, address, and telephone number for your expected employer, if known

You might also need the following information:

  • Name, address, telephone number, and employer for your parent, if applicable
  • Name, address, telephone number, and employer for your spouse, if applicable
  • Exit Counseling Information for the Federal Perkins, Federal Nursing and Saint Luke’s Loan will be made available to you at the appropriate time.
  • Repayment for the Perkins, Nursing and Saint Luke’s loans are handled by our servicer – ACS. For payment information or questions regarding deferment, forbearance, etc., contact them at: ACS-Education Services PO Box 7060 Utica, NY 13504-7060 1-800-826-4470

You can also access basic loan information, loan totals, and other financial aid specifics at www.nslds.ed.gov You will need your PIN to access your personal detailed information. 

Drug Convictions

Students convicted of possession or distribution of drugs, or who are in default on a student loan, or who owe a repayment of a Federal grant, may not be eligible for financial assistance. Contact us with questions regarding any of these situations.

Though the Financial Aid Office makes every effort to meet a student's demonstrated financial need for educational expenses, it is not always possible to do so. Since it isn't always possible to meet a student's full need, and since some students may qualify for less than the full estimated cost of education, students should pay close attention to the difference between the billed tuition/fees and the actual amount of financial aid awarded. It may be necessary to pay some educational expense from personal funds.

Notification of Financial Aid Awards

Once you have been accepted and the results of your FAFSA application have been received you will receive correspondence from the College indicating any aid that is being offered to you. In the event that additional information is needed, the Financial Aid Office will contact you. Please return any requested documents as early as possible to avoid delays in the awarding of financial aid.

Financial Aid Resources

The College participates in a number of Title IV Federal Aid Programs. These programs include Federal Pell Grants, Federal Supplemental Education Opportunity Grants (SEOG), Federal Work Study, Federal Direct Loan and Federal Perkins Loan as well as the Federal Nursing Loan Program.

Federal and State Guidelines

We adhere to all Federal and State guidelines in administering financial aid, without regard to race, color, sex, religion, age, handicap or national origin. Need for all students is determined utilizing the results of the Free Application for Federal Student Aid (FASFA) which provides those results electronically to the College – provided our School Code - 009782 is on the FASFA. It is the student's responsibility to make sure the College has a copy of their information.

Every year the College awards institutional scholarships, grants, and loans to our students.

To help you plan and locate funds to finance your education, numerous publications are available at http://www.studentaid.ed.gov/pubs

Grants

Federal Pell Grant

A federal Pell Grant does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. Eligibility is determined after completing the Free Application for Federal Student Aid (FAFSA). The maximum available Pell Grant for 2011-12 is $5, 6450 per year. Not all students will be eligible for the maximum.

Federal Supplemental Educational Opportunity Grant (SEOG)

A federal Supplemental Educational Opportunity Grant does not have to be repaid. Priority consideration is given to those with the lowest Expected Family Contribution figure (EFC) and who qualify for the federal Pell Grant. This is a campus-based program which means that every eligible student is not guaranteed these funds.

Access Missouri Financial Assistance Program

This is a need-based program designed to be simple to understand, provide predictable, portable awards, and increase access to your school of choice. Your financial eligibility is determined by your Expected Family Contribution (EFC) as calculated through the Free Application for Federal Student Aid (FAFSA). To be eligible for assistance you must meet the following requirements:

Students Applying for the First Time

●     Have a FAFSA on file by April 1.

●     Have any FAFSA corrections made by July 31.

●     Is a U.S. citizen or permanent resident and a Missouri resident.

●     Is an undergraduate student enrolled full time at a participating Missouri school (Students with documented disabilities who are enrolled in at least six credit hours may be considered to be enrolled full time).

●     Have an Estimated Family Contribution of $12,000 or less.*

●     Not be pursuing a degree or certificate in theology or divinity.

●     Not have received your first bachelor's degree, completed the required hours for a bachelor's degree, or completed 150 semester credit hours.

Flarsheim Grant

A Flarsheim Grant is an institutional grant which does not have to be repaid. These grants are awarded based on need using the US Department of Education's standard formula and the availability of funds. The college receives a limited number of funds for these grants each year. Priority is given to those who are not otherwise eligible for federal or state grants.

