Common Questions and Answers

For All Students

How do I apply for financial aid?

You can apply for financial aid by completing the Free Application for Federal Student Aid, otherwise known as the FAFSA. For additional information on the filing and review process, please see our detailed description of the application process.

Must I be accepted to the University before I can apply for financial aid?

No, you do not have to be accepted to any school before you file the FAFSA. It is recommended that you apply for financial aid as soon as you decide you might attend college. However, you cannot receive a financial aid package until you have been accepted for admission to Saint Xavier University and valid FAFSA results have been received by our institution.

How many credit hours must I take to qualify for financial aid?

The Department of Education requires students to be enrolled at least half time to receive federal loans or participate in the Federal Work Study program. For undergraduate students, half time enrollment is 6 credit hours per semester. For graduate students, 4.5 semester hours of enrollment qualify as half time. Students who attend less than half time, can still be considered for the Federal Pell Grant and the State of Illinois MAP Grant.

Can I complete the FAFSA if I have not yet filed my taxes?

Yes. It is recommended that you file the FAFSA as soon as possible each year after January 1 for the upcoming academic year, which runs from July 1 to June 30. In order to do so, you may estimate income information. You can then update this information after your taxes have been completed.

How can I get a copy of my 1040 Tax Form?

Call 1-800-829-1040 or visit the IRS online and request form 1722.

How can I have my FAFSA results sent to you if I did not list Saint Xavier University on my FAFSA?

There are 3 options for adding a school to your FAFSA:

  • Call 1-800-4FED-AID. Using the DRN number, listed on the Student Aid Report (SAR) you received from filing the FAFSA, and our school code (001768) we can be added.
  • Go to FAFSA on the Web and select the option "Make Corrections to a Processed FAFSA" to add a school
  • Contact the Financial Aid Office with your DRN number and Social Security Number.

How long does it take to process the FAFSA?

If you submit the FAFSA on the internet by using FAFSA on the Web, the Department of Education will take approximately one to two weeks to process the information and produce your Student Aid Report (SAR), which is a snapshot or summary of the information contained in the FAFSA data you submitted. If you submit the paper FAFSA through the mail, it will take approximately 4-6 weeks to receive your SAR.

What should I do if I receive a SAR stating my FAFSA results are invalid?

Thoroughly review the cover page of your SAR, which indicates the reason(s) for the invalid status. In most cases, a SAR is invalid due to missing information, such as: income/asset information is excluded, social security number is excluded or recorded incorrectly, or student or parent signature is absent. Instructions for correcting the necessary information are listed on the cover page of the SAR.

What is Verification and what should I do if I'm selected?

The Department of Education requires that at least 30% of FAFSA applications be verified each year. Verification requires documentation to be submitted so that the accuracy of FAFSA information can be verified. Saint Xavier University verifies those students selected by the government, as well as those who are institutionally selected. If you are selected for verification, the Financial Aid Office will notify you in a letter detailing what documentation is necessary, including a Verification Worksheet which must be completed in its entirety and signed.

How is my family's contribution determined? (EFC)

The information reported on the Free Application for Federal Student Aid (FAFSA) is used to calculate your Expected Family Contribution (EFC). EFC is a measure of your family's financial strength and is used to determine your eligibility for federal student aid. Please follow the link for more information on Expected Family Contribution.

When will I receive a financial aid award letter?

Students who have been admitted to the University will be packaged for financial aid when the Financial Aid Office has received valid FAFSA results from the Department of Education.

What is an award letter?

An award letter details the financial aid a student is eligible to receive. All financial aid awards are a combination of gift aid (i.e. scholarships and grants) and self-help (i.e. loans and work study). The University's Financial Aid Office will prepare a financial aid package for each admitted student. Your award letter is an estimation based on current FAFSA results and federal/state regulations. Your awards may change with any new information submitted, at which time a revised award letter will be sent.

What is a Master Promissory Note?

A promissory note is the legal agreement between you and your lender stating they agree to disburse the funds on your behalf and you agree to repay the loan in due course.

A Master Promissory Note, referred to as a MPN, is a multi-year promissory note. You will receive this from your lender after you have selected one and your loan has been certified by the Financial Aid Office. After you submit the MPN for your first Stafford loan, if you keep the same lender, you won't have to sign another note. Your MPN will be valid for 10 years.

