Understanding Your Financial Aid Package
Further explanation of Macalester’s financial aid
policies can be found in the College Catalog. If you have
questions about your financial aid eligibility, please contact the Financial Aid Office.
Index:
Need-Based
Financial Aid
Estimated
Financial Aid Packages
Full-Time
Enrollment
Minnesota State
Grants
Financial
Aid for Study Away
Renewing Need-Based
Financial Aid
Siblings
In College
Satisfactory Academic
Progress
Outside Scholarships
Billing
Types of Financial
Aid Awards
Need-Based Financial
Aid
The distribution of most financial aid at Macalester is based
on the financial need of the applicant. To apply for need-based
financial aid, you must complete a College Scholarship Service PROFILE,
a Free Application for Federal Student Aid (FAFSA), and appropriate
tax forms. Click here for complete instructions.
Estimated Financial
Aid Packages
In some cases, Macalester may calculate
an estimated financial aid package. A financial aid package
is estimated if it is presented before all application materials
have been received. If the financial aid package is estimated,
documents required to finalize the aid package will be listed on
your award letter.
Full-Time Enrollment
Unless otherwise noted, your financial
aid package is based on full-time enrollment. If you enroll
for fewer than 12 credits in a semester, your federal and state
financial aid will be adjusted according to the relevant federal
and state regulations. Your Macalester aid will be adjusted
so that the percentage of your tuition paid by Macalester aid is
consistent. For example, if your Macalester financial aid
based on full-time enrollment pays for 50% of your full-time tuition,
your part-time Macalester financial aid will pay for 50% of your
part-time tuition.
Minnesota State Grants
If your financial aid package includes
a Minnesota State Grant, you must enroll for 15 credits each semester
in order to receive the amount shown. If you enroll for fewer
than 15 credits, the amount of your Minnesota State Grant will be
decreased. You may be eligible to increase your loan to make
up for the decrease, but your Macalester grants will not be increased.
Related: Minnesota Higher Education
Services Office
Financial Aid for Study
Away
Unless otherwise noted, your financial aid package is based on
enrollment at the Macalester Campus. Macalester does provide
need-based financial aid for study-away programs, provided that the
study-away program is Macalester-approved. Aid packages for study
away from campus are adjusted based on the cost of the study-away
program.
Renewing Need-Based Financial
Aid
Eligibility for need-based financial aid will be re-evaluated for each
year of enrollment at Macalester. The most common reasons for
changes to need-based financial aid eligibility are siblings entering
or leaving undergraduate study and significant changes in family
income. Financial aid application materials are sent to currently
enrolled students during the first month of spring semester.
Siblings in College
If you indicated on your financial aid application that a sibling will
be enrolled as an undergraduate, you may receive a Sibling Enrollment
Verification Form from Macalester. This form must be completed by
the college where each sibling is enrolled. Financial aid
packages may be adjusted if sibling enrollment changes from what was
reported.
Satisfactory Academic Progress
You must make progress toward graduation
to continue receiving financial aid. Specific requirements
for number of credits completed and grade point average are printed
in the Catalog.
Outside Scholarships
You must notify the financial aid
office if you receive scholarships or other sources of financial
aid from outside sources. Macalester’s policy on the
treatment of outside scholarships and awards is as follows.
- Scholarships which are based
totally or in part on merit or talent (including Federal Academic Competitiveness Grants and National SMART Grants):
- The first $500 of outside scholarships
will replace self-help financial aid (student loans or student employment).
- Amounts exceeding $500 will
replace self-help financial aid and Macalester College grants equally.
- Any amount exceeding the original self-help financial aid award will replace Macalester College grants.
- Need-based grants, entitlements,
and benefits from federal, state, or other sources (including
tuition benefits from student/parent employers) will replace Macalester
College grants and/or scholarships dollar for dollar (e.g., a
$1000 state grant will replace $1000 of Macalester College Grant).
- Financial aid from federal, state,
and other sources will be adjusted in response to receipt of outside
scholarships and awards in accordance to eligibility rules established
by the Department of Education or other program administering
body. For instance, scholarships from outside sources may
affect the availability of subsidy for Federal Stafford Loan purposes.
Billing
Macalester bills by the semester for tuition, dining, residence, and
fees. A fall semester statement is mailed in July and a spring
semester statement is mailed in December. Payment or other
arrangement must be made prior to the beginning of each term. Click here for information
on loans and payment plans.
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