Loans

Federal Perkins Loan

A Federal Perkins Loan is awarded to students with need as determined by the U.S. Department of Education's standard formula and availability of funds. Repayment of these loans begins nine months after a student drops to less than half time. These loans are based on 5 percent simple interest with a repayment term of ten years. The school is the lender. Cancelation options are available for certain occupational fields.

Federal Direct Subsidized Loan

Federal Stafford Subsidized loans are based on need as determined by the U.S. Department of Education's standard formula. The funds for these loans are obtained from the U.S. Department of Education. The federal government pays the interest on the student's behalf while they are in school on at least a half-time basis, during the grace period, and any authorized deferment periods. The grace period is the six-month period of time from when a borrower drops to less than half time (six credit hours) to when repayment begins. Borrowers have up to ten years in which to repay these loans. Juniors and seniors may borrow up to $5,500 per academic year if they qualify and have not reached their aggregate loan limit. Contact the Financial Aid Office for current interest rates.

Federal Direct Unsubsidized Loan

Federal Direct Unsubsidized loans are available to students who do not qualify for all or part of the Subsidized Stafford Loans. The terms of these loans are the same as the subsidized except that the government does not pay the interest on behalf of the borrower at any time. The student is responsible for paying the interest from the time the loan is disbursed. The interest payment can be paid quarterly or the borrower may request to have the interest accrued and capitalized. Independent students can possibly qualify for an additional $7,000 in the Unsubsidized Direct Loan Program. Contact the Financial Aid Office for current interest rates.

Federal Direct Parent Loan for Undergraduate Students (PLUS)

Federal Parent Loans are available for parents of undergraduate, dependent students. These loans would allow parents to borrow up to the cost of attendance minus financial aid from other sources. Repayment begins within 60 days and borrowers have ten years to repay the loan. These loans are obtained from the U.S. Department of Education and are not need based. Contact the Financial Aid Office for current interest rates.

Federal Nursing Loan

Nursing loans are awarded to students with need as determined by the U.S. Department of Education's standard formula and availability of funds. Repayment of these loans begins nine months after a student drops to less than half-time. These loans are based on 5 percent simple interest with a repayment term of ten years.

Work Study

Federal Work-Study (FWS) provides part-time jobs for undergraduate allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient's course of study. Eligibility for Work Study is based upon need and availability of funds.

Disclosures

Truth in Lending Act (TILA)

In August of 2008, the Higher Education Opportunity Act (HEOA) amended the Truth-in-Lending Act (TILA) establishing private education loan disclosure requirements regarding loan terms on or with the loan application. Lenders must also disclose information about lower cost alternatives like federal student loans. Additionally, once the loan is approved and finalized for disbursement, additional disclosures must be provided.

These regulations were passed to ensure that borrowers of private education loans have the necessary information to make informed choices about financing products to fund educational costs. These regulations apply to all private education loans, but not to loans under the Federal IV loan programs (Stafford, Perkins and PLUS).

The following documents must be provided to you under the Federal Truth in Lending Act

●     Self-Certification Form (This form must be completed before receiving your first disbursement of loan funds.)

●     Final Disclosure and Right-to-Cancel Period

●     After you signed your promissory note, the Final Disclosure Statement confirms the terms and conditions of your loan. At the time that this final disclosure is delivered, your "right-to-cancel" period begins. During this period of three to six days, you may cancel the loan by contacting the lender. The lender cannot release the first disbursement of your loan funds until the end of the right-to-cancel period.

●     Borrowers may qualify for other assistance under Title IV. The terms and conditions of Title IV programs may be more favorable than private education loans.

●     You may qualify for Federal education loans. Contact the Financial Aid Office for more information.

You Must Repay Loans

Plan ahead for repayment and budget wisely. At some point you must begin repaying your loan(s), even if you do not finish school, do not graduate, are not satisfied with your educational experience or cannot find employment after graduation.

After you graduate, leave school, or drop below half time enrollment, you have six months before you must begin repayment on your Direct Stafford (Subsidized and/or Unsubsidized) Loan. This is called a grace period. The first actual payment is due within 60 days after your grace period ends. If you return to school at least half-time before that six month period ends, the repayment of your Direct Loan(s) will not begin until the day after your grace period ends.

Students have the option of repaying unsubsidized interest while they are in school, or allow it to accrue and be capitalized (that is, added to the principal amount of the loan). If the borrower chooses not to pay the interest as it accrues, this will increase the total amount repaid because of charged interest on a higher principal amount.