How much can I borrow in Federal Stafford Loan money?

The maximum amount of Federal Stafford Loan money a student is eligible to receive for a particular academic year varies according to year in school, dependency status, and financial need (based on FAFSA results). Each student may borrow up to his/her loan limit, or total cost of attendance minus any other financial aid, whichever is less.

Stafford Loan Limits

Why haven't my federal loan funds been received by the University?

Stafford loan funds begin posting to students' accounts in the Business Office two weeks prior to the start of each semester. Students must complete several steps before loan funds can be released from the Federal Government:

  1. Did you complete your Master Promissory Note?
  2. Did you do your Entrance Interview?
  3. If selected for Verification, did you submit all your documentation correctly?

What is Federal Work Study?

Federal Work Study will appear on the award letter of students who are eligible to participate in the program. Work study is money you earn by working on campus, while enrolled in school, that will help pay your educational expenses. Wages and earnings from employment through the work study program are not credited to students' accounts in the Business Office. A paycheck will be received every two weeks for actual hours worked.

What are the other awards listed on my award letter?

Many forms of financial aid are available to assist in meeting college costs. Refer to the Graduate Aid and Undergraduate Aid pages for more detailed descriptions.

What if I need more financial aid than what I am awarded?

There are some alternatives for students who do not qualify for grant assistance or whose families need help meeting their contribution.

How will an outside scholarship affect my aid package?

Some students receive scholarship aid from "outside" sources. If you have been offered aid that meets your calculated need and you receive additional outside assistance, federal regulations require that your aid may be adjusted so that your need is not over met. Please note: Students are required to disclose the name(s) and amount(s) of any outside scholarship award(s) to the Financial Aid Office regardless of when the scholarship funds have been awarded or disbursed.

What if my family's circumstances change?

FAFSA results are based on the previous year's tax information. Although the FAFSA is re-filed each year, the information submitted may not be able to keep up with your current financial situation. We, at Saint Xavier University, recognize that financial circumstances can change greatly in a year. If you or your family experience special circumstances that affect your ability to pay college costs, we urge you to talk with your Financial Aid Counselor to request a review of aid eligibility.

Examples of acceptable Special Circumstances:

  • Loss of income (wages, benefits, etc.) due to unemployment
  • Extensive medical bills not covered by insurance
  • Un-reimbursed elementary or secondary private school tuition
  • Business loss (bankruptcy, foreclosure, or natural disaster)
  • Cost of attendance adjustments (childcare costs, transportation costs, etc.)
  • Death of a parent or spouse
  • Divorce or separation

For Returning Students

How do I renew my financial aid or apply in future years?

Renewal of aid is not automatic. A renewal FAFSA or an online PIN will be sent to returning students each year. Students need only update any information necessary using FAFSA on the Web, or use the paper renewal to make changes and return the form in the envelope provided.

Why has my aid changed from last year?

Need for financial assistance is reevaluated annually to take into account changing circumstances and ensuring fairness in the distribution of aid. Financial aid packages rarely remain the same from year to year. One reason is that funding appropriations and allowances may change each year for Federal, State and University grant programs. In addition, a family's finances usually change as well, requiring adjustments in FAFSA calculation results and a change in need.

Why have I received a letter stating that I am on probation or that my financial aid has been revoked, and what can I do about it?

All students receiving Federal, State or Institutional aid must demonstrate Satisfactory Academic Progress in order to maintain financial aid eligibility. If these specifications are not met, a student will be placed on probation and, with no improvement, funding can be revoked.

For Graduate Students

Are graduate students eligible for financial aid?

Yes. Although graduate student funding tends to be fairly limited, it is still available. All graduate students are eligible for Federal Stafford Loans. In addition, Saint Xavier University helps to defray the cost of graduate tuition with Graduate Scholarships and the Sisters of Mercy Scholarship. Funding is limited for these programs, so be sure to file the FAFSA early.

As a graduate student, how do I file for aid?

The process for filing for financial aid is the same for graduate students as that of undergraduate students. You can apply for aid by completing the Free Application for Federal Student Aid (FAFSA). This can be completed on the internet at FAFSA on the Web or by mailing a paper form to the Department of Education.