Award Descriptions
Each student's financial aid package is
different. No financial aid package contains every type of
award. The most common types of financial aid awards are
described below.
Macalester College Grants
and DeWitt Wallace Grants are calculated based on your family’s
demonstrated need for financial aid. The amount of this award is
determined by the Financial Aid Office and is based on your CSS
PROFILE, your FAFSA, tax returns, and other application
materials. Funds for Macalester College Grants come from
Macalester’s endowment, from donations to the College, and from tuition
payments.
DeWitt Wallace Distinguished
Scholarships are awarded on a highly competitive basis to some
students who are National Merit Finalists or Commended students.
The Admissions committee makes these awards. No special
application is required to be considered for this scholarship. If
you have been awarded a DeWitt Wallace Distinguished Scholarship, it
will be renewed at the same amount each year you are enrolled at
Macalester, provided that you make satisfactory progress toward
graduation.
DeWitt Wallace Scholarships
are awarded to students who need assistance in order to attend
Macalester and whose academic records have shown them to be worthy of
recognition. The Admissions committee selects recipients.
There is no special application to complete. DeWitt Wallace
Scholarships are renewed at the same amount each year you are enrolled
at Macalester, provided that you make satisfactory progress toward
graduation.
Catharine Lealtad Scholarships
are named for Macalester’s first African American graduate, Catharine
Lealtad ’15. These scholarships are awarded to selected African
American, Latino, and Native American students with strong
high school records. The Admissions committee selects
recipients. There is no special application to complete.
Lealtad Scholarships will be renewed at the same amount for each year
you are enrolled at Macalester, provided that you make satisfactory
progress toward graduation.
Student Employment is
a part of most need-based financial aid packages. Funds come from
Macalester, the state of Minnesota, or the federal government.
This award is an opportunity to work on campus, typically for 10-12
hours per week. Unlike other kinds of financial aid, student
employment earnings are delivered to you in the form of a monthly
paycheck. Wages can be used to help with day-to-day expenses or
can be used as a payment toward the tuition bill. More
information about job placement will be sent to you over the summer
months. You are not obliged to participate in student employment,
but Macalester cannot provide other financial aid to replace this
award.
Federal Pell Grants are
need-based grants provided by the federal government. Federal
Pell Grants are directed to students with higher need for financial
assistance.
Federal SEOG
(Supplemental Educational Opportunity Grants) are need-based grants
provided through a combination of funds from the federal government and
Macalester. Federal SEOG is directed to higher need students who
also qualify for a Federal Pell Grant.
Academic
Competitiveness Grants (ACGs) are Federal Student Aid grants
awarded to first and second year students who meet eligibility
requirements. Recipients must be eligible for a Federal Pell
Grant and must have completed a rigorous high school program and meet
other eligibility criteria. ACGs are available for the first time
for 2006-2007. Visit the Department of Education's web site
for more information.
Minnesota State Grants
are need-based grants for students from Minnesota. Funds are
provided by the state of
Minnesota. For more information, visit the Minnesota
Higher Education Services Office web site.
Federal Stafford Loans
are loans made to the student. No credit history is required to qualify for
this loan. The standard repayment term is 10 years. No payments are required until six months
after you graduate or drop below half-time enrollment.
If you qualify for a Subsidized Federal Stafford Loan, the federal
government will pay the interest while you are enrolled in college at
least half-time. If you have an Unsubsidized Federal Stafford
Loan, you will be immediately responsible for the interest.
Repayment deferments are available for graduate school and other
circumstances.
If your award letter shows less than the maximum
for your grade level and you need to borrow more, contact
the Financial Aid Office.
Please contact the Financial Aid Office if you
would like to decline or reduce your Stafford Loan. Details on
the Federal Stafford Loan program can be found on the Department of Education web site.
Federal Perkins Loansare
loans made to the student. No credit history is required to
qualify
for this loan, but you must file a FAFSA and demonstrate need for
financial aid. Funds for this loan are generated by alumni who
are repaying their loans and are, therefore, finite. The standard
repayment term is 10 years and the interest
rate is fixed at 5%. Repayment deferments are available for
graduate school and other circumstances. You are not obliged to
accept a Perkins Loan. Please contact the
Financial Aid Office if you would like to decline your Perkins
Loan. More information can be found on the Department of Education web site.
Outside Scholarships
are scholarships awarded by civic groups, religious institutions, high
schools, and other organizations. If you notified us that you
will receive an outside scholarship, it should be listed as part of
your financial aid package. Please contact
the Financial Aid Office if an outside scholarship is missing from
your award letter or if an outside scholarship is listed in
error. Outside scholarships are incorporated into financial aid
packages according to Macalester’s
outside scholarship policy.
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