Avoiding Default

Loans are not gifts. They must be repaid. If you are having trouble making your payments, call the Direct Loan Servicing Center. The Direct Loan Servicing Center will work with you to help you avoid the serious consequences of default. Don't let your loan get into this situation.

Take advantage of the Electronic Services options offered on this web site to help you keep track of your payments and benefit from the on-time payment discounts offered by the U.S. Department of Education. Don't default on your loans.

The Consequences of Defaulting

●      The entire unpaid balance and accrued interest becomes due and payable immediately.

●      You lose your deferment options.

●      You lose eligibility for additional federal student financial aid.

●      Your account is assigned to a collection agency.

●      Your account will be reported as delinquent to credit bureaus, damaging your credit rating.

●      The Federal Government can intercept any income tax refund due to you or you and your spouse.

●      Late fees, additional interest, court costs, collection fees, attorney’s fees, and other costs incurred in collecting your loan will increase your loan debt.

●      Your employer (at the request of the Federal Government) can garnish part of your wages and send them to the government.

●      The Federal Government can take legal action against you

Repayment Alternatives

Deferment

A deferment is a period during which your monthly loan payments are temporarily postponed. If you are enrolled in school at least half-time, unemployed, experiencing economic hardship, or meet other specific criteria, you may qualify for a deferment. However, you will be responsible for the interest that accrues on your Direct Unsubsidized Loan during the deferment period.

Forbearance

Forbearance is a period during which your monthly loan payments are temporarily postponed or reduced. You may request a forbearance if you are willing, but unable to make loan payments due to certain types of financial hardships. You will be responsible for the interest that accrues on all of your loans during the forbearance period.

In addition to completing this online loan counseling session, you should also read the Direct Loan Repayment Book and the Counseling Guide for Direct Loan Borrowers. Both publications are available from the Financial Aid Office and on the Direct Loan Web site. You will also receive information about your options for repayment during exit counseling. You will receive exit counseling before you separate from school or before you drop below half-time enrollment.

Enrollment Status

Full-time and Part-time Under-graduate

Full-time enrollment for under-graduates is defined as 12 hours for fall and spring semesters and six hours for the summer semester. Part-time enrollment is considered anything less than 12 hours. For financial aid purposes other enrollment information is included like:

●      Three-quarter (3/4) time is enrollment of nine (9) to eleven (11) hours for fall and spring semesters and four (4) hours for the summer semester. 

●      One-half (1/2) time is enrollment of eight (8) to six (6) hours for fall and spring semesters and three (3) hours for the summer semester. 

●      Less than Half-time is considered any enrollment less than six (6) hours for fall and spring semesters and less than three (3) hours for the summer semester. 

Enrollment Status for Graduate Students

Fulltime enrollment for graduate students is nine (9) hours. Half-time enrollment is five and one-half (5.5) credit hours.

Withdrawal from the College

A student may withdraw from Saint Luke’s College at any time. To officially withdraw from the College, you must obtain a Student Withdrawal Form from the Registrar’s Office. The form must be completed and returned to the Registrar. The official date of the withdrawal is used to compute tuition and financial aid. A grade of W is recorded on the academic record for the semester and indicates you withdrew from College. Our policy is to record on your transcript if you are dismissed from the nursing program. 

Notification of withdrawal is sent to each of your course instructors. A financial aid exit interview is required if the student received Financial Aid while enrolled at the College. The Saint Luke’s College student identification badge must also be returned. 

Verbal communication to individual instructors of intent to withdraw or failure to attend classes is not considered an official withdrawal.

Students can access their aggregate loan totals at the National Student Loan Database www.nslds.gov. Schools are required to update the NSLDS for each loan.

For additional information, please contact the Financial Aid Office.

Satisfactory Academic Progress for Financial Aid

UNDERGRADUATE students only

Federal regulations require students to meet satisfactory academic standards in order to receive federal financial assistance. The two standards utilized by the College to determine satisfactory academic progress are quantitative and qualitative. Quantitative progress requires students to pass a minimum number of credit hours. Qualitative progress requires students to earn a predetermined Saint Luke’s College cumulative grade point average. Students must be in compliance with the Colleges written standards for both quantitative and qualitative progress to maintain eligibility for any type of federal financial assistance Students failing to maintain satisfactory academic progress will be ineligible for further federal financial assistance until academic progress guidelines are met. Final quantitative and qualitative progress will be assessed annually. Saint Luke’s college will attempt to notify students when they have not maintained satisfactory academic progress. However, students are responsible for being aware of the satisfactory academic progress policies and eligibility guidelines even if the College’s notification is not received.

Quantitative Progress 

To be considered making satisfactory quantitative progress, you must successfully complete at least 75 percent of the hours attempted. Failing grades (C, D, F) or withdrawal (W) will not be computed in the number of hours completed.

Qualitative Progress

To be considered making satisfactory qualitative progress, you must maintain a minimum cumulative grade point average of 2.00

Maximum Time Frame and Credit Hours 

Students may receive financial assistance for up to one and one third times the normal program length (133.33 percent). Part time attendance counts in this calculation. The normal program length for an undergraduate degree is 124 credit hours, therefore, 165 credit hours would be the maximum number for which and undergraduate student could receive financial aid. Only hours applicable to the Saint Luke's College Bachelor of Science in Nursing degree will be counted. 

Student Financial Appeals Process

Procedure: Final Quantitative and qualitative progress will be assessed by the Financial Aid Office after each semester. Saint Luke's College will attempt to notify students via student email when they have not maintained satisfactory academic progress. However, students are responsible for being aware of the satisfactory academic progress policies and eligibility guidelines even if the College's notification is not received.

A student who fails to make satisfactory academic progress may appeal, in writing, the loss of eligibility. The appeal must be based on documented mitigating circumstances that were clearly beyond the student’s control. Types of required documentation may include doctor and hospital reports, legal documents, written statement/information from a relative or other official source as deemed appropriate by the Financial Review Committee.

 Written appeals and all supporting documentation must be received by the Financial Aid Office within 14 days prior to the beginning of the semester. The Financial Review Committee will review the written appeal, supporting documentation and notify the student in writing of the appeal decision within 14 days from the date received.

To appeal the decision of the Financial Review Committee, the student must submit a written appeal and all supporting documentation to the President/Dean’s Office within seven days from the date on the financial review committee’s written response. The decision of the President/Dean is final.

GRADUATE students only

Federal regulations require students to meet satisfactory academic standards in order to receive federal financial assistance. The two standards utilized by the College to determine satisfactory academic progress are quantitative and qualitative. Quantitative process requires students to pass a minimum number of credit hours. Qualitative progress requires students to earn a predetermined Saint Luke’s College cumulative grade point average. Students must be in compliance with the Colleges written standards for both quantitative and qualitative progress to maintain eligibility for any type of federal financial assistance Students failing to maintain satisfactory academic progress will be ineligible for further federal financial assistance until academic progress guidelines are met. Final quantitative and qualitative progress will be assessed annually.

Saint Luke’s college will attempt to notify students when they have not maintained satisfactory academic progress. However, students are responsible for being aware of the satisfactory academic progress policies and eligibility guidelines even if the College’s notification is not received.

Quantitative Progress

To be considered making satisfactory quantitative progress, you must successfully complete at least 66 percent of the hours attempted. Failing grades (C, D, F) or withdrawal (W) will not be computed in the number of hours completed.

Qualitative Progress 

To be considered making satisfactory qualitative progress, you must maintain a minimum cumulative grade point average of 3.00

Maximum Time Frame and Credit Hours 

Students may receive financial assistance for up to one and one half times the normal program length (150 percent). Part time attendance counts in this calculation. The normal program length for an undergraduate degree is 45 credit hours. Only hours applicable to the Saint Luke’s College Bachelor of Science in Nursing will be counted.

Student Financial Appeals Process 

A student who fails to make satisfactory academic progress may appeal, in writing, the loss of eligibility. The appeal must be based on documented mitigating circumstances that were clearly beyond the student’s control. Types of required documentation may include doctor and hospital reports, legal documents, written statement/information from a relative or other official source as deemed appropriate by the Financial Review Committee. 

Written appeals and all supporting documentation must be received by the Financial Aid Office within 14 days prior to the beginning of the semester. The Financial Review Committee will review the written appeal, supporting documentation and notify the student in writing of the appeal decision within 14 days from the date received. 

To appeal the decision of the Financial Review Committee, the student must submit a written appeal and all supporting documentation to the President/Dean’s Office within seven days from the date on the financial review committee’s written response. The decision of the President/Dean is final.